-----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,
 MPnZM75y2jzVprfDDOStS55G8EiXoGeHTsBqynxqfx+Ia8SJ8fMbgRb2JW4/ncGC
 OfVxcto/fAE2X1hCTOtdlA==

<SEC-DOCUMENT>0001292814-10-002021.txt : 20100614
<SEC-HEADER>0001292814-10-002021.hdr.sgml : 20100614
<ACCEPTANCE-DATETIME>20100614114637
ACCESSION NUMBER:		0001292814-10-002021
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		96
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100614
DATE AS OF CHANGE:		20100614

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:		10894091

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

	MAIL ADDRESS:	
		STREET 1:		VITACURA 2670 23RD FL
		CITY:			SANTIAGO COUNTRY CHILE
		STATE:			F3
		ZIP:			NA
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>ccuform20f2009.htm
<DESCRIPTION>FORM 20-F
<TEXT>

<HTML>
<HEAD>
   <TITLE>ccuform20f2009.htm - Provided by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 9pt;">


<A name="page_1"></A>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%" align=center>
<a name="_bclHeader1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>UNITED STATES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>WASHINGTON, D.C. 20549</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>FORM 20-F</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>X&nbsp;</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For the fiscal year ended&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>December 31, 2009</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>EXCHANGE ACT OF 1934</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR height=20>
     <TD align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>For the transition period from</FONT></TD>
     <TD></TD>
     <TD align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;_____________ to _____________ </FONT></TD></TR>
<TR height=20>
     <TD align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Commission file number</FONT></TD>
     <TD></TD>
     <TD align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;0-20486</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>COMPA&#209;IA CERVECERIAS UNIDAS S.A.</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(Exact name of Registrant as specified in its charter)</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>UNITED BREWERIES COMPANY, INC.</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(Translation of Registrant's name into English)</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13.05pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Republic of Chile</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(Jurisdiction of incorporation or organization)</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Vitacura 2670, Twenty-Third Floor, Santiago, Chile</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(Address of principal executive offices)</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=PT-BR style="FONT-SIZE: 8pt" face=Arial,sans-serif>Rosita Covarrubias,(562-427-3581), rosita@ccu.cl or rcovarr@ccu.cl</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Vitacura 2670,Twenty-Third Floor, Santiago Chile</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: 0pt" face="'Times New Roman,serif'" color=windowtext>(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>
_________________________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Securities registered or to be registered pursuant to section 12(b) of the Act.<BR>
</FONT></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Name of each exchange</FONT></B></TD></TR>
<TR height=20>
     <TD align=left><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Title of each class</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;</FONT></B></TD>
     <TD></TD>
     <TD align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>on which registered</FONT></U></B></FONT></B></TD></TR>
<TR height=20>
     <TD align=left>American Depositary Shares</TD>
     <TD></TD>
     <TD align=center>New York Stock Exchange</TD></TR>
<TR height=20>
     <TD align=left>Representing Common Stock</TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD align=left>Common Stock, without par value</TD>
     <TD></TD>
     <TD align=center>New York Stock Exchange*</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt 13pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>__________&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>*&nbsp;&nbsp;&nbsp; Not for trading, but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Securities registered or to be registered pursuant to Section 12(g) of the Act.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><U><FONT face=Arial size=2></FONT></U>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 13pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 14.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Common stock, with no par value:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318,502,872</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>YES</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;NO__</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> X</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>__</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</FONT></P>
<a name="_bclFooter1"></a><DIV>
<P style="MARGIN: 0in 0.25in 0pt 0in; mso-line-height-rule: exactly; mso-pagination: none"><FONT style="mso-bidi-font-size: 10.0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_2"></A>
<a name="_bclPageBorder2"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader2"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>YES</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;NO__</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> X</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>__</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 14.15pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>YES</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;NO_____</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 14.15pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=windowtext>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=windowtext>YES______ NO_____</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Large accelerated filer </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Accelerated filer </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;Non-accelerated filer</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>U.S. GAAP&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Financial Reporting Standards as issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other&nbsp;___</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>by the International Accounting Standards Board&nbsp;&nbsp;&nbsp;&nbsp; _X__</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-INDENT: 14.15pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>ITEM 17</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;ITEM 18</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 13pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>YES</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;NO&nbsp;<FONT face=Arial><U>&nbsp; X&nbsp;&nbsp;&nbsp; </U></FONT></FONT></P>
<a name="_bclFooter2"></a><DIV>
<P style="MARGIN: 0in 0.25in 0pt 0in; mso-line-height-rule: exactly; mso-pagination: none"><FONT style="mso-bidi-font-size: 10.0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_3"></A>
<a name="_bclPageBorder3"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader3"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 13pt; LINE-HEIGHT: 80%" face=Arial,sans-serif>Table of Contents<BR>
</FONT></B></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="93%"></TD>
     <TD width="2%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD align=right colSpan=3><FONT size=4>Page</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_4">Introduction </A></FONT></TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_4">i</A></FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_5">Forward Looking Statements</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_5">ii</A></FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_6">PART I</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_6">1</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_6">ITEM 1: Identity of Directors, Senior Management and Advisers</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_6">1</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_6">ITEM 2: Offer Statistics and Expected Timetable</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_6">1</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_6">ITEM 3: Key Information</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_6">1</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_15">ITEM 4: Information on the Company </A></FONT></TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_15">10</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_60">ITEM 4A: Unresolved Staff Comments</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_60">55</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_60">ITEM 5: Operating and Financial Review and Prospects</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_60">55</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_73">ITEM 6: Directors, Senior Management and Employees</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_73">68</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_84">ITEM 7: Major Shareholders and Related Party Transactions</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_84">79</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_88">ITEM 8: Financial Information</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_88">83</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_91">ITEM 9: The Offer and Listing</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_91">86</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_92">ITEM 10: Additional Information</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_92">87</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_106">ITEM 11: Quantitative and Qualitative Disclosures About Market Risk</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_106">101</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_110">ITEM 12: Description of Securities Other than Equity Securities</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_110">105</A></FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>
<A href="#page_112">PART II</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_112">107</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_112">ITEM 13: Defaults, Dividend Arrearages and Delinquencies</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_112">107</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_112">ITEM 14: Material Modifications to the Rights of Security Holders and Use of Proceeds</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_26">107</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_112">ITEM 15: Controls and Procedures</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_112">107</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_113">ITEM 16A: Audit Committee Financial Expert</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_113">108</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_113">ITEM 16B: Code of Ethics</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_113">108</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_113">ITEM 16C: Principal Accountant Fees and Services</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_113">108</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_114">ITEM 16D: Exemptions from the Listing Standards for Audit Committees</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_114">109</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_114">ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_114">109</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_114">ITEM 16F: Change in Registrant&#146;s Certifying Accountants</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_114">109</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_114">ITEM 16G: Corporate Governance</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_114">109</A></FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>
<A href="#page_117">PART III</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_117">112</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_117">ITEM 17: Financial Statements</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_117">112</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=2>
<A href="#page_117">ITEM 18: Financial Statements</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>
<A href="#page_117">112</A></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>
<A href="#page_117">ITEM 19: Exhibits</A></FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>
<A href="#page_117">112</A></FONT>&nbsp;</TD></TR></TABLE> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center">&nbsp;</H2>
<a name="_bclFooter3"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-fareast-language: ES"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_4"></A>
<a name="_bclPageBorder4"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader4"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>Introduction</FONT></B></H2>
<P style="MARGIN: 0in 7.1pt 0pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In this annual report on Form 20-F, all references to &#147;we&#148;, &#147;us&#148; or &#147;CCU&#148; are to Compa&#241;&#237;a Cervecer&#237;as Unidas S.A., an open stock corporation (sociedad an&#243;nima abierta) organized under the laws of the Republic of Chile, and its consolidated subsidiaries.&nbsp; Chile is divided into regions, each of which is known by its roman number (e.g. &#147;Region XI&#148;).&nbsp; Our fiscal year ends on December 31st.&nbsp; 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.&nbsp; We prepare our financial statements in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standar
ds Board (&#147;IASB&#148;). These are the Company&#146;s first annual consolidated financial statements prepared in accordance with IFRS as issued by the IASB and IFRS 1 &#147;First Time Adoption of International Financial Reporting Standards&#148;. Until and including our financial statements for the year ended December 31, 2008, we prepared our consolidated financial statements in accordance with Chilean generally accepted accounting principles, or &#147;Chilean GAAP&#148;, which differs in certain important respects from IFRS. &nbsp;The effects of the transition to IFRS (from financial statements prepared under Chilean GAAP) on the Company&#146;s financial statements for the year ended December 31, 2008 is detailed in Note 4 to our consolidated annual financial statements included elsewhere in this annual report. Following the Company&#146;s adoption of IFRS, as issued by the IASB, we are no longer required to reconcile our financial statements prepared in accordance with IFRS to US GAAP. See the notes t
o our consolidated financial statements included in pages F-1 through F-88 of this annual report.&nbsp; We use the metric system of weights and measures in calculating our operating and other data.&nbsp; The United States equivalent units of the most common metric units used by us are as shown below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''Times New Roman''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="1%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid" align=left><FONT size=2>1 liter = 0.2642 gallons</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><FONT size=2>1 gallon = 3.7854 liters</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1 liter = 0.008522 US beer barrels</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1 US beer barrel = 117.34 liters</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT size=2>1 liter = 0.1761 soft drinks unit cases (8 oz cans)</FONT>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2>1 soft drinks unit case (8 oz cans) = 5.6775 liters</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1 liter = 0.1174 beer unit cases (12 oz cans)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1 beer unit case (12 oz cans) = 8.5163 liters</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT size=2>1 hectoliter = 100 liters</FONT>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2>1 liter = 0.01 hectoliters</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1 US beer barrel = 31 gallons</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1 gallon = 0.0323 US beer barrels</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT size=2>1 hectare = 2.4710 acres</FONT>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT size=2>1 acre = 0.4047 hectares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1 mile = 1.6093 kilometers</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1 kilometer = 0.6214 miles</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>This annual report contains various estimates made by us of market share data and related sales volume information.&nbsp; 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, water, wine and pisco sales in Chile; the Asociaci&#243;n de Cerveceros de Chile (&#147;Acechi&#148;), in the case of beer sales in Chile; BBS(Inversiones Marco&nbsp; Polo Limitada) in the case of imports in Chile; the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>C&#225;mara de la Industria Cervecera Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (Argentine Beer Industry Chamber, or CICA) in the case of beer sales in Argentina; the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1
pt" face=Arial,sans-serif>Asociaci&#243;n Nacional de Bebidas Refrescantes</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (National Association of Soft Drinks, or &#147;ANBER&#148;) in the case of soft drinks and water; competitors public information in the case of wine sales in Chile; and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Asociaci&#243;n de Vi&#241;as de Chile, A.G.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (the Wineries of Chile Association) in the case of Chilean wine exports.&nbsp; 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.&nbsp; For example, the Nielsen sampling frame includes only the metropolitan areas of Chile and not the rural areas of the country, where we believe our beer and pisco market share is h
igher than in the metropolitan areas, due to our distribution system.&nbsp; Likewise, the sales of one of our Argentine competitors are not reflected in CICA&#146;s statistics because this company is not a member of CICA.&nbsp; 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.&nbsp; As a consequence, we have revised the share estimates from the sources identified above for Chilean and Argentine beer sales, pisco, soft drink and mineral water sales to reflect what we believe is a more accurate measure of market shares, taking into account:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>reports published by the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Instituto Nacional de Estad&#237;sticas</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (the Chilean National Institute of Statistics, or the INE),</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our internal sales data,</FONT></P>
<a name="_bclFooter4"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>i</FONT></FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_5"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<a name="_bclPageBorder5"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader5"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>sales information filed publicly by our competitors, and</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>import and export reports made available by Chilean and Argentine customs authorities.</FONT></P>
<P style="MARGIN: 0in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>However, our revised estimates have not been confirmed by independent sources.&nbsp; 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>
<H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>Forward Looking Statements</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 11pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable.&nbsp; They also relate to our future prospects, development and business strategies.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our success in implementing our investment and capital expenditure program;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the nature and extent of future competition in our principal marketing areas;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the nature and extent of a global financial disruption and its consequences; </FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>other factors discussed under &#147;Risk factors&#148;, &#147;Our business&#148; and &#147;Management&#146;s discussion and analysis of financial condition and results of operations&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; 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="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>ii</FONT></FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_6"></A>
<a name="_bclPageBorder6"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader6"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>PART I</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 1: Identity of Directors, Senior Management and Advisers</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 2: Offer Statistics and Expected Timetable</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 3: Key Information</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Selected Financial Data</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following table presents selected consolidated financial data as of December 31, 2008 and 2009, which has been derived from our consolidated financial statements prepared in accordance with IFRS and included elsewhere in this annual report.&nbsp; Selected consolidated financial data as of December 31, 2005, 2006 and 2007, has been derived from our consolidated financial statements not included in this annual report which were, at the time, prepared in accordance with Chilean GAAP and reconciled to US GAAP.&nbsp; The financial data set forth below should be read in conjunction with the consolidated financial statements and related notes </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>and &#147;Item 5: Operating and Financial Review and Prospects&#148; included elsewhere in this annual report.</FONT></P>
<P style="MARGIN: 0in 0.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The financial information as of and for the years ended December 31, 2005, 2006, and 2007 shown below is presented in constant Chilean pesos as of December 31, 2008. <BR>
</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=1>Year ended December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><B><FONT size=1>IFRS</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2008</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px" align=center colSpan=3><B><FONT size=1>(million of Ch$) (1)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1>1. Income Statement Data:</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1>&nbsp;&nbsp;&nbsp;Net sales</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>710,189</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>776,544</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Operating result</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>123,990</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>137,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Net financing expenses</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,797)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(10,367)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Result as per adjustment units</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>(15,626)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Other non recurring gains/(losses)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,563</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>21,925</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Income tax</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>(10,524)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>(11,724)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1>Income of the year:</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=1>95,303</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=1>141,365</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><B><FONT size=1>Attributable to:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Equity holders of the Parent Company</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>90,414</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>128,037</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Minority Interest</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,890</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>13,328</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Basic and Diluted Income per share</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>283.87</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>402.00</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Basic and Diluted Income per ADS (2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,419.36</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>2,009.98</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Dividend per share (3)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>155.66</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>201.00</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Dividend per ADS in US$ (3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1.29</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1.96</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Weighed average shares outstanding (000)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>318,503</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>318,503</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>2. Balance Sheet Data:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Total Assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,081,703</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,103,773</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Total non-current Liabilities</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>235,954</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>285,179</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Total debt (4)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>246,037</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>229,528</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Capital stock</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>231,020</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>231,020</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Equity attributable to equity holders of the parent Company</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>443,865</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>462,230</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Total shareholders' equity</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>547,962</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>573,207</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter6"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_7"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>3. Other Data</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Sales volume (in millions of liters):</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1>&nbsp;&nbsp;&nbsp;Beer (Chile)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>516.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>507.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Beer (Argentina)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>363.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>391.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Non Alcoholic beverages (5)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>577.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>600.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Wine (6)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>91.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>110.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Spirits</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>21.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>19.9</FONT>&nbsp;</TD></TR></TABLE>
<a name="_bclPageBorder7"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader7"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<HR align=left width="20%">
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Except shares outstanding, net earnings per share and per ADS, sales volume and inflation data.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Dividends per share are expressed in pesos as of payment dates.&nbsp; Dividends per ADS are expressed in U.S. dollars at the conversion rate in effect on the date in which payment is made.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes short-term and long-term financial debt.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes sales of soft drinks, nectars, mineral and purified water, isotonic and energy drinks, and ice tea in Chile.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="100%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes sales of wine in Chile and Argentina. Excludes bulk wine sales</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Exchange Rates. </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; The Central Bank Act, which was enacted in 1989, liberalized the rules that govern the ability to buy and sell foreign currency.&nbsp; 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.&nbsp; The formal exchange market is formed by banks and other entities authorized by the Central Bank.&nbsp; All payments and distributions made to our holders of ADSs must be transacted in the formal exchange market.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; In September 1999, the Central Bank of Chile decided to limit its formal commitment to intervene and decided to exercise it only under extraordinary circumstances, which are to be informed in advance.&nbsp; The Central Bank of Chile also committed itself to provide periodic information about the levels of its international reserves.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The observed exchange rate is the average exchange rate at which commercial banks conduct authorized transactions on a given date, as certified by the Central Bank of Chile.&nbsp; The Central Bank of Chile generally carries out its transactions at the spot market rate.&nbsp; Authorized transactions by banks are now generally conducted at the spot market rate.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Purchases and sales of foreign exchange effected outside the formal exchange market are carried out in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Mercado Cambiario Informal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (the informal exchange market).&nbsp; The informal exchange market reflects the supply and demand for foreign currency.&nbsp; 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.&nbsp; On April 30, 2010, the average exchange rate in the informal exchange market was Ch$517.23 per U.S. dollar and the U.S. dollar observed exchange rate was Ch$518.95 per U.S. dollar.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 2005 as reported by the Central Bank of Chile.&nbsp; The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_8"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><B><FONT size=2>Daily Observed Exchange Rate </FONT></B><B><SUP><FONT size=2>(1)</FONT></SUP></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><B><FONT size=2>(Ch$ per US$)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Low </FONT></B><B><SUP><FONT size=2>(2)</FONT></SUP></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>High </FONT></B><B><SUP><FONT size=2>(2)</FONT></SUP></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Average </FONT></B><B><SUP><FONT size=2>(3)</FONT></SUP></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Period-end</FONT></B><B><SUP><FONT size=2>(4)</FONT></SUP></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>509.70</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>592.75</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>559.68</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>512.50</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>511.44</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>549.63</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>530.34</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>532.39</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>493.14</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>548.67</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>522.55</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>496.89</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>431.22</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>676.75</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>522.35</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>636.45</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>491.09</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>643.87</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>559.15</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>507.10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>November 2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>491.09</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>531.49</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>506.02</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>494.82</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>December 2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>495.51</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>508.75</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>502.06</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>507.10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>January 2010</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>489.47</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>531.75</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>501.46</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>523.10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>February 2010</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>525.48</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>546.18</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>532.79</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>527.84</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>March 2010</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>508.66</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>533.87</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>523.02</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>524.46</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>April 2010 (through April 30)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>514.91</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>527.38</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>520.28</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>517.23</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=left></TD>
     <TD></TD>
     <TD align=left></TD>
     <TD></TD>
     <TD align=left></TD>
     <TD></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><I><FONT size=1>
<HR align=left width="20%">
Source: Central Bank of Chile</FONT></I></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Historical pesos.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Rates shown are the actual low and high, on a day-by-day basis for each period.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>The average of monthly average rates during the period reported</FONT><FONT size=2>.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(4)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Published on the first day after month(year) end</FONT></TD></TR></TABLE>
<a name="_bclPageBorder8"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader8"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Capitalization and Indebtedness</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Reasons for the Offer and Use of Proceeds</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Risk Factors</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>RISKS RELATING TO CHILE</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We are substantially dependent on economic conditions in Chile, which may adversely impact our results of operations and financial condition.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We are predominantly engaged in business in Chile and 72% of our sales revenues in 2009 were generated from our Chilean operations, 19% came from operations in Argentina and 9% from exports out of Chile.&nbsp; Thus, our results of operations and financial condition are dependent to a large extent on the overall level of economic activity in Chile.&nbsp; The Chilean economy has experienced an average annual growth of 3.4% between 2004 and 2009. In the past, slower economic growth in Chile has slowed down the rate of consumption of our products and adversely affected our profitability.&nbsp; Chile&#146;s recent economic performance has been affected by the current disruption in the global markets, and therefore the past growth rate should not be extrapolated into the future.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The relative liquidity and volatility of Chilean securities markets may increase the price volatility of our ADSs and adversely impact a holder&#146;s ability to sell any shares of our common stock withdrawn from our ADR facility.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Chilean securities markets are substantially smaller, less liquid and more volatile than major securities markets in the United States.&nbsp; For example, the Santiago Stock Exchange, which is Chile&#146;s main stock exchange, had a market capitalization of approximately US$231 billion as of December 31, 2009, while The New York Stock Exchange had a market capitalization of approximately US$18.5 trillion and the NASDAQ National Market had a capitalization of approximately US$4 trillion as of the same date.&nbsp; In addition, the Chilean securities markets can be materially affected by developments in other emerging markets, particularly other countries in Latin America.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter8"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_9"></A>
<a name="_bclPageBorder9"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader9"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The lower liquidity and greater volatility of the Chilean markets relative to markets in the United States could increase the price volatility of the ADSs and may impair a holder&#146;s ability to sell in the Chilean market shares of our common stock withdrawn from the ADR facility in the amount and at the price and time the holder wishes to do so.&nbsp; See &#147;Item 9: The Offer and Listing&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chilean economic policies, currency fluctuations, exchange controls and currency devaluations may adversely affect the price of our ADSs.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Chilean government&#146;s economic policies and any future changes in the value of the Chilean peso relative to the U.S. dollar could adversely affect the dollar value of and the return on any investment in our ADSs.&nbsp; The Chilean peso has been subject to large nominal devaluations and appreciations in the past and may be subject to significant fluctuations in the future.&nbsp; For example, in the period from December 31, 2008 to December 31, 2009, the daily average value of the Chilean peso relative to the U.S. dollar decreased by 7.1% in nominal terms, whereas the year end value increased by 20.3% &nbsp;based on the observed exchange rate for U.S. dollars on those dates. See &#147;Exchange Rates&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chilean trading in the shares of our common stock underlying our ADSs is conducted in Chilean pesos.&nbsp; Cash distributions to be received by the depositary for the shares of our common stock underlying our ADSs will be denominated in Chilean pesos.&nbsp; The depositary will translate any Chilean pesos received by it to U.S. dollars at the then-prevailing exchange rate with the purpose of making dividend and other distribution payments for the ADSs.&nbsp; If the value of the Chilean peso declines relative to the U.S. dollar, the value of our ADSs and any distributions to holders of our ADSs received from the depositary may be adversely affected.&nbsp; See &#147;Item 8: Financial Information &#150; Dividend Policy and Dividends&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We are subject to different corporate disclosure requirements and accounting standards than U.S. companies.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Although the securities laws of Chile which govern open stock corporations and publicly listed companies such as us, have as a main 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 style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>RISKS RELATING TO ARGENTINA</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We have significant operations in Argentina and economic conditions there have adversely affected our results of operations.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition to our operations in Chile, we maintain substantial assets in Argentina and derive significant revenue from our operations in Argentina.&nbsp; In 2009, we derived Ch$148,337 million, or 19%, of our revenues from our Argentinean operations, and, as of December 31, 2009, Ch$136,754 million, or 12.4%, of our assets were located in Argentina.&nbsp; From 1999 through 2002, Argentina 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.&nbsp; Although the economic situation in Argentina has improved during the last seven years &#150; GDP grew 8.8%, 9.0%, 9.2%, 8.5%, 8.7%, 7.0% and 0.9% in 2003, 2004, 2005, 2006, 2007, 2008 and 2009, respectively &#150; in the future it could materially and adversely affect our Argentine operations.&nbsp; See </FONT><FONT lang=EN-US style="FONT-SI
ZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&#147;Item 5: Operating and Financial Review and Prospects</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> &#150; Trend Information&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Argentine peso is subject to volatility which could adversely affect our results.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; In spite of the appreciation of the Argentine peso against the U.S. dollar in recent years, we cannot predict whether the Argentine economy will continue to recover or will face a recession, and if there is a recession to what effect it will affect our operations in Argentina. In 2009, the Company reported for the first time the financial statements under IFRS and the functional currency is the Argentine peso for our Argentine subsidiaries. Fixed assets and their depreciation are considered in said currency and translated into Chilean pesos for consolidation purposes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter9"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_10"></A>
<a name="_bclPageBorder10"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader10"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Argentina&#146;s legal regime and economy are susceptible to changes that could adversely affect our Argentinean operations.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The measures taken by the Argentine government to address the Argentine economic crisis, which began in 1998, have severely affected the Argentine financial system&#146;s stability and have had a materially negative impact on its reputation. If Argentina were to experience a new fiscal and economic crisis, the Argentine government could implement economic and political reforms, which could adversely impact our business. The unpredictability, timing and scope of possible measures enacted by the Argentine government, including expropriations, higher taxes and exchange control measures, could adversely affect our Argentinean operations and our future results of operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since January 2006, the Argentine government has adopted different methods to directly and indirectly regulate the prices of various consumer goods, including bottled beer, in an effort to slow inflation.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>RISKS RELATING TO OUR BUSINESS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We purchase malt, rice and hops for beer, sugar for soft drinks, grapes for wine and packaging material from local producers or through purchases in the international market.&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; If we are unable to increase our selling prices in response to increases in raw material costs, any future increases may reduce our margins, if we could not improve efficiencies to offset them.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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&#146;s ADSs or common stock.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of May 31, 2010, Inversiones y Rentas S.A., or IRSA, a Chilean closed corporation, owned directly and indirectly, 66.1% of our shares of common stock.&nbsp; 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.&nbsp; 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.&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Competition in the Chilean beer market may erode our market share and lower our profitability.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 2009, our market share of the Chilean beer market by volume was approximately 85%.&nbsp; Our largest competitor in the Chilean beer market by volume is Cervecer&#237;a Chile S.A., or Cervecer&#237;a Chile, a subsidiary of Quilmes Industrial S.A., or Quilmes, the largest Argentine brewer and, a subsidiary of Companhia de Bebidas das Am&#233;ricas, or AmBev, since January 2007. Ambev and Interbrew merged in 2004, creating Inbev N.V./S.A. which merged with Anheuser Busch Cos, Inc on November 18, 2008, forming Anheuser-Busch InBev. We estimate that Cervecer&#237;a Chile had a market share by volume in Chile of approximately 13% in 2009.&nbsp; In the past, Cervecer&#237;a Chile has engaged in aggressive price discounting.&nbsp; If Cervecer&#237;a Chile were to engage in aggressive price discounting in the future, we cannot assure you, given the current environment, that any such discounting or oth
er competitive activities will not have a material adverse impact on our profitability.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; We expect that additional competitors could erode our market share or lead to price discounting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter10"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>5</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_11"></A>
<a name="_bclPageBorder11"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader11"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Beer consumption in Chile may be influenced by changes in domestic wine, spirits and/or other non-alcoholic beverages relative prices.&nbsp; 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. As a result of our lower market share in the Chilean wine, spirits and soft drinks markets as compared to the Chilean beer market, if beverage consumers were to shift their consumption from beer to either wine, spirits or soft drinks, we expect that it would adversely affect our profitability. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Quilmes dominates the beer market in Argentina and we may not be able to maintain our current market share.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In Argentina, we face competition from Quilmes, Cervecer&#237;a Argentina S.A. and Isenbeck, a subsidiary of Warsteiner Brauerei Hans Cramer GmbH &amp; Co., or Warsteiner. We estimate that in 2009 Quilmes had a market share of 75% and Warsteiner had a market share of 3%. We estimate that our market share of the Argentine beer market was 22% in 2009.&nbsp; As a result of its dominant position in Argentina, Quilmes&#146; large size enables it to benefit from economies of scale in the production and distribution of beer throughout Argentina.&nbsp; Therefore, we cannot assure you that we will be able to grow or maintain our current market share of the Argentine beer market.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Consolidation in the beer industry may impact our market share.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In January 2007, AmBev assumed control of Quilmes.&nbsp; Additionally, on March 2004, AmBev and Interbrew announced an agreement to merge, creating the world&#146;s largest brewer under the name InBev. Inbev and Anheuser Busch merged in November 2008, creating the world&#146;s global beer leader.&nbsp; In Chile, Quilmes sells its beer through Cervecer&#237;a Chile, which had a market share of approximately 13% in 2009, and in Argentina which had a market share of approximately 75% in 2009. As a consequence of the referred merger, the brand Budweiser whose production and distribution license contract was granted to CCU Argentina until 2025, belongs to our competitor. Cervecera CCU Chile has a distribution contract until 2015 to distribute Budweiser in Chile. We cannot assure you that the contracts will be renewed.&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2005, SABMiller plc. merged with Grupo Empresarial Bavaria , a Colombian brewer with operations in Colombia, Peru, Ecuador and Panama, forming the then second largest brewer in the world.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Restrictions in the gas supply from Argentina have increased our energy costs and higher oil prices have increased our distribution expenses.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since 2005, the Argentine government has restricted gas exports to Chile due to supply problems in that country.&nbsp; This has increased the cost of operating our beer production plants in Chile and Argentina, as well as our soft drinks plants in Chile.&nbsp; Additionally, these restrictions have increased electrical power costs related to these same gas restrictions.&nbsp; We do not need additional investments because our boilers can work with gas or with alternative fuels, such as diesel oil or butane gas. The Chilean government is presently implementing a strategy to diversify energy supply. The construction in Quintero of the first plant to process imported GNL (liquefied natural gas), which started its operation in August 2009, brought relief to the energy issue.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Oil price increases may reduce our margins if we are unable to improve efficiencies or increase our prices to offset them.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>We depend upon the renewal of certain license agreements to maintain our current operations.</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; We cannot assure you that such conditions will be fulfilled, and therefore that the agreements will be renewed, expire at end of term or undergo early termination.&nbsp; Termination of, or failure to renew our existing license agreements could have an adverse impact on our operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Increase in negotiation power of some clients.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In recent years, the Chilean supermarket industry has gone through a consolidation process, increasing the importance and purchasing power of a few supermarket chains.&nbsp; The importance of supermarkets is disclosed in each one of our business segments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter11"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_12"></A>
<a name="_bclPageBorder12"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader12"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Dependence on a unique supplier for some important raw materials.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In the case of glass bottles, both in Chile and Argentina, we purchase most of our bottles from a unique local supplier.&nbsp; In case of some problem with one of these suppliers we will need to use suppliers outside each country.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water supply is essential to the development of our businesses.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water is an essential component for beer, soft drinks and mineral water. While we have adopted policies for the responsible and sustainable use of water, a failure in our water supply could negatively affect our sales and profitability.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The supply, production and logistics chain is key to the timely supply of our products to consumer centers.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>An interruption or a significant failure in this chain may negatively affect the Company&#146;s results, if the failure is not quickly resolved.&nbsp; An interruption could be caused by various factors, many of which are beyond our control.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Possible restrictions on the sale and promotion of alcoholic beverages in Chile.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Senators and congressmen from different political parties have submitted to Congress proposed bills to restrict the consumption, sale and promotion of alcoholic beverages.&nbsp; The main modifications proposed in these bills are the incorporation of warnings on product labels of the possible dangers of excessive alcohol consumption on human health, similar to those required in the United States, restrictions on television advertising and a prohibition of alcoholic beverages at sports, cultural or related events.&nbsp; If the proposed bills are passed, this could affect alcoholic beverage consumption and, as a consequence, could negatively affect our further business development.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our businesses are taxed with different duties, particularly with excise taxes on the consumption of alcoholic and non-alcoholic beverages.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>An increase in the rate of these taxes could negatively affect our sales and profitability.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chilean peso fluctuations may affect our profitability.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Because we purchase some of our supplies at prices set in U.S. dollars, and export wine in U.S. dollars, euros and pounds, we are exposed to foreign exchange risks that may adversely affect our financial condition and results of operations.&nbsp; Therefore, any future changes in the value of the Chilean peso against said currencies would affect the revenues of our wine export business, as well as the cost of several of our raw materials, especially in the beer and soft drink businesses where raw materials are purchased in U.S. dollars. The effect of the exchange rate variation on export revenues would always have an opposite effect on the cost of raw materials in Ch$ terms. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Increases in commodity prices may affect our profitability.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>A significant part of our raw materials are commodities whose prices are subject to volatility caused by market fluctuations. These price fluctuations may not keep pace with the market conditions in which we operate, thus we may have limited capacity to raise prices to offset increases in costs. If we are unable to increase prices to offset costs increases, our profitability may be adversely affected.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>If we are unable to maintain the image and quality of our products our financial results may suffer.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The image and quality of our products is essential for the success and growth of the Company. Problems with product quality could tarnish the reputation of our products and may adversely affect the Company&#146;s revenues.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>If we are unable to finance our operations.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>A global liquidity crisis may eventually limit our ability to obtain the cash needed to fulfill our commitments. Sales could also be affected by a global disruption if consumption decreases sharply, placing stress in the Company&#146;s cash position. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>7</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_13"></A>
<a name="_bclPageBorder13"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader13"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>RISKS RELATING TO OUR ADSs</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The price of our ADSs and the U.S. dollar value of any dividends will be affected by fluctuations in exchange conditions.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our ADSs trade in U.S. dollars.&nbsp; 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.&nbsp; 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.&nbsp; Any dividend we may pay in the future would be denominated in Chilean pesos.&nbsp; 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.&nbsp; 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.&nbsp; Also, since dividends in Chile are su
bject 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 style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>A 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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In order to vote at shareholders&#146; 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&#146; meeting into a blocked account established for that purpose by the ADS depositary.&nbsp; Any ADS transferred to this blocked account will not be available for transfer during that time.&nbsp; 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&#146; meeting.&nbsp; 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.&nbsp; 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.&nbsp; It is possible that a holder of our ADSs will not have the opportunity to exercise a right to vote at all.&nbsp; Additionally, a holder of our ADSs may not receive copies of all reports from us or the ADS depositary.&nbsp; A holder of our ADSs may have to go to the ADS depositary&#146;s offices to inspect any reports issued.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; Our ADSs are subject to 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&#146;s formal exchange market.&nbsp; See &#147;Exchange Rates&#148;.&nbsp; Pursuant to current Chilean law, our ADR foreign investment contract may not be amended unilaterally by the Central Bank of Chile.&nbsp; However, we cannot assure you 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.&nbsp; 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.&nbsp; Transferees of shares of our common stock withdrawn from the ADR facility will not be entitled to access the formal exchange market unless the withdrawn shares are redeposit with the depositary.&nbsp; See &#147;Item 10: Additional Information &#150; Exchange Controls in Chile&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>A holder of our ADSs&#146; 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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; See &#147;Item 10: Additional</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter13"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_14"></A>
<a name="_bclPageBorder14"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader14"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Information &#150; Memorandum and Articles of Association &#150; Rights, preferences and restrictions regarding shares&#148;.&nbsp; In our case, the actions triggering a right of withdrawal include the approval of:</FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our transformation into a different type of legal entity;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our merger with and/or into another company;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the transfer of 50% or more of our corporate assets, whether or not liabilities are also transferred, , to be determined according to the balance sheet of the previous fiscal year or the proposal or amendment of any business plan that contemplates the transfer of assets exceeding said percentage; the disposition of 50% or more of the corporate assets of a subsidiary, which represents at least 20% of the assets of the corporation, as well as any disposition of shares which results in the parent company losing its status as controller;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the granting of real or personal guarantees to secure third party obligations exceeding 50% of the corporate assets except when the third party is a subsidiary of the company (in which case approval of the board of directors will suffice);</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the creation of preferences for a series of shares or the increase, extension or reduction in the already existing ones.&nbsp; In this case, only dissenting shareholders of the affected series shall have the right to withdraw;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>other cases provided for by statute or in our bylaws, if any.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition, shareholders may withdraw if a person becomes the owner of two-thirds or more 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 from the date of such acquisition.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Minority shareholders are also granted the right to withdraw when the controller acquires more than 95% of the shares of an open stock corporation. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our bylaws do not provide for additional circumstances under which shareholders may withdraw.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; 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 style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; We cannot assure you that any registration statement would be filed.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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&#146;s preemptive rights and distribute the net proceeds of the sale, net of the depositary&#146;s fees and expenses, to the holder, provided </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>that a secondary market for those rights exists and a premium can be recognized over the cost of the sale.&nbsp; 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. Nonetheless, we cannot assure you 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.&nbsp; 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.&nbsp; 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;.&
nbsp; 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.&nbsp; In either case, equity interest in us will be diluted proportionately.</FONT></P>
<a name="_bclFooter14"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>9</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_15"></A>
<a name="_bclPageBorder15"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader15"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder15"></a>

<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><H3 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 4: Information on the Company</FONT></B></H3>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>History and Development of the Company</FONT></U></B></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our current legal and commercial name is Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (CCU). 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&#237;n Plagemann founded one of the first breweries in Chile in the port of Valpara&#237;so.&nbsp; By 1916, we owned and operated the largest brewing facilities in Chile.&nbsp; Our operations have also included the production and marketing of soft drinks since the beginning of the last century, the bottling and selling of mineral water products since 1960, the production and marketing of wine since 1994, the production and marketing of beer in Argentina since 1995, the production and marketing of pisco since 2003, the produc
tion and marketing of sweet snacks products since 2004 and the production and marketing of rum since 2007.</FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are subject to a full range of governmental regulation and supervision generally applicable to companies engaged in business in Chile and Argentina.&nbsp; These regulations include labor laws, social security laws, public health, consumer protection and environmental laws, securities laws, and anti-trust laws.&nbsp; In addition, regulations exist to ensure healthy and safe conditions in facilities for the production and distribution of beverages and sweet snacks products.</FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our principal executive offices are located at Vitacura 2670, Santiago, Chile. Our telephone number in Santiago is (56-2) 427-3000, the fax number is (56-2) 427-3333 and the website is </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt; TEXT-DECORATION: none" face=Arial,sans-serif color=windowtext>www.ccu.cl</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> or www.ccu.cl. 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>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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&#146;s, which resulted in our inability to meet our obligations to our creditors.&nbsp; IRSA, at that time, was a joint venture between Qui&#241;enco S.A. and the Sch&#246;rghuber Group from Germany through its wholly owed subsidiary Finance Holding International B.V., or FHI of the Netherlands.</FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To our knowledge, none of our common stock is currently owned by governmental entities.&nbsp; Our common stock is listed and traded on the principal Chilean stock exchanges.&nbsp; See &#147;Item 7: Major Shareholders and Related Party Transactions&#148;.</FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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.&nbsp; Since that date, the ADSs have been listed and traded on the New York Stock Exchange.</FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 1994, we diversified our operations both in the domestic and international markets.&nbsp; In that year, we purchased a 48.4% interest in the Chilean wine producer Vi&#241;a San Pedro S.A., or VSP (today VSPT). Since </FONT></P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder15"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclPageBorder15"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter15"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>10</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_16"></A>
<a name="_bclPageBorder16"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader16"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder16"></a>

<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>December 31,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;2008, that interest amounts to 50.0%.&nbsp; In November 1994, we and Buenos Aires Embotelladora S.A., or BAESA, (the PepsiCo bottler in Chile at that time) merged to create Embotelladoras Chilenas Unidas S.A., or ECUSA, for the production, bo</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>ttling, distribution and marketing of soft drinks and mineral water products in Chile.&nbsp; In November 1999, we purchased BAESA&#146;s interest in ECUSA and thereafter have </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>controlled 100% of that company.</FONT></P>
<a name="_bclPageBorder16"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Through Compa&#241;&#237;a Cervecer&#237;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&#241;&#237;a Industrial Cervecera S.A., or CICSA, were acquired during January and February 1995 and 98.8% of the outstanding shares of Cervecer&#237;a Santa Fe S.A., or CSF, were acquired in September 1995.&nbsp; In 1997, CCU Argentina increased its interest in CICSA to 97.2% and in CSF to 99.9% through the purchase of minority interests.&nbsp; In January 1998, we decided to merge these two breweries into one company operating under the name of CICSA.&nbsp; Following the merger, CCU Argentina&#146;s interest in CICSA was 99.2%.&nbsp; In April 1998, CCU Argentina completed the purchase of the
 brands and assets of Cervecer&#237;a C&#243;rdoba for US$8 million.&nbsp; After subsequent capital increases, the last one in June 2008, our interest in CCU Argentina reached 95.9%, with Anheuser-Busch Incorporated&#146;s, or Anheuser-Busch, interest at 4.1%.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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. In 2008 the license agreement was extended until December 31, 2025. </FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>After a capital increase approved by our shareholders in October 1996, we raised approximately US$196 million between December 1996 and April 1999.&nbsp; Part of this capital expansion was accomplished between December 1996 and January 1997 through our second ADR offering in the international markets.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2000, VSPT, through its subsidiary Finca La Celia S.A., or FLC, acquired the winery Finca La Celia in Mendoza, Argentina, initiating its international expansion, allowing VSPT to include fine quality Argentine wines into its export product portfolio.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To increase our presence in the premium beer segment, we acquired in November 2000 a 50% stake in Cervecer&#237;a Austral S.A., located in the city of Punta Arenas, with an annual production capacity of 6.1 million liters.&nbsp; Further, in May 2002, we acquired a 50% stake in Compa&#241;&#237;a Cervecera Kunstmann S.A., located in the city of Valdivia,.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In February 2003, we began the sale of a new product for our beverage portfolio, pisco, under the brand Ruta Norte.&nbsp; 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.&nbsp; Our pisco, at that time, was only produced in the &#147;Elqui Valley&#148; in the IV Region of Chile and it was sold throughout the country by our beer division sales force.&nbsp; In March 2005, we entered into an association with the second largest pisco producer at that time, Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda., or Control.&nbsp; This new joint venture was named &#147;Compa&#241;&#237;a Pisquera de Chile S.A.&#148;, to which the companies contributed principally with assets, commercial brands and &#150; in the case
 of Control &#150; also some financial liabilities.&nbsp; Currently we own 80% of Compa&#241;&#237;a Pisquera de Chile and Control owns the remaining 20%.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On April 17, 2003, the Sch&#246;rghuber Group, at the time an indirect owner of 30.8% of our ownership interest, gave Qui&#241;enco S.A., also at the time 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.&nbsp; As a result of the sale, Qui&#241;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 at that time, each with a 50% interest in IRSA.&nbsp; Heineken International B.V. and FHI subsequently formed Heineken Chile Ltda., to hold the latter&#146;s 50% interest in IRSA.&nbsp; Therefore, Qui&#241;enco and Heineken Chile Ltda. are the only two current shareholders of IRSA, with a 50% equity
 each.&nbsp; On December 30, 2003, FHI merged into Heineken Americas B.V., which together with Heineken International B.V. remained as the only shareholders of Heineken Chile Ltda. At present IRSA owns, directly and indirectly, 66.11% of our equity.</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In August 2003, VSPT formed Vi&#241;a Tabal&#237; S.A., a joint venture in equal parts with Sociedad Agr&#237;cola y Ganadera R&#237;o Negro Ltda. for the production of premium wines.&nbsp; This winery is located in the Limar&#237; Valley, Chile&#146;s northernmost winemaking region, which is noted for the production of outstanding wines.&nbsp; In January</FONT></P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder16"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclPageBorder16"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter16"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<DIV></DIV>
<DIV></DIV>


<A name="page_17"></A>
<a name="_bclPageBorder17"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader17"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2007, Vi&#241;a Tabal&#237; S.A. bought the assets of Vi&#241;a Leyda, located in the Leyda Valley, a new winemaking region south of Casablanca Valley and close to the Pacific Ocean.&nbsp; Vi&#241;a Leyda produces excellent wines that have won awards in different international contests.&nbsp; After this acquisition, Vi&#241;a Tabal&#237; S.A. changed its name to Vi&#241;a Valles de Chile S.A.</FONT></DIV>
<a name="_bclPageBorder17"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In January 2004, we entered the sweet snacks business by means of a joint venture between our subsidiary ECUSA and Industria Nacional de Alimentos S.A, a subsidiary of Qui&#241;enco, with a 50% interest each in Calaf S.A. (which has been renamed &#147;Foods Compa&#241;&#237;a de Alimentos S.A.&#148;), 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.</FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 2006, we signed a joint venture agreement with Watt&#146;s S.A., or Watt&#146;s, a local fruit related company, under which we participate in equal parts in Promarca S.A., or Promarca.&nbsp; This new company owns the brands &#147;Watt&#146;s&#148;, &#147;Ice Frut de Watt&#146;s&#148;, &#147;Yogu Yogu&#148; and &#147;Shake a Shake&#148; in Chile.&nbsp; Promarca granted its subsidiaries, for an indefinite period, the exclusive licenses for the production and sale of the different product categories.&nbsp; Therefore, we now participate in new product categories such as 100% fruit juices and fruit, soy and dairy based beverages.</FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=ES style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In May 2007, Compa&#241;&#237;a Pisquera de Chile S.A. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>entered the rum market with our proprietary brand Sierra Morena and later, in 2008, added new rum brand extensions and introduced various pisco based &nbsp;cocktails. Its most successful one, Campanario Mango Sour, is now sold in some states in the U.S. market through Wal-mart stores under the name of &#147;Carillon Mango&#148;.&nbsp; </FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 2007, we entered into an agreement with Nestl&#233; Chile S.A. and Nestl&#233; Waters Chile S.A., the latter of which acquired a 20% interest in our subsidiary Aguas CCU-Nestl&#233; Chile S.A., the company through which we develop our bottled water business in Chile.&nbsp; As part of this new association, Aguas CCU-Nestl&#233; Chile S.A. introduced in 2008 the Nestl&#233; Pure Life brand in Chile.&nbsp; Nestl&#233; had a call option to increase its ownership in Aguas CCU-Nestl&#233; Chile S.A. by an additional 29.9%, which expired on June 5, 2009. On June 4, 2009 ECUSA received the notification from Nestl&#233; Waters Chile S.A. exercising its irrevocable option to buy 29.9% of Aguas CCU-Nestl&#233; Chile S.A. equity, within the scope of the association contract. The completion of the deal rep
resented a profit before taxes for ECUSA of Ch$24,439 million. On September 30, 2009 in Extraordinary Shareholders Meetings,&nbsp; Aguas CCU-Nestl&#233; Chile S.A. (Aguas CCU) and Nestl&#233; Waters Chile S.A. (Waters Chile) approved the merger of Waters Chile and Aguas CCU. The present shareholders of Aguas CCU-Nestl&#233; Chile S.A. are ECUSA (50.10%),Nestl&#233; Chile S.A. (49.401%) and Comercializadora de Productos Nestl&#233; S.A. (0.499%).</FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In April 2008, we bought the Argentine brewer ICSA after receiving the approval of the Argentine antitrust authorities.&nbsp; ICSA owns, among other assets, the Bieckert, Palermo and Imperial beer brands, which together represented approximately 5.8% of the Argentine beer market, and a brewery in Luj&#225;n, Buenos Aires, with a nominal production capacity of 270 million liters per year.</FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In August 2008, FOODS Compa&#241;&#237;a de Alimentos CCU S.A. bought 50% of Alimentos Nutrabien S.A. a company specializing in muffins and other high quality home-made products. The Nutrabien brand complements our sweet snacks portfolio which includes the Calaf and Natur brands, the latter acquired in 2007. Moreover, with this acquisition we expanded the sweet snacks business from the traditional candy category to the nutritional cereal bars, cookies and muffins categories. </FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In November 2008 CCU and its affiliate Vi&#241;a San Pedro S.A.(VSP) entered into a Merger Agreement with Compa&#241;&#237;a Chilena de F&#243;sforos and its subsidiaries Terciados y Elaboraci&#243;n de Maderas S.A. and Vi&#241;a Tarapac&#225; S.A. (VT), in order to merge VT into VSP. Under the terms of the Merger Agreement, and prior to its execution, CCU had to acquire 25% of VT&#146;s equity. Once all the legal requirements were fulfilled, the merge by absorption of VT by VSP was completed on December 9, 2008 with decisive day for accounting purposes of October 1, 2008.</FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;&nbsp; </FONT></P>
<a name="_bclPageBorder17"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>12</FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_18></A>
<a name="_bclPageBorder18"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader18"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>CAPITAL EXPENDITURES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The capital expenditures figures for 2008 and 2009 shown below correspond to the application of IFRS and reconcile to the Cash Flow as shown in the Consolidated Statements of Cash Flows. Our capital expenditures for 2008 and 2009 were Ch$60,685 million and Ch$57,892 million, respectively, totaling Ch$118,577 million, of which Ch$44,126 million were invested in our beer operations in Chile, Ch$16,742 million in our Argentine beer operations, Ch$32,517 million in our non-alcoholic beverages operations, Ch$7,590 million in our wine operations, Ch$2,572 million in our spirits </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>operations and Ch$15,030 in other investments, mostly in warehouses and molds, during the years mentioned above.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>In recent years, our capital expenditures have been made primarily for the expansion of our production and bottling capacities, additional returnable bottles and crates, marketing assets (mainly coolers), and &nbsp;improvement in management information systems, among others.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In Chile, during 2008, capital expenditures were incurred in our beer division mainly on capacity expansion, new packaging, improvements and change of equipment, marketing assets, and implementation of a new filtration plant and an alcohol free beer plant. In Argentina, our capital expenditures were primarily in marketing assets, new packaging and the enhancement of the Luj&#225;n new plant mainly for the production of Heineken beer. Capital expenditures were made in our soft drink division, mainly for new packages, new packaging lines for returnable glass and PET purified water, marketing assets and equipment improvement. As for our wine operations, we invested primarily in the procurement of equipment, tanks, remodeling of the Molina plant, new irrigation technology and land. In our spirits business, the main expenditures were the completion of construction, procurement of equipment and start 
up of the new plant in Ovalle, as well as the continued improvement of the effluent treatment process. Other significant capital expenditures in 2008 relate to the acquisition of land for the construction of distribution centers and warehouses and the upgrade of information systems.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>During 2009, capital expenditures in our Chile beer division were focused principally on capacity expansion, new packaging and cranes, improvements and new equipment acquisitions and marketing assets.&nbsp; In Argentina, our capital expenditures were primarily for marketing assets, new packaging and new equipment. Capital expenditures were incurred in our non-alcoholic beverage division mainly for new packaging, marketing assets and new equipment mostly dedicated to the water business.&nbsp; Regarding our wine operations, the merger with Vi&#241;a Tarapac&#225; in late 2008 required several equipment optimizations; capacity improvement, new technology on irrigation, new land and new barrels were the main expenses.&nbsp; In our spirit business, the completion of the facility in Ovalle, as well as environmental improvements and the equipment for the new category were the mo
st relevant investments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our principal capital expenditures for the period 2008-2009 are displayed in the following table. See &#147;Capital Expenditures Commitments&#148; in Item 5 for the period 2010-2013.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="2%"></TD>
     <TD width="39%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><I><FONT size=2>Business Unit</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I><FONT size=2>2008</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left><B><I><FONT size=2>2009</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(Ch$ million)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(Ch$ million)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Beer Chile</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10,532</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13,165</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,276</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,888</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,111</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,254</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,652</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,247</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>21,572</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>22,554</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Beer Argentina</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,519</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,023</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px" align=right><FONT size=2>3,742</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,823</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,358</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>569</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>556</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>8,175</FONT></I></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>8,567</FONT></I></B>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter18"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>13</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_19></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="66%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Non alcoholic beverages </FONT></I></B><B><I><FONT size=1>(1)</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>13,408</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,215</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,694</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,817</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,052</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>609</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>341</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>21,050</FONT></I></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>11,467</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><I><FONT size=2>Wine</FONT></I></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,680</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,126</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Facility improvement</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>340</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Packaging </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>868</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>742</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>3,887</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>3,703</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Spirits</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>612</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Facility de-novo/improvement</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>929</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>579</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>349</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>103</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>1.278</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>1.294</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Other</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>New offices interior finishing</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>526</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Warehouses</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,334</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,541</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Injection and blow molds</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>421</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,382</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px" align=left><FONT size=2>Other</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,442</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,384</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 28px; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;<BR>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>4,723<BR>
</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>10,307</FONT></I></B>&nbsp;<BR>
</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><I><FONT size=2>60,685</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><I><FONT size=2>57,892</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #ffffff" align=left colSpan=3><FONT size=1>(1) Soft drinks, nectars, mineral water, purified water, sports beverages, energetic beverages and tea</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(2) </FONT><FONT size=1>Barrels</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD></TR></TABLE>
<a name="_bclPageBorder19"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader19"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Business Overview</FONT></U></B></P>
<H4 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</H4>
<P style="MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Summary</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are mainly a diversified beverage company operating principally in Chile and Argentina.&nbsp; We are the largest brewing group in Chile, the second largest brewing group in Argentina, the third largest soft drinks producer in Chile, after the two largest Coca-Cola bottlers in Chile, the largest mineral water and bottled nectar producers in Chile, the third largest wine producer in Chile, the second largest wine exporter, the second largest pisco producer in Chile and also we participate in the purified water, rum and sweet snacks industries in Chile.&nbsp; Our beer and soft drink products include a wide range of proprietary, licensed and imported brands.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter19"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_20"></A>
<a name="_bclPageBorder20"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader20"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, we had consolidated net sales of Ch$776,544 million, of which 35.8% was accounted for by our beer sales in Chile, 17.7% by our beer sales in Argentina, 25.9% by our non-alcoholic beverages sales in Chile, 16.1% by wine sales, 5.0% by spirits sales and the remainder by sales of other products and consolidation eliminations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We estimate that our share of the Chilean beer market by volume was approximately 86% for the years 2007 and 2008, and 85% in 2009.&nbsp; Our line of beers in Chile includes a full range of super-premium, premium, medium-priced and popular-priced brands of alcoholic and non-alcoholic beer, which are primarily marketed under seven different proprietary brands and four brand extensions. Our flagship brand, Cristal, is Chile&#146;s best selling beer, accounting for an estimated 51% of our 2009 beer sales by volume in Chile.&nbsp; We are the only brewery in Chile with a nationwide production and distribution network.&nbsp; In addition, we are the exclusive pr
oducer and distributor in Chile of Heineken beer, the exclusive distributor in Chile of imported Budweiser beer and the exclusive local producer and importer of Paulaner beer.&nbsp; We also distribute and produce, under license, Austral beer.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We entered the Argentine beer market in 1995 by acquiring two breweries and their brands, CICSA and CSF.&nbsp; Additionally, in 1998, we bought the brands and assets of Cervecer&#237;a C&#243;rdoba.&nbsp; 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.&nbsp; 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.&nbsp; In April 2008, we bought ICSA and as a result added to our portfolio the brands Palermo, Bieckert and Imperial.&nbsp; In addition, we are the exclusive producer and distributor in Argentina of Heineken brand beer and the exclusive distributor in Argentina of imported Corona, Kunstmann, Negra Modelo, Birra 
Moretti, Paulaner and Guinness beer brands.&nbsp; Currently, we and Anheuser-Busch have 95.9% and 4.1%, respective interests, in our Argentine subsidiary, CCU Argentina.&nbsp; We estimate that our market share by volume of the Argentine beer market was approximately 16% in 2007, 21% in 2008, and 22% in 2009, according to CICA.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Non alcoholic beverages</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; We produce and sell carbonated soft drink, mineral water, purified water, nectar, sports and energy drinks and tea products in Chile, including our proprietary brands and brands produced under license from PepsiCo, Schweppes Holdings Ltd., Promarca and Nestl&#233; Chile S.A..&nbsp; The most relevant beverages in this segment are soft drinks: carbonated beverages, &#150;cola and non-cola&#150; and non carbonated beverages, mostly fruit juices in different degrees of concentration. The various types of water products are also important: mineral water &#150; both, sparkling and still&#150;, and purified water. We estimate that our Chilean soft drinks market share by volume, not including nectars, was approximately 19% in 2007, 19% in 2008
 and 20% in 2009 and that our mineral water market share by volume was 63% in 2007, 61% in 2008 and 62% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wine</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We entered the Chilean wine industry in 1994 with the acquisition of a 48.4% interest in VSP (today VSPT), Chile&#146;s third largest player in the domestic market and second largest wine exporter.&nbsp; After making subsequent investments and pursuant to the merger of VSP and VT resulting in VSPT, our affiliate Inversiones CCU S.A. as of May 2010 has a 50.01% interest in VSPT. VSPT is formed by 7 different wineries in Chile, 2 in Argentina and Vi&#241;a Valles de Chile, a non-consolidating subsidiary. The wine group &nbsp;produces and markets a full range of wine products for both the domestic and export markets.&nbsp; We believe that in 2009, VSPT&#146;
s sales by volume amounted to approximately 23% of total measured domestic industry sales by volume and 12% of Chile&#146;s total wine export sales by volume, excluding bulk wine, according to our estimates and those of the Wineries of Chile Association. VSPT&#146;s main vineyards are located in all main viticulture Chilean valleys, including Maipo, Curic&#243;, Casablanca, Leyda, Colchagua, Elqui, Cachapoal and Maule valleys.&nbsp; VSPT&#146;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 over 80 different countries through distribution agents.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Spirits.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; In February 2003, we began the sale of a new product for our beverage portfolio, pisco, under the brand Ruta Norte.&nbsp; 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.&nbsp; Our pisco was produced in the Elqui Valley in the IV Region of Chile and it was sold throughout the country by the beer division sales force.&nbsp; In March 2005, we entered into an association with the second largest pisco producer at that time, Control.&nbsp; This new joint venture was named Compa&#241;&#237;a Pisquera de Chile S.A., or CPCh, to which the companies contributed principally with assets, </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>commercial brands and &#150; in the case of Control &#150; also some financial liabilities.&nbsp; Currently we own 80% of Compa&#241;&#237;a Pisquera de Chile and Control owns the remaining 20%.&nbsp; According to Nielsen numbers, Compa&#241;&#237;a Pisquera de Chile has 44% market share of the Chilean pisco industry.&nbsp; In May 2007, we added a new spirit category, rum, through our subsidiary CPCh under the brand name Sierra Morena. We ended the year 2009 with a rum market share of 13% as per Nielsen. In 2009 CPCh introduced a new category with the brand Mistral Ice Premium Blend.</FONT></P>
<a name="_bclFooter20"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>15</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_21"></A>
<a name="_bclPageBorder21"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader21"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sweet snacks</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> In January 2004, we entered the sweet snacks business by means of a joint venture between our subsidiary ECUSA (currently, this investment belongs to our subsidiary CCU Inversiones S.A.) and Empresas Lucchetti S.A. (currently, Industria Nacional de Alimentos S.A.), a subsidiary of Qui&#241;enco.&nbsp; Each company acquired a 50% interest in Calaf S.A. (which has been renamed &#147;Foods Compa&#241;&#237;a de Alimentos S.A.&#148;), 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 that have been in business for more than a century. The Company 
bought the brand Natur in 2007 and 50% of Alimentos Nutrabien S.A. in 2008. The three brands (Calaf, Natur and Nutrabien) are consolidated in Chile and allowed us to target a variety of snacks to specific niches.&nbsp; We now sell Food&#146;s products using CCU&#146;s network: Commercial CCU sells from Arica to Copiap&#243;/Vallenar in the northern part of the country and from Talca/Curic&#243; to Coyhaique in the south; Comercial Patagona sells in Punta Arenas; ECUSA&#146;s sales and logistics platform is used in the central part of the country and as of December 2009, Foods had a 15 people dedicated sales force to serve 43 supermarkets representing 663 sales points throughout the country. This marketing structure has the capacity to reach more than 108,000 clients. Our challenge for the next development stage is to leverage our distribution and selling strengths and to search for future growth opportunities. &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Distribution Network</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; In Chile, we have an extensive and integrated distribution network for the sale and distribution of beer, soft drinks, mineral water, purified water, functional beverages, nectars, wine, pisco, rum and sweet snacks products with capacity to reach approximately 108,000 customers. The network includes a total of 19 owned or leased warehouses and a network of independent transportation companies handled by Transportes CCU. Sales are performed by categories dedicated sales forces and by Comercial CCU which has a sales force of approximately 307 people who sell our products to approximately 48,302 customers in the North of Chile from Arica to C
opiap&#243;/Vallenar and in the mid-south area from Curic&#243;/Talca through Coihayque, except for Concepci&#243;n City. In the far south of Chile, in Punta Arenas, Comercial Patagona does the selling for all products, reaching 733 customers. In the central parts of the country and the City of Concepci&#243;n, there are dedicated sales forces that focus on single lines of products. Product distribution is carried out by Transportes CCU throughout the country or by Comercial Patagona in its territory.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In Argentina, our sales and distribution network for our beer products consists of six owned or leased warehouses, a direct sales force and 3 logistics operators reaching </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>approximately 49,798 customers plus 45 supermarket</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> chains (10 national and 35 regional supermarket chains) Sales are done by 2 independent bottlers in the south and north of Argentina. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Beer Business</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our historical core business, our Chilean beer operation, was first established in 1850.&nbsp; 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.&nbsp; 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 style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>16</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_22"></A>
<a name="_bclPageBorder22"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader22"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Beer Business in Chile</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> We estimate that annual beer consumption in Chile was 602 million liters in 2009, or approximately 36 liters per capita.&nbsp; The following chart shows our estimates for total and per capita consumption levels for beer in Chile for the years 2005 - 2009:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="30%"></TD>
     <TD width="2%"></TD>
     <TD width="30%"></TD>
     <TD width="2%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total Sales Volume </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Per Capita </FONT><FONT size=1>(2)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(liters)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>481</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>30</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>550</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>33</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>573</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>35</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>603</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>36</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>602</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>36</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=5>
<P align=justify><FONT size=1>Based on our sales data, competitors&#146; publicly available information, equity research analyst </FONT><FONT size=1>reports, imports and export data from customs authorities. Includes microbreweries sales.</FONT>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD align=left colSpan=5><FONT size=1>Population estimated in accordance with the national census of April 2002.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We estimate that the total beer market decreased by approximately 0.2% in terms of volume sold during 2009 as compared to 2008, after growing on average 7.8% per year between 2005 and 2008. We believe that the positive growth of the beer market in the period of five years (5.8% per year on average) is the result of the actions taken by us since 2001 to increase beer consumption in Chile with new products, new packaging and by creating new occasions for consumption, in addition to positive Chilean economic conditions. The market decrease in 2009 is primarily a result of &nbsp;the effects in Chile of the global financial crisis &nbsp;which led to increased unemployment and consumption slowdown.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Virtually all of the beer consumed in Chile is produced by three Chilean manufacturers: us, Cervecer&#237;a Chile and Cervecer&#237;a Austral whose principal brands of beer in Chile are Cristal, B&#225;ltica and Austral, respectively.&nbsp; According to our estimates, during 2009, we and Cervecer&#237;a Chile accounted for approximately 85% and 13% of total beer sales in Chile, respectively.&nbsp; In November 2000, we acquired a 50% stake in Cervecer&#237;a Austral, located in the city of Punta Arenas.&nbsp; This brewery has an annual nominal production capacity of 5.7 million liters and had less than 1% market share during 2009.&nbsp; In October 2001, Cervecer&#237;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 Limita
da in the southern part of Chile.&nbsp; During 2003, Cervecer&#237;a Austral began the production and sale of our brands Cristal, Escudo and Dorada 6.0.&nbsp; In May 2002, we acquired a 50% stake in Compa&#241;&#237;a Cervecera Kunstmann S.A., located in the city of Valdivia. In November 2006, we acquired additional shares of Kunstmann that allowed us to consolidate this subsidiary into our financial statements since that month. Due to the high costs of shipping beer to Chile and Chile&#146;s returnable glass bottle system, sales of imported beer are not significant, representing an estimate of 2% of total beer industry volume in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wholesale and retail beer prices are not regulated in Chile.&nbsp; Wholesale prices are subject to negotiation between the producer and the purchaser.&nbsp; Retailers determine retail prices to the final consumer.&nbsp; We believe that the key factors determining retailers&#146; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Production and Marketing in Chile</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; The production, marketing and sales of beer in Chile are our principal activities, generating net sales of Ch$270,058 million, and Ch$278,170 million or 38% and 35.8% of our total net sales in 2008 and 2009, respectively.&nbsp; Our sales of beer by volume in Chile decreased 1.9% in 2009 primarily as a result of the global financial crisis experienced in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows our proprietary brands, brands produced under license and brands imported under license for the Chilean market: </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<a name="_bclFooter22"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>17</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_23"></A>
<a name="_bclPageBorder23"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader23"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="24%"></TD>
     <TD width="2%"></TD>
     <TD width="24%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>Super-Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Special</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Popular-priced</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Royal Guard</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Cristal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>Lemon Stones</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>Dorada 6.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Royal Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Cristal Black Lager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Heineken </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Cristal Cer0,0&#176;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Budweiser </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Escudo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Paulaner </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Morenita</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Austral </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Kunstmann</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=3><FONT size=1>(1) Produced under license</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>(2) Imported</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Cristal is our principal and best selling beer brand in Chile. Cristal Black Lager is a brand extension of Cristal, which was launched in April 2007. Cristal Cer0,0&#176; was introduced</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>in December 2008 and it is an alcohol free beer with regular beer-like taste.&nbsp; Escudo, Chile&#146;s second most popular beer, is targeted to young-adult consumers.&nbsp; 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.&nbsp; Morenita is a dark beer and Dorada 6.0 is a discount brand.&nbsp; Lemon Stones is a lemon flavored sweetened beer, with 2.5% alcohol content.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2008, we exported 0.5 million liters of beer from Chile.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On April 28, 2003, we, through our subsidiaries Cervecera CCU Chile Limitada and Compa&#241;&#237;a Cervecer&#237;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.&nbsp; These agreements have an initial term of 10 years beginning in June 2003, renewable for subsequent periods of five years.&nbsp; Heineken beer is the leading brand in the super-premium segment, the beer segment with the highest growth in Chile in recent years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Additionally, we produce, bottle and distribute Paulaner beer under license from Paulaner Brauerei AG, which is controlled by the BrauHolding International GmbH Group, a joint venture between Heineken and the Sch&#246;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. It has a five year term, beginning in May 1995, automatically renewable for successive five-year periods unless otherwise stated by any party.&nbsp; The Sch&#246;rghuber Group was, until April 2003, one of the two beneficial shareholders of IRSA, our major shareholder.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 1996, we and Anheuser-Busch entered into an agreement granting us the exclusive right to distribute Budweiser beer in Chile.&nbsp; During 2004, we and Anheuser-Busch entered into a new distribution agreement, with a 12-year term, ending December 2015.&nbsp; See &#147;Item 3: Key Information &#150; Risk Factors&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2001, we signed a license agreement with Cervecer&#237;a Austral S.A. for the production of the Austral brand by our beer division.&nbsp; This agreement has a fourteen-year term, automatically renewable for a seven-year term if certain conditions are fulfilled.&nbsp; This agreement can be extended for an additional seven-year period if both parties express this intention in writing.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In May 2002, we acquired a 50% ownership interest in Compa&#241;&#237;a Cervecera Kunstmann S.A., a microbrewery located in the southern city of Valdivia, with an annual production capacity of 3 million liters at that time.&nbsp; Since June 2003, our beer division began selling Kunstmann nationwide.&nbsp; In November 2006, we acquired additional shares of Kunstmann that allowed us to consolidate this subsidiary.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our investment in Cervecer&#237;a Austral S.A., the production of the Austral brand by our beer division, the investment in Compa&#241;&#237;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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter23"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>18</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_24"></A>
<a name="_bclPageBorder24"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader24"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 and Temuco, and in &nbsp;Antofagasta until July 2009.&nbsp; During 2007, 2008 and 2009, we sold our beer products in Chile in the following packaging formats:</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="10%"></TD>
     <TD width="38%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=8><FONT size=2>Percentage of Total Beer Products Sold</FONT></TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT size=2>Container</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Returnable </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>61%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>60%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Non-Returnable </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>34%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>35%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>37%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Returnable Kegs </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
     <TD></TD>
     <TD align=left>&nbsp;</TD>
     <TD></TD>
     <TD align=left>&nbsp;</TD>
     <TD></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=center><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>Returnable beer containers include glass bottles of various sizes.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD align=left colSpan=7><FONT size=1>Non-Returnable beer containers include bottles and aluminum cans, both of </FONT><FONT size=1>assorted sizes.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=center><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>Returnable kegs are stainless steel containers, which have a capacity of 20, 30 and </FONT><FONT size=1>50 liters.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We obtain all of our glass bottles and cans from third party suppliers.&nbsp; See &#147;&#150; Raw Materials&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We directly distribute our beer products throughout Chile to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>off-premise retail: small and medium sized retail outlets, which in turn sell beer to consumers for take-out consumption;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>wholesalers; and </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>supermarket chains.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2007, 2008 and 2009, the percentage mix of the above distribution channels for our beer products in Chile was as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=7><FONT size=2>Percentage of Total Beer Products Sold</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Distribution Channels</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Off-premise retail</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>37%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>On-premise retail</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>18%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>18%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>17%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wholesalers</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Supermarkets</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>25%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>24%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>24%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, we had more than 38,000 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 two large supermarket chains that represented a combined total of 13%.&nbsp; During 2009, 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table sets forth our beer sales volume in Chile, by category, during each of the last five years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=9><FONT size=2>(in millions of liters)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Super-Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>34.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>37.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>46.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>55.6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>59.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>358.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>403.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>418.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>432.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>420.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Special</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>6.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>6.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Medium-Priced</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Popular-Priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>17.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>23.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>20.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>22.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>22.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>417.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>470.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>491.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>516.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>507.2</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter24"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>19</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_25"></A>
<a name="_bclPageBorder25"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader25"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The above figures do not include export sales to third parties, which amounted to 3.2, 0.5 and 1.5 million liters in 2007, 2008 and 2009 respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The average price per liter to our customers for beer products in Chile increased from an average of Ch$517.88 in 2008 to Ch$548.96 in 2009 or 6%.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our beer production in 2009 was centralized in the Santiago and Temuco plants in addition to the bottling facility in Antofagasta where we bottled beer until July 2009.&nbsp; The Temuco plant commenced production in November 1999, replacing the closed Concepci&#243;n and Osorno plants. For a more detailed discussion of our capital expenditure program, see &#147;&#150; History and Development of the Company &#150; Capital Expenditures&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Raw Materials and other Supplies</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> The principal raw materials used in our production of beer are malt, rice, water and hops.&nbsp; We obtain our supply of malt from local producers and in the international market. In 2007, we renewed and signed long-term contracts with local producers for approximately 40% of our requirements.&nbsp; The balance for 2010 is expected to continue to be imported, from Argentina and Uruguay.&nbsp; During 2009, we received 36,000 tons of malt from Argentina and Germany, representing 100% of our imports.&nbsp; Rice is obtained from local and international suppliers in spot transactions and/or annual contract agreements.&nbsp; We pre-treat r
ice in order to ensure that it meets our standards of quality.&nbsp; We import hops mainly pursuant to contracts with international suppliers, in the United States, which permit us to secure supplies for periods of up to four years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Water is essential in the production of beer.&nbsp; We obtain all of our water from wells located at our plants and/or from public utilities.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We maintain testing facilities at each of our plants and factories where raw materials are tested.&nbsp; Additionally, samples of beer are analyzed at various stages of production to ensure product quality.&nbsp; Samples of Heineken are periodically sent to Holland to verify the quality of the product.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We generally purchase all of the glass bottles used in packaging our beer from the major national glass supplier in Chile, Cristaler&#237;as Chile S.A. under one-year agreements.&nbsp; In addition, other sources, principally in Argentina, can be used when price and delivery terms are favorable.&nbsp; During 2009, 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.&nbsp; Our kegs used for draft beer, are purchased from various suppliers outside Chile.&nbsp; We obtain the labels for our beer products principally from local suppliers. Plastic caps are principally purchased from two suppliers in Chile. Crowns are currently imported from Brazil and Mexico after our local supplier went out of business.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Prices of principal raw materials used in beer production in Chile are tied to the U.S. dollar and have varied in Chilean pesos because of general commodity price increases in international markets as well as for the variation of the Chilean peso against the U.S. dollar. From time to time, prices of agricultural products vary depending on demand and supply factors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sales, Transportation and Distribution.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We distribute all of our beer products in Chile directly to retail, supermarket and wholesale customers.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2005, we launched Comercial CCU S.A., a subsidiary in charge of a single sales force dedicated to selling our beverage and sweet snack products, in order to capture synergies and focus on sales&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter25"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_26"></A>
<a name="_bclPageBorder26"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader26"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder26"></a>

<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>execution. Originally, this plan was piloted in rural areas and small cities in southern Chile. As of 2008, the territory covered by Commercial CCU S.A. has expanded to include the north of Chile from Arica to Copiap&#243;/Vallenar and the south, from Curic&#243; to Coyaique except for the City of Concepci&#243;n.</FONT></P>
<P align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In July 2002, Comercial Patagona Ltda. began selling all of our beer products in the country&#146;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&#146;s extreme south.</FONT></P>
<P align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>After production, bottling and packaging, our beer is either stored at one of the three production facilities or transported to a network of 19 warehouses which are located throughout Chile and are either owned or leased by us.&nbsp; Beer products are generally shipped from the region of production to the closest warehouse, allowing us to minimize our transportation and delivery costs.</FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2009, we had a dedicated sales force of approximately 192 salesmen, responsible for our sales of beer and other products in the territories not covered by Comercial CCU or Comercial Patagona. This sales force uses a pre-sell system, like the rest of CCU&#146;s sales platform, and covers approximately 23,145 clients and 30 supermarket chains representing 564 points of sales. </FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our customers make payment for our products either in cash at the time of delivery or in accordance with one of various credit arrangements.&nbsp; Payment on credit sales for beer is generally due 24 days from the date of delivery. Credit sales accounted for 29% of our beer sales in Chile in each of the years 2007, 2008 and 2009. Losses on credit sales of beer in Chile have not been significant.</FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beginning in October 2001, all of the warehouses and transportation companies used to store and deliver all our products, are managed on a consolidated basis by our subsidiary Transportes CCU Ltda.</FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Seasonality.</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;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>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows our annual sales volume of beer in Chile, excluding exports, by quarter in 2007, 2008 and 2009:</FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder26"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>% of Annual</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>145.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>29.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>88.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>100.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>157.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>32.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>491.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>156.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>30.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>91.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>107.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>161.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>31.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>516.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>150.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>29.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>94.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>18.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>102.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>159.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>31.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>507.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Geographical Markets</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; 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&nbsp;</FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder26"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></P>
<a name="_bclPageBorder26"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclPageBorder26"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter26"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>21</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_27"></A>
<a name="_bclPageBorder27"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader27"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<a name="_bclPageBorder27"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>of Chile and accounted for approximately 37% of our beer sales by volume in 2009.&nbsp; We also have one additional beer production facility (Temuco) located outside the Santiago metropolitan area. Until July 2009 we also operated a bottling facility in Antofagasta. Virtually all of our brands are distributed to customers located within the geographic areas of the corresponding production facilities.</FONT></DIV>
<a name="_bclPageBorder27"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Competition</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; Our principal competitor in the beer business is Cervecer&#237;a Chile (a subsidiary of Anheuser Busch InBev), which commenced operations in Chile during the second half of 1991, resulting in a loss of market share for us.&nbsp; Nevertheless, after experiencing a market share low of 86% in both 1994 and 1995, we were able to recapture our lost market share, reaching 90% market share in 2004.&nbsp; However, in 2005, Cervecer&#237;a Chile launched a new product which negatively affected our market share, and in 2006, we had 86% market share which we maintained until 2008, and in 2009 dropped slightly to 85%.</FONT></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our estimated share of the Chilean beer market over the last five years is as follows:</FONT></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Our Chilean Market Share for Beer </FONT><FONT size=1>(*)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>87%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>86%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>86%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>86%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>85%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left colSpan=3><FONT size=1>(*) Considers beer sold directly by Austral and Kunstmann</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our competitor, Cervecer&#237;a Chile has one production facility located in Santiago and distributes its products throughout the country.&nbsp; Cervecer&#237;a Chile uses third party distributors in Region I in the north, and from the city of Castro in the Region X to the south.&nbsp; We estimate that the sales of Cervecer&#237;a Chile&#146;s brands of beer by volume accounted for approximately 12% of total beer sales in 2007 and 2008, and 13% in 2009.&nbsp; We estimate that Cervecer&#237;a Chile has an annual production capacity of approximately 105 million liters which represents approximately 15% of our annual nominal production capacity in Chile.</FONT></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Due to the high cost of shipping beer to Chile and the competitive advantage inherent to domestic producers as a result of Chile&#146;s returnable glass bottle system, imported beer is not a significant component of the Chilean beer market.&nbsp; We estimate that imports and microbreweries accounted for less than 3% of total beer sales by volume during 2009.</FONT></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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&#146;s proprietary returnable bottling system, and to establish a critical mass in sales volumes.&nbsp; 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.&nbsp; 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>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our Beer Business in Argentina</FONT></B></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; In December 1994, we established CCU Argentina in order to develop a presence in the Argentine beer market.&nbsp; 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.&nbsp; 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>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 1995, we entered into a joint venture agreement pursuant to which Anheuser-Busch acquired a 4.4% interest in CCU Argentina.&nbsp; The agreement involved two kinds of contracts: an investment and a licensing contract.&nbsp; Under the investment contract, Anheuser-Busch had an option, which expired in 2005, to increase its interest in CCU Argentina to 20%.&nbsp; The licensing contract has a duration of 20 years and grants </FONT></P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder27"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclPageBorder27"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter27"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>22</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_28"></A>
<a name="_bclPageBorder28"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader28"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>CCU Argentina the exclusive right to produce, package, market, sell and distribute Budweiser beer in Argentina and Uruguay.&nbsp; In June 2008, after the last capital expansion, Anheuser-Busch reduced its interest in CCU Argentina to 4.1% and we increased our participation to 95.9%.</FONT></DIV>
<a name="_bclPageBorder28"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In March 2004, AmBev and Interbrew announced an agreement to merge, creating the world&#146;s largest brewer under the name InBev. This merger was closed in August 2004. In January 2007, AmBev assumed control of Quilmes, our competitor. Inbev and Anheuser Busch merged in November 2008, creating the world&#146;s global beer leader. See &#147;Item 3: Risk Factors&#148;.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Between 1996 and June 2008, we and Anheuser-Busch invested approximately US$301 million and US$23 million in CCU Argentina, respectively.&nbsp; Among other things, this capital was used to prepay debt incurred to acquire the initial stake in CICSA and CSF, increase CCU Argentina&#146;s stake in these same subsidiaries, increase plant capacity, purchase land in Z&#225;rate (a region close to Buenos Aires), purchase the brands and assets of Cervecer&#237;a C&#243;rdoba, reduce short term debt, buy a canning line for the Santa Fe plant and acquire ICSA.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In January 1998, we merged two of our subsidiaries, CICSA and CSF.&nbsp; Currently both plants operate under the CICSA name.&nbsp; As a result of the merger of CICSA and CSF, CCU Argentina holds a 99.6% interest in CICSA as of December 2007.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In April 1998, CCU Argentina paid approximately US$8 million to acquire the brands and assets of Cervecer&#237;a C&#243;rdoba.&nbsp; After the solution of certain labor issues, we began the production of the C&#243;rdoba brand at our Santa Fe plant during mid 1998.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In April and June 2008, CICSA paid an aggregate amount of US$88 million to acquire ICSA.&nbsp; Among other assets, ICSA owns the Bieckert, Palermo and Imperial beer brands, and a brewery in Luj&#225;n, Buenos Aires, which has a nominal production capacity of 270 million liters per year. Pursuant to the acquisition of ICSA in April 2008, it was merged with CICSA in July 2008.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Argentine Beer Market</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; The Argentine beer market is estimated by us to be almost three times the size of Chile&#146;s.&nbsp; Traditionally, beer and wine have been the principal alcoholic beverages consumed in the country. We estimate that annual beer consumption in Argentina was 1,719 million liters, or approximately 43 liters per capita in 2009.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The table below sets forth our estimates of beer consumption in Argentina during each of the last five years:</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Per Capita </FONT><FONT size=1>(*)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(</FONT><FONT size=1>in millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(liters)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>1,389</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>36</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,472</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>38</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>1,571</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>40</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,716</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>43</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,719</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>43</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><FONT size=1>(*) Population estimated based on Argentina&#146;s national census of 2001</FONT><FONT size=2>.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We estimate that total beer consumption in Argentina increased at a four-year compounded annual growth rate of 5.4% between 2005 and 2009.&nbsp; During 2009, the Argentine beer market increased 0.2%, due to a lower economic activity and the consequent slowdown in consumption.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since January 2006, the Argentine Government has adopted different methods to directly and indirectly regulate price increases of various consumer goods, including bottled beer, in an effort to slow inflation. &nbsp;Wholesale price increases are negotiated between the producer and the purchaser as a result of competitive situations in the industry and government approval for each beer company.&nbsp; Prices to consumers are determined by the negotiated wholesale price, as impacted by the producer's product pricing strategy.&nbsp; In order to optimize its profit margins, the producer must carefully manage its product and channel mix and trade discounts.</FONT></P>
<a name="_bclPageBorder28"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder28"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter28"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>23</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_29"></A>
<a name="_bclPageBorder29"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader29"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Production and Marketing in Argentina.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Our beer operation in Argentina generated net sales of Ch$115,187 million and Ch$137,296 million representing 16.2% and 17.7% of our total net sales in 2008 and 2009, respectively.&nbsp; The increases during this period were the result of higher prices and volumes, as a consequence of a favorable economic environment in Argentina.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We produce and market super-premium, premium, medium-priced and popular-priced beer brands in Argentina.&nbsp; The following table shows our principal brands produced and imported under license in Argentina:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>Super-Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Medium-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Popular-priced</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>beer brands</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Heineken </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Budweiser </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Schneider</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Palermo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Corona </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Salta</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Schneider Fuerte 6.0&#176;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Bieckert</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Guinness </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Santa Fe</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>C&#243;rdoba</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Negra Modelo </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Paulaner </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Imperial</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Kunstmann </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Birra Moretti </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Otro Mundo</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>(1) Produced under license</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=7><FONT size=1>(2) Imported</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Schneider is our principal proprietary brand in Argentina, accounting for 23.4% of our Argentine sales volume in 2009.&nbsp; We began local production of Budweiser brand beer in December 1996.&nbsp; Budweiser beer represented 26.8% of our Argentine sales volume in 2009.&nbsp; 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. According to Nielsen, during 2009 the price was 3 to 5% higher than the market leading brand. &nbsp;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&#176;, a brand extension with 6.0% of alcohol; the Salta brand is sold in regular and dark varieties, and the Santa Fe and C&#243;rdoba brands are sold only as regular lager. During 1997
, we began to import Guinness beer from Ireland, making Argentina the only country in South America where Guinness draught is sold.&nbsp; During 2001, we began importing Corona beer from Mexico, and during 2005 and 2007, we also began importing Negra Modelo beer from Mexico and Paulaner beer from Germany. In April 2008 we bought the brands Imperial, Palermo and Bieckert along with the production facility in Luj&#225;n. In 2009 we introduced Otro Mundo and the imported Birra Moretti. During 2009, we exported 15.9 million liters of beer from Argentina to third countries, representing 4.1% of CCU Argentina&#146;s beer sales volume.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; During 2007, 2008 and 2009, we sold our beer products in Argentina in the following packaging formats:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="2%"></TD>
     <TD width="43%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=9><FONT size=2>Percentage of Total Beer Products Sold</FONT></TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=3><FONT size=2>Container</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=3><FONT size=2>Returnable </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>85%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>89%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>89%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=2>Non-Returnable </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=3><FONT size=2>Returnable Kegs </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left colSpan=3><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left colSpan=7><FONT size=1>Returnable beer containers include glass bottles of various sizes.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>Non-returnable beer containers include glass bottles and aluminum cans, both of </FONT><FONT size=1>assorted sizes.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left colSpan=7><FONT size=1>Returnable kegs refer </FONT><FONT size=2>to stainless steel containers in assorted sizes.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter29"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_30"></A>
<a name="_bclPageBorder30"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader30"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In Argentina, though most beer is sold to wholesalers, we also sell our products to retailers and supermarket chains. In 2007, 2008 and 2009, the percentage mix of the above distribution channels for our beer products in Argentina was as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px; BORDER-BOTTOM: #000000 1px solid" align=center colSpan=7><FONT size=2>Percentage of Total Beer Products Sold</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Distribution Channels</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wholesalers</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>76%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>74%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Retailers</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>14%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>19%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Supermarkets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>13%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>15%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, we sold directly to approximately 49,798 customers in Argentina, none of which individually accounted for more than 3% of our total beer sales by volume, with the exception of two large distributors that represented a combined total of 20%. In total, we have 158,000 sales&#146;s points covered by our direct and indirect sales force.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table sets forth our beer sales volume in Argentina by category during each of the last five years, including exports to third countries:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD>
     <TD width="2%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=9><FONT size=1>(in millions of liters)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Super-premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>25.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>30.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>38.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>50.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>59.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>85.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>96.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>109.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>127.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>148.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Medium-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>106.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>104.6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>104.6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>106.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>106.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Popular-priced</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>81.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>77.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>220.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>233.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>253.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>366.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>391.6</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The average price in Chilean pesos, to our customers for our beer products in Argentina increased 15.1% in 2009, from Ch$297 per liter in 2008 to Ch$342 per liter in 2009. The increase in average prices is primarily explained by a higher participation of super-premium and premium brands in the sales mix and by currency conversion effects.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 and Uruguay, had an initial term of 20 years commencing in December 1995, which in March 2008, was extended to December 2025.&nbsp; Among other things, the license agreement includes provisions for both technical and marketing assistance from Anheuser-Busch.&nbsp; Under the license agreement, CCU Argentina is obligated to purchase certain raw materials from Anheuser-Busch or from suppliers approved by Anheuser-Busch.&nbsp; 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.&nbsp; We began distribution of our locally produced Budweiser in December 1996.&nb
sp; See &#147;&#150; Sales, Transportation and Distribution&#148;.&nbsp; In addition, the license agreement is subject to certain specified market share targets and marketing expenditures.&nbsp; During the third quarter 2000, we and Anheuser-Busch signed an export agreement to supply Budweiser from Argentina to Paraguay, Chile and Brazil.&nbsp; 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.&nbsp; See &#147;Item 3: Risk Factors&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; These agreements have an initial term of 10 years beginning in June 2003, renewable for subsequent periods of five years.&nbsp; Heineken beer is the second brand in the super-premium segment in Argentina.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2006, we signed a long-term contract with ICSA to brew, bottle and package beer in the former AmBev plant in Luj&#225;n, near Buenos Aires, that was purchased by ICSA.&nbsp; In January 2007, we began brewing our local brands in this plant, obtaining enough production capacity to ensure future growth.&nbsp; In April 2008, we acquired ICSA, including the Luj&#225;n plant and the brands Imperial, Bieckert and Palermo. ICSA also&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclFooter30"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>25</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_31"></A>
<a name="_bclPageBorder31"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader31"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>had a brewing contract agreement with AmBev and, under such contract CICSA brewed beer for AmBev during the peak demand season of 2008-2009.</FONT>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><STRONG><EM><FONT face=Arial size=2></FONT></EM></STRONG>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Raw Materials and other Supplies</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> The principal raw materials used in the production of our beer products in Argentina are malt, corn syrup, rice, water and hops.&nbsp; During 2009, we continued obtaining malt and rice from regional suppliers, benefiting from lower costs as compared to imported materials.&nbsp; We obtain rice from suppliers in Argentina and Uruguay, and malt and corn syrup from suppliers in Argentina.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Other raw materials are obtained from local and international suppliers in spot transactions and/or annual contracts.&nbsp; All purchased raw materials are tested in order to ensure that they meet our standards of quality.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Water is essential in the production of beer.&nbsp; 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&#225; river. The Luj&#225;n operation obtains its water from the Napa Puelche., an underground sheet of water. 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We maintain testing facilities at each of our plants and factories in which raw materials are analyzed according to our standards.&nbsp; Additionally, samples of beer are analyzed at various stages of production to ensure product quality.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We generally purchase all of our glass bottles from the major national glass supplier in Argentina, Rigolleau/Cattorini, and from Saint Gobain in Brazil.&nbsp; During 2009, all of our requirements for aluminum cans were purchased from a local supplier, Rexam Argentina S.A. Kegs used for draft beer are purchased from various suppliers in Europe.&nbsp; Plastic storage and carrying crates, as well as the labels for beer products and crowns, are obtained from local and international suppliers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Prices of principal raw materials used in beer production in Argentina have decreased in dollar terms. However, from time to time, prices of agricultural products vary depending on demand and supply factors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; We do not believe we are dependent on any one supplier for a substantial portion of our raw materials in Argentina.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sales, Transportation and Distribution</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> After production, bottling and packaging, our beer is either stored at the production facilities or transported to a network of six warehouses leased or owned by us.&nbsp; Beer products are generally shipped to those warehouses, which are located within the region in which the beer products are sold.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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&#243;rdoba, Rosario and Buenos Aires.&nbsp; In recent years, we reduced the number of our distributors and replaced some of them by larger ones, among which there are currently three bottlers, one in the south, another one in the north and the third one in the northeastern regions of Argentina.&nbsp; As of December 31, 2009, we had a direct sales force which sold our beer products to approximately 49,798 customers within the Salta, Santa Fe, C&#243;rdoba, Rosario, the Federal Capital and its outlying metropolitan area, in addition to 45 regional and national supermarket chains throughout the country.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; Payment on credit sales is currently due 7 days from the date of delivery to wholesalers, and an average of 60 days of delivery to supermarkets. Credit sales accounted for 61%, 64% and 62% of our beer sales in Argentina in 2007, 2008 and 2009, respectively.&nbsp; Losses on credit sales of beer in Argentina have not been significant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter31"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>26</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_32"></A>
<a name="_bclPageBorder32"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader32"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Seasonality</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; 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).The following table shows the annual sales volume of beer in Argentina, including exports, during each quarter in 2007, 2008 and 2009:</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="1%"></TD>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="23%"></TD>
     <TD width="1%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>% of Annual</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>76.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>28.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>50.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>18.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>54.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>91.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>33.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>272.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>103.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>28.3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>72.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>19.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>72.9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>19.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>117.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>32.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>366.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>112.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>28.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>75.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>19.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>78.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>125.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>32.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>391.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=7><FONT size=1>(1) For comparison purposes we are showing ICSA sales in the first quarter.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Geographical Markets.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Our beer production facilities in Argentina are located in Santa Fe, Salta and Luj&#225;n.&nbsp; Santa Fe and its surrounding areas account for approximately 8.2% of the population of Argentina and for approximately 10.8% of total beer sales of CCU Argentina by volume in 2009. The region surrounding and including the cities of Salta and Jujuy account for approximately 4.9% of the population of Argentina and for approximately 6.7% of total beer sales of CCU Argentina by volume in 2009. The region surrounding and including the city of C&#243;rdoba accounts for approximately 8.5% of the Argentine population and represents approximately 9.9% of CCU Argentina&#146;s sales by volume. Lastly, the province of Buenos Aires accounts for approximate
ly 44.6% of the population of Argentina and for approximately 34.2% of total beer sales of CCU Argentina by volume in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Competition.</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since 2003, after the agreement between Quilmes and AmBev, the Argentine beer market consisted of three principal brewing groups: AmBev-Quilmes, us and&nbsp; Warsteiner. &nbsp;The principal proprietary brands of these companies are Quilmes, Schneider and Isenbeck, respectively.&nbsp; In December 2006, ICSA, a new competitor, entered the Argentine beer market.&nbsp; ICSA began its operations at the former AmBev brewery in Luj&#225;n producing three beer brands: Palermo, Bieckert and Imperial, which had previously belonged to Quilmes.&nbsp; These assets were sold by AmBev-Quilmes in response to requirements of the antitrust authorities in Argentina.&
nbsp; According to the information made public by our competitors and our estimates for Isenbeck, the different brewing groups had the following market shares in 2009: AmBev-Quilmes, 75%; us, 22%; and Warsteiner, 3%.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows our market share in the Argentine market over the past five years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><FONT size=2>Our Argentine Market Share for Beer</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=center colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Estimated Market Share</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>16%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>16%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>16%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>21%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>22%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=3><FONT size=1>
<HR align=left width="20%">
Source: CICSA</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>27</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_33"></A>
<a name="_bclPageBorder33"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader33"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Quilmes, the beer market leader in Argentina and our principal competitor, also has beer operations in Chile, Paraguay, Uruguay and Bolivia.&nbsp; 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%.&nbsp; As of December 31, 2009, Quilmes had five breweries in Argentina with an estimated total annual production capacity of 1.2 billion liters.&nbsp; Quilmes&#146; large size enables it to benefit from economies of scale in the production and distribution of beer throughout Argentina.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We estimate that Quilmes&#146; average market share in 2009 decreased to 75% from 82% market share in late 1994.&nbsp; At that time, Companhia Cervejaria Brahma, one of the two largest beer producers in Brazil, commenced production at its new brewery in Luj&#225;n, near Buenos Aires.&nbsp; In addition, Warsteiner, a large German brewer, commenced production at its new brewery in Z&#225;rate, also near Buenos Aires, with an annual production capacity estimated to be approximately 140 million liters.&nbsp; Prior to commencing production in Argentina, Companhia Cervejaria Brahma and Warsteiner competed in the Argentine market with imported beer.&nbsp; The other competitor, Galicia, has one plant with a total annual capacity of approximately 17 million liters.&nbsp; In July 1999, the merger of Companhia Cervejaria Brahma and Companhia Antarctica Paulista was announced, creati
ng AmBev.&nbsp; This merger was finally approved in March 2000, creating one of the largest beverage producers in the world.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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.&nbsp; 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.&nbsp; The Bemberg family had 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.&nbsp; This option was exercised in April
 2006.&nbsp; 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&#225;n, near Buenos Aires, to a company currently not present in the Argentine beer market.&nbsp; 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. In February 2006, the Argentinean Supreme Court of Justice ruled against our complaint.&nbsp; In December 2006, the Argentine authorities approved the sale of these assets to ICSA, a company owned by local investors.&nbsp; On March 3, 2004, AmBev and Interbrew announced an agreement to merge the two companies, creating the world&#146;s largest brewer under the name InBev.&nbsp; This merger was closed in August 2004. On November 18, 2008 Anheuser Busch and Inbev merged creating the global beer leader. 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Due to the high cost of shipping beer to Argentina and the competitive advantage inherent to domestic producers as a result of Argentina&#146;s returnable glass bottle system, we estimate that imported beer sales accounted for less than 1% of the total sales volume in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Excise taxes for the beverage industry in Argentina have been subject to variations in the past.&nbsp; The last modification was in 1999 and has been applicable since January 2000.&nbsp; The following table shows current Argentine excise beverage taxes:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center></DIV>
<a name="_bclFooter33"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>28</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_34"></A>
<a name="_bclPageBorder34"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader34"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Product Type</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>1999 Excise Taxes</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>Current Excise Taxes</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Non-Alcoholic Beverages</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Cola soft drinks</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Flavored soft drinks, mineral water and juices</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Alcoholic Beverages</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Beer</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Whisky</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>10-29% alcohol content</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>12%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>30% or more alcohol content</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>15%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wine</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Future changes in excise taxes in Argentina could adversely affect our sales volume, market share and operating margins.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our Non-Alcoholic Beverage Business</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=#ff6600></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We have produced and sold </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>soft</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>drinks</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> in Chile since 1902.&nbsp; Prior to November 1994, we independently produced, bottled and distributed carbonated and non-carbonated soft drinks in Chile.&nbsp; Our line of soft drink products included our own proprietary brands, in
 addition to brands produced under license from Cadbury Schweppes plc. (currently Crush, Crush Light, Canada Dry Agua T&#243;nica, Canada Dry Agua T&#243;nica Light, Canada Dry Ginger Ale, Canada Dry Ginger Ale Light, Canada Dry Lim&#243;n Soda and Canada Dry Lim&#243;n Soda Light) and from PepsiCo ( currently Pepsi, Pepsi Light, 7Up, 7Up light and Mirinda).&nbsp;&nbsp; Under a similar licensing arrangement with Watt&#146;s, a local fruit related company, we bottled and distributed Watt&#146;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>nectar</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> products in Chile from 1987 until December 2006. At present Promarca S.A., owned by us and Watt&#146;s 50-50%, is the owner of the brand and we produce, bottle and distribute nectar products in bottles under Promarca&#146;s license. We have been in the bottled </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPA
CING: -0.1pt" face=Arial,sans-serif>water</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> business since 1960, and since December 2007 this business is conducted by Aguas CCU-Nestl&#233; Chile S.A., which since June 2009 is 50.1% owned by us and 49.9% owned directly or indirectly by Nestl&#233; Chile S.A. Under our two proprietary brand names, Cachantun and Porvenir, we bottled and nationally distribute mineral water from our own two natural sources located within the central region of Chile. In September 2008 we added to our brand Glacier the brand Nestl&#233; Pure Life, a purified water of the highest quality standards produced and distributed under the license of Nestl&#233; Chile S.A.. We distribute the imported brand Perrier. We also produce, bottle and/or distribute </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>sports drinks</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face
=Arial,sans-serif> (Gatorade and imported Propel) and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>tea</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (Lipton) under the license of PepsiCo and our own brand </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>energy drinks</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (Kem Extreme) as well as PepsiCo&#146;s licenced one (imported SoBe Adrenaline Rush).&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In November 1994, we merged our soft drink and mineral water businesses with the one owned by BAESA in Chile (PepsiCo&#146;s bottler at that time) creating ECUSA for the production, bottling, distribution and marketing of soft drink and mineral water products in Chile.&nbsp; Therefore, we began producing PepsiCo brands under license (currently Pepsi, Pepsi Light, Seven Up, Seven Up Light, Mirinda, Gatorade and Lipton Ice Tea).&nbsp; On November 29, 1999, we purchased 45% of ECUSA&#146;s shares owned by BAESA for approximately Ch$54,118 million.&nbsp; Since that date, we own 100% of ECUSA&#146;s shares.&nbsp; However, we have had control of ECUSA since January 1998 after the shareholders agreement was amended.&nbsp; In January 2001, ECUSA and Schweppes Holdings Ltd. signed an agreement to continue bottling Crush and Canada Dry brands.&nbsp; See &#147;&#150; Non-Alcoholic B
everage Production and Marketing in Chile&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Chilean Non-Alcoholic Beverage Market</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Commercial soft drink production was first established in Chile by us in 1902, and mineral water production began in 1960.&nbsp; In 2009, we estimate that annual carbonated soft drinks consumption in Chile was 1,953 million liters or approximately 115 liters per capita.&nbsp; We estimate that consumption of fruit nectars and juices was 291 million liters or approximately 17 liters per capita, in 2009.&nbsp; We also estimate that consumption of mineral water, including both carbonated and non-carbonated, was 183 million liters or approximately 10.8 liters per capita, in 2009. Purified Water per capita consumption is est
imated to be 7.6 liters with a total consumption of 129 millions of liters.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The soft drink market in Chile consists of both carbonated and non-carbonated beverages.&nbsp; The principal types of carbonated beverages are colas and non-colas.&nbsp; The principal non-carbonated beverages are fruit </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter34"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>29</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_35"></A>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader35"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder35"></a>

<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>nectars and fruit juices, which are estimated to have accounted for approximately 18% of our total non-alcoholic beverage sales by revenues in 2009.</FONT></DIV>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD align=center></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="10%"></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center colSpan=9><FONT size=2><U>Soft Drink and Water Sales</U></FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center>&nbsp;</TD>
     <TD></TD>
     <TD align=center colSpan=3><FONT size=2><U>Volume (1)</U></FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center colSpan=5><FONT size=2><U>Liters Per Capita </U></FONT><FONT size=1><U>(2)</U></FONT></TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center>&nbsp;</TD>
     <TD></TD>
     <TD align=center colSpan=3><FONT size=2>(millions of liters)</FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center>&nbsp;</TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=center><FONT size=2>Carbonated</FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center><FONT size=2>Mineral</FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center><FONT size=2>Carbonated</FONT></TD>
     <TD></TD>
     <TD align=center></TD>
     <TD></TD>
     <TD align=center><FONT size=2>Mineral</FONT></TD>
     <TD></TD>
     <TD align=center></TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Soft Drinks </FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Nectars </FONT><FONT size=1>(3)</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Water</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Soft Drinks </FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Nectars </FONT><FONT size=1>(3)</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Water</FONT></TD>
     <TD></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,750</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>185</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>169</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2,104</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>108</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>11</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>10</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>129</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>1,866</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>223</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>169</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>2,257</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>114</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>14</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>10</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,940</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>255</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>174</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2,369</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>117</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>15</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>10</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>143</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>1,989</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>286</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>186</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>2,461</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>119</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>17</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>11</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>147</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1,953</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>291</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>183</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2,427</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>115</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>17</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>11</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>143</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left colSpan=17><FONT size=1>
<HR align=left width="20%">
(1)</FONT> <FONT size=1>Based on our sales data, publicly available information from competitors, equity research analyst reports, <FONT size=1>information from Nielsen and ANBER.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px; BACKGROUND-COLOR: #ffffff" align=left colSpan=17><FONT size=1>(2)</FONT> <FONT size=1>Population estimated in accordance with the national census of April 2002.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left colSpan=17><FONT size=1>(3)</FONT> <FONT size=1>Includes liquid juices, nectars, fruit beverages and artificial juices.</FONT></TD></TR></TABLE></DIV>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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:<BR>
</FONT></P>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Type</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Colas</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>58%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>58%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>58%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Non-colas</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>42%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>42%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 13 bottling plants) and (ii) us.&nbsp; Since August 1998, private labels had an increasing participation in the industry which declined in time and represented 2% of the total carbonated soft drink sales in Chile in 2009.&nbsp; Distribution of these brands is concentrated in the supermarket channel where they constituted a 7% market share in 2009.&nbsp; Additionally, discount brand producers have entered the market and represented 6% of the soft drinks market in 2009.&nbsp; 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 2009.</FONT></P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The bottled water market in Chile is comprised of both carbonated and non-carbonated water, mineral water, and purified water.&nbsp; As with the soft drink market, approximately 93% of all mineral water in Chile is processed and marketed by two entities, us and Vital Aguas S.A., a subsidiary of the three licensees companies of The Coca-Cola Company in Chile.&nbsp; Our mineral water products have been produced by ECUSA since November 1994. We have approximately 8% participation in the purified water market segment in 2009, after introducing Nestl&#233; Pure Life at the end of September 2008. </FONT></P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wholesale and retail prices of both soft drinks and water products are not regulated in Chile.&nbsp; We believe that the key factors determining retailers&#146; 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>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Non-alcoholic Beverage&nbsp; Production and Marketing in Chile</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Our soft drinks, nectar and water production and marketing in Chile generated net sales of Ch$187,071 million and Ch$201,512 million, or 26.3% and 25.9% of our total net sales, in 2008 and 2009, respectively.</FONT></P>
<a name="_bclPageBorder35"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder35"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter35"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>30</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_36"></A>
<a name="_bclPageBorder36"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader36"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows the soft drink and mineral water brands produced and/or sold by us through ECUSA during 2009:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="28%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Brand</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Product</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Affiliation(1)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Bilz</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Pap</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Bilz Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Pap Light</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Kem Pi&#241;a</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Kem Light</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Kem Xtreme</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Functional</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Slice by Kem</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>CCU and PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nobis</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>CCU Proprietary</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Canada Dry Ginger Ale</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Canada Dry Ginger Ale Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Canada Dry Agua T&#243;nica</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Canada Dry Agua T&#243;nica Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Canada Dry Lim&#243;n Soda</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Canada Dry Lim&#243;n Soda Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Crush</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Crush Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Schweppes Holdings Ltd.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Pepsi</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Pepsi Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Seven-Up</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Seven-Up Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Lipton Ice Tea</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Ice Tea</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Mirinda</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Soft Drink</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Non-Cola Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Gatorade</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Isotonic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Functional</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Propel</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Isotonic</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Functional</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Pepsico</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>SoBe Adrenaline Rush</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Energy</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Functional</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>PepsiCo</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Watt&#146;s</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nectars</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Promarca</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Watt&#146;s Light</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Nectars</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Promarca</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Watt&#146;s Ice Frut</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nectars</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Promarca</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Watt&#180;s Soya</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Nectars</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Promarca</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Watt&#146;s Kids</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nectars</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Promarca</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cachantun</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Cachantun O</FONT><SUB><FONT size=1>2</FONT></SUB>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Functional</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Mas de Cachantun</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Mas Woman</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>&#193;guas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Porvenir</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Perrier</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Mineral Water</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nestl&#233; Waters M&amp;D</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Glacier</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Purified Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nestl&#233; Pure Life</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Purified Water</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Nestl&#233; S.A.&amp;others</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>(1) NOTE: CCU owns directly or indirectly 50% of Promarca S.A. and 50.1% of Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; In September 2000, after more than a year&#146;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&#146;s previous license contracts with CS Beverages Ltd. and Canada Dry Corporation Ltd.&nbsp; The new agreement, referred to as the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&#147;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Bottler Contract</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-
serif>&#148;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>, 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. On January 15, 2009, the parties executed an amendment to the Bottler Contract which, among others, extended its duration until December 31, 2018 renewable for consecutive five-year periods provided that certain conditions are fulfilled.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In March 2006, ECUSA signed new exclusive bottling agreements with PepsiCo, Inc. and its subsidiary Seven-Up International, respectively, authorizing ECUSA to produce, sell and distribute Pepsi products in Chile.&nbsp; The contracts terminate on March 31, 2020.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter36"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>31</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_37"></A>
<a name="_bclPageBorder37"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader37"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Likewise, in March 2006, a new exclusive bottling agreement 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 March 31, 2010, automatically renewable for successive two or three-year periods if certain conditions set forth in the contract are met.&nbsp; In August 2002, we began importing, selling and distributing Gatorade, the world&#146;s number one isotonic drink.&nbsp; Since October 2006, we have been producing Gatorade locally. In May 2008 we began importing, selling and distributing Propel, a low calorie sports drink targeted for women. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In November 2007, ECUSA signed an exclusive bottling agreement with Pepsi Lipton International Limited, authorizing ECUSA to produce, sell and distribute ready to drink tea beverages in Chile.&nbsp; This agreement terminates on March 31, 2020.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition, ECUSA has been granted the exclusive license to produce and distribute our proprietary brands Bilz, Pap and Kem.&nbsp; This license agreement had an initial ten-year term commencing November 1994, and is automatically renewable for six additional five-year periods.&nbsp; The license agreement was renewed in 2004.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The license agreement for nectar products with Watt&#146;s, which granted us exclusive production rights, was first signed in June 1987 and originally had a 33-year term.&nbsp; In February 1999, a new license agreement was signed allowing us to produce new flavors and bottle Watt&#146;s nectars in non-returnable packaging (wide mouth glass and plastic bottles).&nbsp; A new license agreement between us and Watt&#146;s was signed in July 2004.&nbsp; This new contract provided us with a ten-year license renewable automatically for three consecutive periods of three years if the conditions set forth in the contract are fulfilled at the date of renewal.&nbsp; In December 2006, we signed a joint venture agreement with Watt&#146;s, under which we participate in equal parts in Promarca S.A., or Promarca.&nbsp; This new company owns the brands &#147;Watt&#146;s&#148;, &#147;Ice Fr
ut de Watt&#146;s&#148;, &#147;Yogu Yogu&#148; and &#147;Shake a Shake&#148; in Chile.&nbsp; Promarca granted its subsidiaries, for an indefinite period, the exclusive licenses for the production and sale of the different product categories.&nbsp; Therefore, we now participate in new product categories such as 100% fruit juices and fruit and dairy based beverages.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On June 14, 2001, ECUSA and Life O<SUB>2</SUB> 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.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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. The consumption of this product is currently concentrated in Antofagasta.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2004, we relaunched Nobis, a traditional proprietary soft drink brand, to be used strategically against discount brands.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In February 2005, we launched a new Cachantun product, under the trademark Mas, a sugar free product made of mineral water, calcium and citric flavor, creating a new category of flavored water.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 2007, we entered into an agreement with Nestl&#233; Chile S.A. and Nestl&#233; Waters Chile S.A., the latter of which acquired a 20% interest in our subsidiary Aguas CCU-Nestl&#233; Chile S.A., the company that owns the assets through which we develop our bottled water business in Chile.&nbsp; As part of this new association, Aguas CCU-Nestl&#233; Chile S.A. produces and sells the Nestl&#233; Pure Life brand in Chile under a license contract of the same date, with an initial term of five years, renewable for successive periods of five years if certain conditions are met.&nbsp; Nestl&#233; had a call option to increase its ownership in Aguas CCU-Nestl&#233; Chile S.A. by an additional 29.9%, which expired on June 5, 2009. On June 4, 2009 ECUSA received the notification from Nestl&#233; Waters Chile S.A. exercising its irrevocable option to buy 29.9% of Aguas CC
U-Nestl&#233; Chile S.A. equity, within the scope of the association contract. Since the materialization of the sale, ECUSA holds 50.1% of the participation in Aguas CCU-Nestl&#233; Chile S.A..CCU owns directly or indirectly 99.94% of ECUSA&#146;s equity. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Under each license agreement, we have the exclusive right to produce, sell and distribute the respective licensed products in Chile.&nbsp; Generally, under our license agreements, we are required to maintain certain </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter37"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>32</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_38"></A>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader38"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder38"></a>

<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; We believe that we are in compliance with the material requirements of all our license agreements.</FONT></DIV>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2007, 2008 and 2009, we sold our soft drink and water products in the following packaging formats:</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><FONT size=2>Soft Drinks and Nectars</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Container</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Returnable </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>35%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>36%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>12%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Non-Returnable (</FONT><FONT size=1>2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>60%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>63%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>62%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>94%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>94%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>88%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>&#147;Post-Mix&#148; </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=13><FONT size=1>
<HR align=left width="20%">
(1) Returnable soft drink containers include both glass and plastic bottles of assorted sizes. Returnable water containers include <FONT size=1>glass bottles of assorted sizes and returnable 19-liter jugs.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=13><FONT size=1>(2) Non-returnable soft drink containers include glass and plastic bottles, and aluminum cans of assorted sizes. Non-returnable</FONT>&nbsp;<FONT size=1>water containers include plastic bottles of assorted sizes.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=13><FONT size=1>(3) Post-mix cylinders are sold specifically to on-premise locations for fountain machines.</FONT></TD></TR></TABLE></DIV>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; See &#147;&#150; Raw Materials&#148; and &#147;&#150; Our Other Businesses&#148;.</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We directly distribute our soft drinks and mineral water products throughout Chile to:</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>off-premise retail: small and medium sized retail outlets, which in turn sell to consumers for take-out consumption;</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>wholesalers; and </FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>supermarket chains.</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2007, 2008 and 2009, the percentage mix of the above distribution channels for our soft drinks, nectars and mineral water products in Chile was as follows:<BR>
</FONT></P>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><FONT size=2>Percentage of Total Soft Drinks and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Water Products Sold</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Distribution Channels</U></FONT><U>&nbsp;</U></TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Off-premise retail</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>41%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>44%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>42%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>On-premise retail</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>14%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>15%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>15%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wholesalers</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>11%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Supermarkets</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>34%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>31%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>33%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2009, we had no single customer that accounted for more than 2% of our sales by volume, with the exception of four large supermarket chains that represented a combined total of 32%. During 2009, the Chilean supermarket industry continued to consolidate, increasing the importance and purchasing power of a few supermarket chains.&nbsp; We do not maintain any long-term contractual arrangements for the sale of soft drinks and/or water with any of our customers.</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows the sales volume of our soft drinks and water by category during each of the last three years (millions of liters):</FONT></P>
<a name="_bclPageBorder38"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center></DIV>
<a name="_bclPageBorder38"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter38"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>33</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_39"></A>
<a name="_bclPageBorder39"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader39"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Category</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Colas</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>73.9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>84.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Non-colas</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>166.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>178.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>184.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=2>Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>131.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>135.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>130.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Nectars- Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>65.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>70.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>78.5</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Soft Drinks Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>430.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>458.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>477.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Mineral Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Proprietary</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>110.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>114.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>113.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=2>Licensed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Purified Water</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=2>Proprietary</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Licensed</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total Water</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>114.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>119.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>122.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>544.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>577.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>600.0</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows the sales volume of our soft drinks (carbonated and non-carbonated) by affiliation during each of the last three years (millions of liters):</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2><U>Affiliation</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Proprietary </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>166.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>178.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>184.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Schweppes</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>119.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>120.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>115.3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>PepsiCo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>79.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>88.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>98.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Promarca (</FONT><FONT size=1>2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>65.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>70.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>78.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>430.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>458.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>477.1</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD></TD>
     <TD align=right></TD>
     <TD></TD>
     <TD align=right></TD>
     <TD></TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>
<HR align=left width="20%">
(1) As of December 2009 we own 50.1% of the rights to all the water brands held through the affiliate <FONT size=1>Aguas CCU-Nestl&#233; Chile S.A.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=7><FONT size=1>(2) As of December 2009, we own 50% of the rights to the Watt&#146;s brand, currently held through our affiliate</FONT>&nbsp;<FONT size=1>Promarca S.A</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt 35.45pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The average price per liter to our customers for non-alcoholic products increased 3.7%, from an average of Ch$326.0 in 2008 to Ch$338.2 in 2009.&nbsp; The four-year compounded annual growth rate increased 0.4%.&nbsp; For water products, the average price per liter increased from an average of Ch$277.6 in 2008 to Ch$291.0 in 2009, for nectars the increase was from Ch$445.2 in 2008 to Ch$454.9 in 2009 and for soft drinks, it increased from Ch$391.2 in 2008 to Ch$329.7 in 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; The principal raw materials used in the production of non-alcoholic beverages are water, sugar, flavoring concentrates and in the case of carbonated products, carbon dioxide gas.&nbsp; We generally purchase our sugar requirements from Empresas Iansa S.A., the sole producer of sugar in Chile, and from imports.&nbsp; We purchase flavoring concentrates for our licensed soft drink brands from the respective licensing companies.&nbsp; See &#147;&#150; Our Soft Drinks and Mineral Water Production and Marketing in Chile&#148;.&nbsp; Flavoring concentrates for our proprietary brands are purchased from third party suppliers in Chile and
 Germany, which manufacture the concentrates under contract with us.&nbsp; We obtain carbon dioxide gas from local suppliers in Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We also require fruit pulp, juices, citric acid, other artificial and natural flavors, and chemical substances.&nbsp; Although water does not represent a major raw material cost, it is nonetheless essential in the production of soft drinks.&nbsp; We obtain all of our water from wells located at our plants and/or from public utilities.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We own two mineral water sources in Chile from which the Cachantun and Porvenir brand mineral water products are obtained.&nbsp; These water sources are located in two areas near Santiago: Coinco and Casablanca, respectively.&nbsp; All of our mineral water products are bottled at their respective sources and </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter39"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>34</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_40"></A>
<a name="_bclPageBorder40"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader40"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder40"></a>

<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>distributed throughout the country. Purified water is produced with water pumped from our wells located in the plant.</FONT></DIV>
<a name="_bclPageBorder40"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">&nbsp;</DIV>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We maintain testing facilities at each of our plants in order to analyze raw materials. Additionally, samples of soft drinks and water are inspected at various stages of production to ensure product quality.</FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We generally purchase all of the glass bottles used in packaging soft drinks and mineral water from the major supplier in Chile, Cristaler&#237;as Chile.&nbsp; 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 2008.&nbsp; While aluminum cans used in packaging our soft drinks are generally purchased from a local supplier, we manufacture most of our own plastic returnable and non-returnable bottles from imported polyethylene terephthalate resins, or PET, which we purchase from various suppliers.&nbsp; See &#147;&#150; Our Other Businesses&#148;. We obtain the labels for our soft drinks and water products principally from local suppliers. Crowns are currently impo
rted from Brazil and Mexico after our local supplier went out of business.</FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 PET resins that depend on oil prices as well as market factors, and sugar due to market factors.</FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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.&nbsp; 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>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sales, Transportation and Distribution in Chile</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; ECUSA manages its own sales force that is directly responsible for the exclusive servicing of soft drinks and water clients in all the cities in the center of Chile and Concepci&#243;n, that is, in the territories not covered by Comercial CCU or Comercial Patagona. The ECUSA sales force of 340 salesmen as of December 2009, directly sells to approximately 57,859 customers&nbsp; </FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2005, we launched Comercial CCU S.A., the subsidiary in charge of a single sales force dedicated to selling all of our beverage and sweet snack products, so as to capture synergies and focus on sales execution.&nbsp; Originally, this plan was piloted in the rural areas and small cities in southern Chile.&nbsp; As of 2009, the territory covered by Commercial CCU S.A. has expanded to include the north of Chile from Arica to Copiap&#243;/Vallenar and the south, from Curic&#243; to Coyaique except for the City of Concepci&#243;n.&nbsp; See </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Business Overview-Summary-Distribution Network</FONT></I></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Chilean soft drinks and water customers make payments for our products either in cash at the time of delivery or in accordance with one of our credit arrangements.&nbsp; Payment on credit sales is generally due 32 days from the date of delivery.&nbsp; Credit sales accounted for 42%, 43% and 40% of ECUSA&#146;s soft drink and water sales to third parties in Chile in 2007, 2008 and 2009, respectively.&nbsp; Losses on credit sales of soft drinks and mineral water in Chile have not been significant.</FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Seasonality in Chile</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Due to the seasonality of sales for both soft drinks and 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>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows our annual sales volume of soft drinks and water by quarter for the last three years</FONT></P>
<a name="_bclPageBorder40"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder40"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter40"></a><P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>35</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_41"></A>
<a name="_bclPageBorder41"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader41"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=7><FONT size=2>Soft Drinks &amp; Water</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>% of Annual</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Sales Volume</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>151.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>27.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>106.6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>19.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>117.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>21.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>169.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>31.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>544.9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>172.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>29.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>116.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>122.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>21.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>166.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>28.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>577.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>165.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>27.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>123.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>132.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>22.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>179.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>29.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>600.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Competition in Chile</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; The Coca-Cola Company&#146;s products are produced, bottled and distributed in Chile through three separate licensees which market soft drinks under the Coca-Cola, Coca-Cola Light, Coca-Cola Zero, Fanta, Fanta Light, Sprite, Sprite Zero, Quatro Light, Nordic Mist, Ta&#237;, Andina nectars and juices, and Kapo juice brand names.&nbsp; According to store audits conducted by Nielsen, Coca-Cola and related brands accounted for approximately 68% of total carbo
nated soft drink sales volume in 2009.&nbsp; 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.&nbsp; Additionally, discount brand producers entered the market and represented, along with private labels, approximately 8% of the soft drink market in 2009 according to Nielsen.&nbsp; However, calculations made by us are higher than the Nielsen estimates.&nbsp; Even though these brands are not a significant portion of the industry, they may increase their presence in the future.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>After the formation of ECUSA, our market share 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. However, during 2009, our market share increased to approximately 24%.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our market share for our carbonated 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.&nbsp; These Nielsen results are, for each year, higher than our own estimates.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT size=2>Our Chilean Carbonated Soft Drink Market Share</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Nielsen</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Company Estimates (*)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>22%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>18%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>22%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>18%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>23%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>19%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>24%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>19%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>24%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5 rowSpan=2><FONT size=1>(*) Based on our sales data, publicly available information from competitors, </FONT><FONT size=1>equity research analyst reports, information from Nielsen and ANBER.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; As a result of the formation of ECUSA, we also </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; Additionally, during 2002, we launched Bilz Light, Pap Light, Agua T&#243;nica Light and Gatorade, the world&#146;s number one isotonic drink.&nbsp; 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.&nbsp; In April 2003, we introduced to the market Kem Xtreme, a soft drink with a high level of caffeine, which also is considered a functional product because it gives more energy.&nbsp; In September 2004, we launched Canada Dry Ginger Ale Light, and in October 2004, we re-launched Nobis, a traditional proprietary soft drink brand, to be used strategically against discount brands.&nbsp;
 In September 2006, we launched Canada Dry Lim&#243;n Soda Light.&nbsp; In January 2007, we introduced two new products into the market: (i) Slice by Kem, a tropical fruit flavored soft drink, and (ii) SoBe Adrenaline Rush, an energy drink sold under PepsiCo license.&nbsp; In November 2007, we entered into a new product category, ice tea, with the brand Lipton Ice Tea, produced under the PepsiCo license. During 2008 we introduced Propel from PepsiCo, Watt&#146;s Soya from Promarca (50% owned by us), and Nestl&#233; Pure Life, a well-known purified water brand, in order to place ourselves in a leading position in the healthy foods market. In 2009, the Company introduced Mas Woman from Cachantun, a mineral water in a variety of flavors targeted for young healthy women. In addition, in the same year, the Company began to import the renowned mineral water Perrier.</FONT></P>
<a name="_bclFooter41"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>36</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_42"></A>
<a name="_bclPageBorder42"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader42"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 2009.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Fruit nectars under the trade name &#147;Watt&#146;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.&nbsp; After five years since the re-launch of Watt&#146;s nectar, we have attained our sixth year as market leader in the bottled category of nectars, with a market share of 57% during 2009, according to Nielsen.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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).&nbsp; We estimate that our sales of Cachantun and Porvenir brand mineral waters accounted for approximately 60%, while those of Vital S.A. products accounted for approximately 32% of total mineral water sales by volume in 2009.&nbsp; Small domestic bottlers, private labels and discount brands, as well as imported mineral water products, comprise the remaining 8% sales volume.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; These Nielsen results are, for each year, higher than our own estimates.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT size=2>Our Chilean Mineral Water Market Share</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Nielsen</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Company Estimates (*)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>67%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>62%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>72%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>67%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>69%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>63%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>66%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>61%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>68%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>62%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5 rowSpan=3>
<P align=justify><FONT size=1>(*) Based on our sales data, publicly available information from competitors, </FONT><FONT size=1>equity research analyst reports, information from Nielsen and ANBER. Does </FONT><FONT size=1>not consider Glacier and/or Nestl&#233; Pure Life purified water sales.</FONT>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter42"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>37</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_43"></A>
<a name="_bclPageBorder43"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader43"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our Wine Business</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 13pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> We entered the Chilean wine market in October 1994 with the purchase of 48.4% of VSPT&#146;s equity for approximately Ch$17,470 million, thereby acquiring an interest in the third largest winery in Chile (formerly VSP).&nbsp; During the first half of 1995, VSPT&#146;s capital was increased by approximately Ch$14,599 million, of which we contributed approximately Ch$7,953 million.&nbsp; During August-October 1997, VSPT&#146;s capital was increased again by approximately Ch$11,872 million, of which we contributed approximately Ch$6,617 million, plus approximately Ch$191 million in additional shares bought during October 1997 in the local stock market.&nbsp; Furthermore, in October 1998 and during 1999, we purchased additional shares in VSPT through the local
 stock exchanges for an amount of approximately Ch$5,526 million.&nbsp; During March-June 1999, VSPT&#146;s capital was increased by approximately Ch$17,464 million, of which we contributed approximately Ch$10,797 million.&nbsp; Between November 2000 and March 2001, VSPT&#146;s capital was increased by approximately Ch$22,279 million, of which we contributed approximately Ch$13,402 million.&nbsp; During October and November 2005, VSPT&#146;s capital was increased by approximately Ch$346 million.&nbsp; We did not participate in this capital increase.&nbsp; Between April and June 2007, VSPT&#146;s capital was increased by approximately Ch$13,692 million, of which we contributed approximately Ch$5,311 million. On December 3, 2008, the extraordinary shareholders&#146; meetings of Vi&#241;a San Pedro (VSP) and Vi&#241;a Tarapac&#225; (VT) approved the merger of both companies. The merged company was named &#147;Vi&#241;a San Pedro Tarapac&#225; S.A. (VSPT)&#148;, and started operating on December 9, 2008 but cons
olidating its financial statements with ours since October 1, 2008. In December 2008, VSPT&#146;s capital was increased, as a consequence of the merge, by issuing 15,987,878,653 shares to be exchanged for the total number of shares issued by Vi&#241;a Tarapac&#225; at a ratio of 1,480.30828 new VSPT shares per each of the absorbed company.&nbsp; As of December 2009, our total ownership interest in VSPT was 50.01%. &nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The proceeds from VSPT&#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.&nbsp; Part of VSPT&#146;s capital increase during 1997 was used to add new hectares of vineyards in Requinoa, Ch&#233;pica and Molina during 1997, and in Pencahue during 1998.&nbsp; These purchases of land more than doubled the number of hectares of our vineyards.&nbsp; 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 62.1 million liters as of December 31, 2007, as well as its peak bottling and packaging capacity from 35,100 liters per hour in 1998 to 67,500 liters per hour as of December 31, 2007. As a result of the merger with Vi&#241;a Tarapac&#225; in December 2008, the vinific
ation and storage capacity grew by approximately 50%, to 52 and 92 million liters respectively. Likewise, the bottling and packing capacity increased to 75,300 liters an hour in Chile.&nbsp; The capital increase in 1999, was used to pay debts related to the winery&#146;s expansion process.&nbsp; The proceeds from VSPT&#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.&nbsp; The proceeds from VSPT&#146;s 2007 capital increase were used mainly to acquire shares in Vi&#241;a Alta&#239;r S.A. and Vi&#241;a Tabal&#237; S.A. due to respective increases in the capital of both of these entities, to acquire from Ch&#226;teau Dassault the remaining interest in Vi&#241;a Alta&#239;r S.A. and for working capital.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 2001, Vi&#241;a Santa Helena, or VSH, created its own commercial and productive winemaking operation, distinct from its parent, VSPT, under the Vi&#241;a Santa Helena label in the Colchagua Valley.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In August 2003, VSPT formed Vi&#241;a Tabal&#237; S.A., a joint venture in equal parts with Sociedad Agr&#237;cola y Ganadera R&#237;o Negro Ltda. for the production of premium wines.&nbsp; This winery is located in the Limar&#237; valley, Chile&#146;s northernmost winemaking region, which is noted for the production of outstanding wines.&nbsp; In January 2007, Vi&#241;a Tabal&#237; S.A. acquired Vi&#241;a Leyda, a boutique winery located in the Leyda Valley that produces well-regarded quality wines.&nbsp; Consequently, Vi&#241;a Tabal&#237; S.A. changed its name to Vi&#241;a Valles de Chile S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In October 2004, VSPT acquired the well-known Manquehuito Pop Wine brand, a sparkling fruit-flavored wine with low alcohol content, broadening its range of products.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter43"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>38</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_44"></A>
<a name="_bclPageBorder44"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader44"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In September 2007, VSPT bought a 50% interest in Vi&#241;a Alta&#239;r S.A. which belonged to Ch&#226;teau Dassault, in line with our strategy of focusing on premium wines. As a consequence VSPT owns indirectly 100% of said company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>At VSPT&#146;s Extraordinary Shareholders meeting held on July 7, 2005, the shareholders voted to increase the number of board members from 7 to 9 and approved a capital increase that will be partially used for stock option programs.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In December 2008, Vi&#241;a San Pedro (VSP) and Vi&#241;a Tarapac&#225; (VT) merged and created a new wine group, Vi&#241;a San Pedro Tarapac&#225; (VSPT). VSPT is formed by the wineries San Pedro, Tarapac&#225;, Santa Helena, Misiones de Rengo, Alta&#239;r, Vi&#241;a Mar, Casa Rivas, Finca La Celia, Bodega Tamar&#237;, Vi&#241;a Leyda and Tabal&#237;. These are all important and renowned cellars in Chile and Argentina, each with its own distinctive brands, and they represent the best wines these terroirs can deliver. Since the merger, VSPT became the second largest Chilean wine exporter and the third most important player in this market.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT is an open stock corporation that, at December 31, 2009, had a market capitalization of Ch$147,888 million.&nbsp; VSPT&#146;s shares trade on the Santiago Stock Exchange, the Valpara&#237;so Stock Exchange and the Chile Electronic Stock Exchange.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Chilean Wine Market</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We estimate that wine consumption in Chile amounted to approximately 13 liters per capita in 2009.&nbsp; Given that the Chilean wine industry is fragmented, no single wine producer accounts for the majority of production and/or sales.&nbsp; The leading wineries include, other than VSPT, Vi&#241;a Concha y Toro S.A., or Concha y Toro, Vi&#241;a Santa Rita S.A., or Santa Rita and Bodegas y Vi&#241;edos Santa Carolina S.A., or Santa Carolina.&nbsp; 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, and Vi&#241;a C&#225;nepa y C&#237;a., or C&#225;nepa and Vi&#241;a Montes. All wineries, which sell wine produc
ts that comply with industry and tax regulations, make up Chile&#146;s formal wine market. VSPT 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.&nbsp; We estimate that the formal market wineries produced and sold approximately 226 million liters of wine during 2009.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following chart shows our estimates for the formal wine market and per capita consumption levels for wine in Chile for the last five years:</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total Volume </FONT><FONT size=2>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Per Capita </FONT><FONT size=2>(2)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(liters)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>265</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>16</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>238</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>244</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>15</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>230</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>14</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>226</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>13</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><I><FONT size=1>Sources: SAG until 2006, Central Bank and the Wineries of Chile Association,</FONT></I>&nbsp;<EM><FONT size=1>competitor&#146; public information and Nielsen.</FONT></EM>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=5><FONT size=1>(1) Includes wine sales from pisco producers in the III and IV Regions of Chile.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><FONT size=1>(2) Population estimated in accordance with the national census of April 2002.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wines in Chile can be segmented by product type.&nbsp; Chilean wineries produce and sell premium, varietals and popular-priced wines within the domestic market.&nbsp; Premium wines and many of the varietal wines are produced from high quality grapes, aged and packaged in glass bottles.&nbsp; Popular-priced wines are usually produced using non-varietal grapes and are not aged.&nbsp; These products are generally sold in either cartons or jug packaging.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT&#146;s Production and Marketing</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; VSPT (formerly VSP) was founded in 1865.&nbsp; Its principal vineyards are located in Molina, approximately 200 kilometers south of Santiago.&nbsp; The VSPT estate in Molina is one of the largest single-site vineyards in Chile with an area of 1,200 hectares.&nbsp; As of December 31, 2009, VSPT&#146;s vineyards covered an aggregate of 3,560 hectares in Chile, distributed among ten different plantations.&nbsp; The</FONT></P>
<a name="_bclFooter44"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>39</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_45"></A>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader45"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 10pt; TEXT-ALIGN: justify">

</P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 10pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>winery also has 495 hectares under long-term lease.&nbsp; In Argentina, we have another 532 hectares located in the province of Mendoza.</FONT></DIV>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 10pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT is one of Chile&#146;s largest producers and distributors of wine in terms of sales volume and net sales. In 2008 and 2009 our wine segment sales amounted to Ch$92,671 million and Ch$124,726 million representing 13.0% and 16.1% of our total net sales, respectively.</FONT></P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 7pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following chart indicates the breakdown of VSPT&#146;s volume in the domestic and export markets, including sales in Argentina:</FONT></P>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Domestic Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Export Volume</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total Volume </FONT><FONT size=1>(1)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>54.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>51.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>105.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>47.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>46.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>94.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>50.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>55.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>105.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>50.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>50.3</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>101.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>54.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>67.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>122.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>(1) Includes bulk sales exports in Chile and Argentina</FONT></TD></TR></TABLE></DIV>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We estimate that VSPT&#146;s share by volume of Chile&#146;s formal wine market was approximately 19% in 2007, 21% in 2008 and 23% in 2009.&nbsp; According to the Wineries of Chile Association, VSPT&#146;s share of Chile&#146;s total wine export sales by volume was 10% in 2007, and 2008, and 12% in 2009.</FONT></P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT, VSH, Vi&#241;a Altair, Vi&#241;a Mar, Vi&#241;a Misiones de Rengo, Bodega Tamar&#237; and Finca La Celia, produce and market premium, varietal and popular-priced wines as set forth below:</FONT></P>
<a name="_bclPageBorder45"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Brand</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Icon</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Varietal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Popular-priced</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Vi&#241;a San Pedro Tarapac&#225;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Cabo de Hornos</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>1865</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Castillo de Molina</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>35 South</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Urmeneta</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>GatoNegro</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Manquehuito Pop Wine</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Tradici&#243;n de Familia</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Etiqueta Dorada</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Vi&#241;a Tarapaca</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Etiqueta Negra</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Gran Reserva</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Zavala</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Gran Tarapac&#225;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Tarapac&#225; Reserva</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Tarapac&#225; Varietal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Tara.Pakay</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Vi&#241;a Santa Helena</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>D.O.N. (De Origen Noble)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Notas de Guarda</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Vernus</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Selecci&#243;n del Directorio</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Santa Helena Reserva</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Santa Helena Varietal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Siglo de Oro</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Gran Vino</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Vi&#241;a Misiones de Rengo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=2>Misiones de Rengo Cuv&#233;e</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Misiones de Rengo Reserva</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder45"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter45"></a><P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>40</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial size=2></FONT>&nbsp;</P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_46"></A>
<a name="_bclPageBorder46"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader46"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center></DIV>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD>
     <TD width="2%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=2>Misiones de Rengo Varietal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Vi&#241;a Mar</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=2>Vi&#241;a Mar Reserva especial</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Casa Rivas reserva</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Vi&#241;a Alta&#239;r</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Alta&#239;r</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Sideral</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Bodega Tamar&#237;</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=2>Malbec Reserve</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Torrontes Reserva</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=2>Malbec Varietal</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Finca La Celia</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>Supremo</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>La Celia</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>La Consulta</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>X</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Furia</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>X</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif><BR>
The following table presents our breakdown of total sales volume in thousands of liters by category of VSPT&#146;s Chilean wines during 2009:</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Domestic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Export</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=7><FONT size=1>(thousands of liters)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,173</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7,193</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>9,366</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Varietal</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,229</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38,187</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>42,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Popular-Priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>45,645</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5,152</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>50,797</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Bulk</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10,236</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10,236</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>52,047</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>60,768</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>112,815</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table presents our breakdown of total sales volume in thousands of liters by category of VSPT&#146;s Argentine wines during 2009:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Domestic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Export</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=7><FONT size=1>(thousands of liters)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>514</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,076</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,590</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Varietal</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,353</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,657</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Popular-Priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Bulk</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>279</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,303</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>2,146</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>7,036</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>9,182</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif><BR>
As of December 31, 2009, VSPT&#146;s storage capacity totaled 90.9 million liters and its peak bottling and packaging capacity totaled 71,775 liters per hour. (excludes 3.4 million liters storage capacity at the non-consolidated subsidiary Vi&#241;a Valles de Chile S.A.)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Domestic Market</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; Our Chilean domestic wine is packaged in bottles, jugs, cartons, and bag-in-box containers at VSPT&#146;s production facilities in Lontu&#233; and Molina.&nbsp; The following chart shows our packaging mix for domestic wine sales for the last three years:<BR>
</FONT></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><FONT size=2>Percentage of Total Domestic</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT size=2>Wine Sold in Chile</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Container</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Carton</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>75%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>76%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>67%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Jug</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Glass Bottles</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>24%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>33%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Bag-in-Box</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>1%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter46"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>41</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_47"></A>
<a name="_bclPageBorder47"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader47"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer is the principal substitute product for wine in Chile.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The average price for our domestic wine customers was Ch$673.1 and Ch$707.6 per liter in 2008 and 2009, respectively, experiencing a growth of 5.1%.&nbsp; Our wine price policy is mainly determined as a consequence of four factors: a) market prices, b) change in sales mix, c) inflation rate and d) desired profit margin in relation to costs of raw materials.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Export Market</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>According to industry sources, exports of Chilean wine increased from approximately 43 million liters in 1990 to 694 million liters in 2009, at a compounded annual growth rate of 16.7%.&nbsp; During 2008 and 2009, Chilean wine exports reached 589 million liters and 694 million liters, respectively.&nbsp; The 17.8% volume increase from 2008 to 2009 was due to the better quality-to-price ratio of the Chilean wines inspite of a lower worldwide demand for wine due to the economic recession. 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 factor
s, such as low wine production in the Northern Hemisphere in certain years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT exported 55.5 million liters, 50.3 million liters and 67.8 million liters of wine in 2007, 2008 and 2009, respectively.&nbsp; During 2009, VSPT exported wine to 81 countries worldwide.&nbsp; Exports accounted for net sales of Ch$60,382 million and Ch$84,272 million in 2008 and 2009, respectively.&nbsp; In 2009, VSPT&#146;s primary export markets included the United Kingdom, the United States, Finland, Belgium, Brazil, The Netherlands and Sweden.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 bag-in-box containers.&nbsp; The following chart shows our packaging mix for export Chilean wine volume in the last three years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><FONT size=2>Percentage of Total Export</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT size=2>Wine Volume from Chile</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Container</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>Glass Bottles </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>63%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>69%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>72%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Bulk</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>15%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>Carton</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>14%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>16%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>12%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=7><FONT size=1>
<HR align=left width="20%">
(1) Includes jugs</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt 1in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We experienced an annual growth of 4.8% from Ch$1,326.7 in 2008 to Ch$1,390.0 per liter in 2009 in the average price to our Chilean export wine customers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; The principal raw materials and packaging materials that VSPT uses in its production process are purchased and harvested grapes, purchased wine, bottles, carton containers, corks and cardboard boxes.&nbsp; VSPT obtained approximately 85% of the grapes used for export wines from its own vineyards during 2009. Of the wine sold in the domestic market, 15% are grapes from our vineyards, 16% of grapes are purchased and vinified for us and the rest is purchased from third parties, tested to assure compliance with our quality standards and blended at the winery before packaging. In 2009, approximately 94% of the wine used in domestic sales was purchased from ten local producers: Corretajes Torres y C&#237;a. Ltda., Agr&#237;cola y Co
mercial Bodegas Las Mercedes Ltda., CPCh, Sociedad Agr&#237;cola Hacienda Mal Paso y C&#237;a. Ltda.,Vinos Don Marcial Ltda, Vi&#241;edos Gurfinkel Ltda.,Agro Comercial Metropolitana Ltda., Vi&#241;a Saavedra Ltda, Agr&#237;cola Comercial y Vitivin&#237;cola Los Tilos Ltda. and Vin&#237;cola Patac&#243;n Ltda.&nbsp; VSPT has various alternative sources of supply, which can be used when they are attractive. VSPT&#146;s bottles are principally purchased from Cristaler&#237;as Chile and Saint Gobain; however, when prices have been favorable, VSPT has purchased bottles from other local and international suppliers.&nbsp; Carton containers are purchased either from Tetra Pak de Chile Comercial Ltda. or from SIG Combibloc Inc. and are assembled in VSPT&#146;s own automated packing lines.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter47"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>42</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_48"></A>
<a name="_bclPageBorder48"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader48"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The prices of the principal raw materials used in the production of wine in Chile have experienced some recent volatility. In addition, from time to time, prices of grapes and wine can vary depending on fluctuations in demand and supply factors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Domestic Sales, Transportation and Distribution</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; After production, bottling, and packaging, wine is either stored at the production facilities or transported to one of the 19 warehouses.&nbsp; The warehouses are part of our warehouse network and are located throughout Chile.&nbsp; VSPT wines is distributed and sold in Chile through our sales and distribution network, under the same system and payment terms as all our other products (beer in Chile, non-alcoholic beverages, spirits and sweet snacks).See Business </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview-Summary-Distribution Network</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We distribute our wine products throughout Chile, in the territories not covered by Comercial CCU or Comercial Patagona, with our own sales force, to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>off-premise retail: small and medium sized retail outlets, which in turn sell wine to consumers for take-out consumption;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>wholesalers; and </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>supermarket chains.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>For the last three years, the percentage mix of the above distribution channels for our wine products in Chile was as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=5><FONT size=2>Percentage of Total Wine Products Sold</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Distribution Channels</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Off-premise retail</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>25%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>26%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>27%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>On-premise retail</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Wholesalers</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>33%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>32%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>28%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Supermarkets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>40%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT sales force of 123 salesmen as of December 2009, sells our wine products directly to approximately 8,500 customers, none of which accounted for more than 3% of our total wine sales by volume, with the exception of three supermarket chains that represented 26%.&nbsp; We do not maintain any long-term contractual arrangements for the sale of wine with any of our customers. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Export Sales, Transportation and Distribution</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>VSPT has arrangements with agents who facilitate the export of its wine to more than 80 countries. We have signed distribution agreements with Pernod Ricard to distribute wine in Sweden, Finland, Norway and Estonia. We have distribution agreements with Shaw Ross International a subsidiary of Southern Wine and Spirits, the main liquor wholesale distributor for the United States and recognized as the best U.S. importer by Wine Enthusiast Magazine, with Schenk-one of the largest distributors in Europe-for Belgium, and with Denner for Switzerland. In Canada we have distribution agreements with LCBO and in Korea with Ke
umyang as well as other distributors.&nbsp; In 2007, we began distributing with Les Grands Chais de France in France and Germany and with Les Caves de Lendiras for the United Kingdom.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Geographical Markets</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; In Chile, Santiago and surrounding areas (referred to as the Metropolitan Region), which account for approximately 40% of the Chilean population, represented approximately 40% of total domestic sales of VSPT products by volume in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table provides the distribution of VSPT&#146;s exports from Chile during 2009 by geographical markets:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=left><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>43</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_49"></A>
<a name="_bclPageBorder49"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader49"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="66%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Percentage</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Market</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Volume </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>of Total Exports</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(thousands of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Europe</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>25,273</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right bgColor=#000000><FONT color=#000000 size=2>50%</FONT><FONT color=#000000>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Latin America</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>11,978</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><FONT color=#000000 size=2>24%</FONT><FONT color=#000000>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>USA and Canada</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>9,059</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right bgColor=#000000><FONT color=#000000 size=2>18%</FONT><FONT color=#000000>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Other</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>4,221</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=right><FONT color=#000000 size=2>8%</FONT><FONT color=#000000>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>50,532</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right bgColor=#000000><FONT color=#000000 size=2>100.0%</FONT><FONT color=#000000>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(1) Excludes bulk exports</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt 93.75pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Competition</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; The wine industry is highly competitive in both the domestic and the export markets. VSPT&#146;s domestic market share was approximately 23% in 2009.&nbsp; In Chile, VSPT competes directly against all other Chilean wineries.&nbsp; We believe that VSPT&#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.&nbsp; In 2009, Santa Rita and Concha y Toro had a market share of approximately 29% and 32%, respectively.&nbsp; VSPT also competes with Santa Carolina and numerous medium-sized wineries,
 including Undurraga and Cousi&#241;o Macul, and many small wine producers that make up Chile&#146;s &#147;informal market&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Internationally, VSPT 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, VSPT is the second largest exporter of Chilean wines with a market share of approximately 12% in 2009, excluding bulk wine.&nbsp; Our other principal Chilean competitors, namely Concha y Toro, Santa Rita and Santa Carolina had market shares of 38%, 5% and 4%, respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our Spirits Business</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Overview</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; In February 2003, we added a new product to our beverage portfolio, pisco, which began selling under the brand Ruta Norte, and which was produced by our subsidiary Pisconor S.A.&nbsp; 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.&nbsp; Our pisco was produced in the Elqui Valley in the IV Region of Chile and it was sold throughout the country by our beer division sales force.&nbsp; During 2003, we participated in the 35% alcohol category, the larger of the pisco markets.&nbsp; In January 2004, we introduced Ruta Sour, a traditional Chilean drink that combines pisco, lem
on and sugar, and in November 2004 we launched Ruta Sour Light, a cocktail with less sugar and lower alcohol content than Ruta Sour.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In March 2005, we entered into an association agreement with the second largest pisco producer in Chile, Control.&nbsp; A new entity was created under the name of &#147;Compa&#241;&#237;a Pisquera de Chile S.A.&#148;, and each company contributed assets and commercial brands.&nbsp; As part of this agreement, we assumed some of Control&#146;s financial liabilities.&nbsp; Currently we own 80% of Compa&#241;&#237;a Pisquera de Chile and Control owns the remaining 20%.</FONT></P>
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In May 2007, we added a new spirit category, rum, the second most consumed spirit in Chile and the fastest growing spirit category during the last six years.&nbsp; The alcohol to produce the rum is imported and we finish the production process locally.&nbsp; We sell rum under our proprietary brand &#147;Sierra Morena&#148; in four varieties: A&#241;ejado, Extra A&#241;ejado, Blanco and Imperial.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2008 the Company added the following products to its portfolio: (i) in the pisco category, Horc&#243;n Quemado and a limited edition of Mistral Nobel, (ii) in cocktails, Campanario Chirimoya Colada, Campanario Pi&#241;a Colada, Campanario Lucuma Colada and Ruta Cocktail Manzana, among other flavours, were added to Campanario Mango Sour and Campanario Pisco Sour, and (iii) in rum, Ron Sierra Morena Imperial and Ron Sierra Morena Blanco.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009 a new spirits category was introduced with Mistral Ice Premium Blend, a light sparking citric flavour beverage with 7&#176; of alcohol content. </FONT></P>
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter49"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>44</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_50"></A>
<a name="_bclPageBorder50"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader50"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Chilean Pisco and Rum Markets.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> Traditionally, beer, wine and pisco have been the principal alcoholic beverages consumed in Chile.&nbsp; During the last seven years, rum consumption has been growing.&nbsp; We estimate that annual pisco consumption in Chile was 35 million liters, or approximately 2.1 liters per capita in 2009.&nbsp; In addition, we estimate that annual rum consumption in Chile was 18 million liters, or approximately 1&nbsp; liter per capita during 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The table below sets forth our estimates of pisco and rum consumption in Chile during each of the last five years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="22%"></TD>
     <TD width="1%"></TD>
     <TD width="22%"></TD>
     <TD width="1%"></TD>
     <TD width="22%"></TD>
     <TD width="1%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total Pisco Sales Volume (1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Pisco per Capita (2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total Rum Sales Volume (1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Rum per Capita (2)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(in millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(in millions of liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(liters)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>47</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>2.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>0.3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>42</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>0.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>40</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>2.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>12</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>0.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>38</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2.3</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>16</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>1.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>35</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>2.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>18</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>1.0</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center></TD>
     <TD style="BACKGROUND-COLOR: #cceeff"></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(1)Based on our sales data and information from Nielsen.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(2)Population estimated in accordance with the national census of April 2002</FONT><FONT size=2>.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We estimate that total pisco consumption in Chile decreased at a four-year compounded annual growth rate of 7.1% between 2005 and 2009.&nbsp; During 2009, the pisco market decreased 7.9%, due to higher competition from substitutes, mainly rum, and significant price increases.&nbsp; We estimate that total rum consumption in Chile increased at a four-year compounded annual growth rate of 31.6% between 2005 and 2009.&nbsp; During 2009, the rum market increased 12.5% from the prior year, due to higher preference from consumers and higher prices of pisco.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wholesale and retail prices of pisco are not regulated in Chile</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> Wholesale prices are subject to negotiation between the producer and the purchaser.&nbsp; Retailers establish the final consumer price.&nbsp; 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 applicable tax structure, the desired profit margins and the geographical location of the retailer.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Spirits Production and Marketing in Chile</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> Our production of spirits in Chile generated net sales of Ch$38,799 million and Ch$38,830 million representing 5.5% and 5.0% of our total net sales in 2008 and 2009, respectively.&nbsp; The increase experienced in 2009 is mainly due to the introduction of more premium beberages producing a higher value sales mix, and also to the innovation in the new category with Mistral Premium Ice Blend. .</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We produce and market ultra premium, premium, medium-priced and popular-priced pisco brands in Chile, as well as premium and medium-priced rum.&nbsp; The following table shows our principal pisco brands:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>Ultra premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Medium-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Medium-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Popular-priced</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Pisco brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>pisco brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>pisco brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>RTD brands</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>pisco brands</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Control C</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Mistral</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Sour</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>La Serena</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Mistral Nobel</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Tres Erres</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Ruta Norte</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Sour Light</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>MOAI de RRR</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Pica</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Horc&#243;n Quemado</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Mango</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Mango Light</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Pi&#241;a Colada</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Chirimoya Colada</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Melon Colada</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Melon Tuna Colada</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Cola de Mono</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Campanario Vaina</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Campanario Lucuma Colada</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter50"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>45</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_51"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left><FONT size=2>Ruta Sour</FONT>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Ruta Sour Pica</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left><FONT size=2>Ruta Sour Light</FONT>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Ruta Sour Mango</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left><FONT size=2>Ruta Pi&#241;a Colada</FONT>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Mistral Creme</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left><FONT size=2>Mistral Ice Blend</FONT>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left></TD></TR></TABLE>
<a name="_bclPageBorder51"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader51"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>After the completion of the Compa&#241;&#237;a Pisquera de Chile transaction with Control, we expanded our proprietary brands portfolio considerably, adding to our Ruta Norte brand family (that represented 16% of our pisco sales volume during 2008), our Campanario brand family in the mainstream and sour categories (accounting for 45% of our pisco sales), as well as Control C, Mistral Nobel and Tres Erres in the ultra premium segment, Mistral in the premium segment and La Serena in the convenience category.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In the rum market, our proprietary brands are Sierra Morena A&#241;ejado in the medium-priced segment, Sierra Morena Extra A&#241;ejado in the premium segment and Sierra Morena Imperial in the ultra-premium segment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We distribute our spirits directly throughout Chile to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>supermarket chains,</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>off-premise retail: small and medium sized retail outlets, which in turn sell spirits to consumers for take-out consumption;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>wholesalers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2007, 2008 and 2009, the percentage of spirits sales attributable to each of these distribution channels in Chile was as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px; BORDER-BOTTOM: #000000 1px solid" align=center colSpan=7><FONT size=2>Percentage of Total Spirits Sold</FONT></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Distribution Channels</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Supermarkets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>45%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>44%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>40%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Off-premise retail</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>28%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>27%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>31%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>On-premise retail</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Wholesalers</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>20%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>23%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>22%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, we had more than 18,000 customers for our spirits in Chile, none of whom accounted for more than 2% of our total spirits sales by volume, with the exception of seven large supermarket chains that represented a combined total of 36%.&nbsp; During 2009, the Chilean supermarket industry continued to consolidate, increasing the importance and purchasing power of a few supermarket chains.&nbsp; We do not maintain any long-term contractual arrangements for the sale of spirits with any of our customers in Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table sets forth our pisco sales volume in Chile, by category, during each of the last three years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT size=2>Category</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><FONT size=1>(in millions of liters)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Ultra premium</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Premium</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Medium-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Medium-priced mix </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Popular-priced</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>1.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>1.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>1.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>20.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>18.1</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=left colSpan=7><FONT size=1>Sours and Cream cocktails</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt 83.25pt; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter51"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>46</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_52"></A>
<a name="_bclPageBorder52"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader52"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The average price for our spirits in Chile increased 5.2%, from Ch$1,892.6 per liter in 2008 to Ch$1,990.4 per liter in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, our spirits were produced at four plants which are located in the Third and Fourth Regions of Chile. The bottling process was done in one bottling facility. Only Horc&#243;n Quemado is produced and bottled in a third-party plant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>. The principal raw and packaging materials used in our production of pisco and rum are purchased grapes, purchased wine, cane alcohol, bottles, caps and cardboard boxes.&nbsp; Grapes are purchased under long-term contracts with members of Control.&nbsp; Nevertheless, various alternative sources of supply can be used when they are attractive. Cane alcohol is imported from Venezuela. We principally purchased the bottles from Cristaler&#237;as Chile and Cristaler&#237;as Toro S.A.I.C.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Prices of principal raw materials used in pisco and rum production in Chile have not been volatile in the years covered by this report.&nbsp; However, from time to time, prices of grapes, wine and alcohol vary depending on demand and supply factors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 pisco and rum products, contain standard and customary commercial terms and conditions.&nbsp; We do not believe we are dependent on any one supplier for a significant portion of our important raw materials.&nbsp; During the past 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>All of our spirits are bottled in non-returnable glass bottles at our production facilities.&nbsp; We obtain all of our glass bottles from third-party suppliers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sales, Transportation and Distribution</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We distribute all of our spirits in Chile directly to retail, supermarket and wholesale customers through CCU&#146;s sales and distribution platform and with a dedicated sales force of 83 salesmen in the territories where Comercial CCU and/or Comercial Patagona do not operate.&nbsp; This system enables us to maintain frequent contact with our customers, obtain more timely and accurate marketing-related information, and maintain good working relationships with our retail customers.(See &#147;Business Overview-Summary-Distribution Network&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since 2003, after production, bottling and packaging, our spirits are either stored at one of our production facilities or transported to a network of 19 warehouses which are located throughout Chile and are either owned or leased by us. These warehouses are part of&nbsp; CCU&#146;s sales and distribution system. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our customers make payment for our products either in cash at the time of delivery or in accordance with one of various credit arrangements.&nbsp; Payment on credit sales for spirits is generally due 55 days from the date of delivery.&nbsp; Credit sales accounted for 53% of our spirits sales in Chile in 2009.&nbsp; Losses on credit sales of spirits in Chile have not been significant.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Geographical Markets</FONT></I></B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Santiago and the surrounding areas (referred to as the Metropolitan Region) account for approximately 40% of the population of Chile and accounted for approximately 42% of our spirits sales by volume in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Competition.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; According to Nielsen figures our estimated share of the Chilean pisco market, over the last four years is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="74%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Our Chilean Market Share for Pisco</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>46%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>45%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>46%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>45%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>44%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter52"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>47</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_53"></A>
<a name="_bclPageBorder53"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader53"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our principal competitor in the pisco business is Cooperativa Agr&#237;cola Pisquera Elqui Ltda., or Capel, which is the market leader.&nbsp; According to Nielsen numbers, in 2009 we had 44% market share although our internal estimate is somewhat higher (47.9%).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our competitor Capel has nine production facilities located in the Third and Fourth Regions of Chile and distributes its products throughout the country. Capel uses its own sales force, as well as third party distributors.&nbsp; We estimate that the sales of Capel&#146;s brands of pisco by volume accounted for approximately 53% of total pisco sales in 2007, 54% in 2008 and 53% in 2009, according to Nielsen figures.&nbsp; We estimate that Capel had an annual production capacity of approximately 50 million liters of pisco which represents more than twice of our annual nominal production capacity.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pisco is a spirit that is produced only in the northern part of Chile and the southern part of Peru.&nbsp; For this reason, imported pisco is not a significant component of the Chilean pisco market.&nbsp; We estimate that imports accounted for less than 1% of total pisco sales by volume during 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>According to Nielsen calculations, our estimated average share of the Chilean rum market was 13% in 2009 and in 2008, and 9% for October-November 2007.&nbsp; Our principal competitors in the rum business are Mitjans S.A. and certain imported brands such as Pampero, Bacardi and Barcel&#243;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our Other Businesses</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Plastic Bottles</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 primarily used by us in the packaging of our soft drinks and water products.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The manufacturing of both returnable and non-returnable plastic bottles involves a two-step process.&nbsp; The first step consists of an injection molding process, which manufactures pre-forms from PET resin.&nbsp; The second step involves blowing plastic bottles from the molded pre-forms.&nbsp; We purchase resin and complete the two-step process in order to fulfill the majority of our bottling requirements.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Starting 2008, PLASCO began selling pre-forms to Aguas CCU Nestl&#233; which blows the pre-forms into bottles at its own production facilities in Santiago and Coinco.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; However, from time to time, prices of various materials vary depending on demand and supply factors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, all pre-forms, returnable and non-returnable plastic bottle needs 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.&nbsp; During 2009, PLASCO sold </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>267.3 million bottles</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>94.9 million pre-forms</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; Of all </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>bottles </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPA
CING: -0.1pt" face=Arial,sans-serif>supplied by PLASCO, approximately 96% of the pre-forms were manufactured and blown into bottles by PLASCO.&nbsp; Approximately 98% of all the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>pre-forms </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>sold were manufactured by PLASCO and &nbsp;later blown into bottles by Aguas CCU-Nestl&#233; Chile S.A.. The remaining bottles and pre-forms were bought by PLASCO and then transferred to ECUSA. PLASCO has, to date, not made any bottle sales to third parties.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Plastic bottle and pre-form sales by volume decreased from 373.4 million in 2008 to 362.2 million in 2009.&nbsp; PLASCO&#146;s net sales of Ch$25,543 million, operating income of Ch$1,995 million and net income of Ch$2,282 million in 2009, represented a decrease of 2.3%, and 17.0%, and an increase of 96.5%, respectively, over 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Sweet Snacks</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In January 2004, we entered the sweet snacks business by means of a joint venture between our subsidiary ECUSA (currently, this investment belongs to our subsidiary CCU Inversiones S.A.) and Empresas Lucchetti </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>S.A. (currently, Industria Nacional de Alimentos S.A.), a subsidiary of Qui&#241;enco, with a 50% interest each in Calaf S.A. (which has been renamed &#147;Foods Compa&#241;&#237;a de Alimentos S.A.&#148;), 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.&nbsp; In August 2005, Calaf acquired the assets and know-how of Bortolaso S.A., a cookie factory with more than 50 years of existence in the country, enabling Calaf to increase its presence in the most important segment of the sweet snacks business.&nbsp; In October 2007, Calaf acquired the traditional cereal brand Natur, allowing Calaf to enter and commence growing in the quickly developing healthy foods category. In August 2008 Foods bought 50% of Alimentos Nutrabien S.A. the leading company in&nbsp; home-made sweet snacks p
roducts. The three brands&#9472;Calaf, Natur and Nutrabien&#9472; have niche products aimed at specific market segments. This niche segmentation along with enhancement in formula and raw materials, is expected to improve the company&#146;s brand equity.&nbsp; We sell Food&#146;s products through CCU&#146;s sales platform, with the potential to reach more than 108,000 clients and with a dedicated sales force that serves the supermarket chains. </FONT></P>
<a name="_bclFooter53"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>48</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_54"></A>
<a name="_bclPageBorder54"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader54"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Government Regulation </FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Government Regulation in Chile</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are subject to the full range of governmental regulation and supervision generally applicable to companies engaged in business in Chile.&nbsp; These regulations include labor laws, social security laws, public health, consumer protection, environmental laws, securities laws, and anti-trust laws.&nbsp; In addition, regulations exist to ensure healthy and safe conditions in facilities for the production, bottling, and distribution of beverages.&nbsp; As for environmental laws, see &#147;&#150; Environmental Matters&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Additional regulations concerning wine origin denominations are contained in Executive Decree N&#176; 464 of the Ministry of Agriculture, dated December 14, 1994, which also laid out the wine-growing regions and set rules regarding grape varieties, vintage year, labeling and selling requirements.&nbsp; Pisco origin denominations, also applicable to us, are regulated in Executive Decree N&#176; 521 dated May 27, 2000 of the Ministry of Agriculture and likewise contains provisions relating to pisco producing regions, raw material standards, manufacturing procedures, packaging and labeling.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.).&nbsp; We are in possession of all licenses necessary for our wholesale operations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter54"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>49</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_55"></A>
<a name="_bclPageBorder55"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader55"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The regulatory agency for alcoholic beverages is the SAG (the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Servicio Agr&#237;cola Ganadero</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>, or Agricultural and Livestock Service).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Reglamento Sanitario de los Alimentos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Law N&#176; 19.937 which was enacted in February 2004, established a new structure and powers for the Sanitary Authority, became effective on January 1, 2005 and was fully operative by February 2006. The </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Servicios de Salud</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (&#147;Health Services&#148;) was replaced by the Ministry of Health&#146;s Regional Offices, which constitute the new Sanitary Authorities, which inspected plants on a regular basis, taking samples for analysis, directing the adoption of new safety procedures and applying fines and other penalties for infringement of regulations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The production and distribution of mineral water is also subject to special regulation.&nbsp; 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.&nbsp; The competent Sanitary Authority provides a certification of the data necessary to achieve such a designation.&nbsp; All of our facilities have received the required designation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Independently of the products manufactured or services provided in each plant or facility, the premises are also regularly inspected by the Sanitary Authorities, regarding sanitary and environmental conditions, labor safety, and related matters.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Government Regulation in Argentina</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>National Law 18,284 (the Argentine Food Code, or the &#147;Code&#148;) regulates the manufacturing and packaging of food and beverages.&nbsp; The Code provides specific standards with which manufacturing plants must comply and regulates the production of food and beverages mentioned in the Code.&nbsp; The Code also specifies the different methods in which beer may be bottled as well as the information to be provided on labels.&nbsp; 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.&nbsp; In general, no sale of alcoholic beverages is permitted to persons under 18 years of age.&nbsp; 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 establishe
s harsh penalties for infringement.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>There are currently no material legal or administrative proceedings pending against us in Argentina with respect to any regulatory matter.&nbsp; 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 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter55"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>50</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_56"></A>
<a name="_bclPageBorder56"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader56"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Organizational Structure</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ownership Structure as of April 22, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>
<IMG height=360 src="x55x0.gif" width=620>
&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></P>
<DIV align=left><FONT lang=EN-US></FONT>&nbsp;</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are controlled by IRSA, which owns directly and indirectly 66.1% of the shares of our common stock.&nbsp; 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.&nbsp; On April 2003, the Sch&#246;rghuber Group sold FHI to Heineken Americas B.V., a subsidiary of Heineken International B.V.&nbsp; FHI and Heineken International B.V. formed Heineken Chile Ltda., through which 50% of IRSA shares are held.&nbsp; On December 30, 2003, FHI merged into Heineken Americas B.V.&nbsp; 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.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Qui&#241;enco S.A. is a Chilean holding company engaged in a wide range of business activities through its subsidiaries in Chile and countries of the Southern Cone region, including Brazil, Argentina and Peru.&nbsp; Qui&#241;enco&#146;s principal holdings include, among others, Banco de Chile (one of the largest and most respected banks in Chile) and Madeco S.A. (a leading manufacturer of copper and aluminum-based products in Chile, Brazil, Argentina and Peru).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Heineken, the Dutch brewer, is one of the largest brewers in the world with 125 breweries in more than 70 countries and 55,301 employees worldwide.&nbsp; Heineken group beer volume was 125 million hectoliters during 2009, the main brands being Heineken and Amstel.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table provides our significant subsidiaries as of April 2010:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Subsidiaries</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Country</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Ownership Interest</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>CCU Chile</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chile</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>100.00%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>CCU Argentina</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Argentina</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>95.96%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>ECUSA</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chile</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>99.94%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Aguas CCU-Nestl&#233;</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Chile</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>50.10%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>VSPT</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chile</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>50.01%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>CPCh</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Chile</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>80.00%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter56"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>51</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_57"></A>
<a name="_bclPageBorder57"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader57"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Property, Plant and Equipment</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Set forth below is information concerning our production facilities as of December 31, 2009, all of which are owned and operated by us or our subsidiaries:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Nominal Installed</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Monthly Production</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD>
     <TD>&nbsp;</TD>
     <TD align=center></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Capacity</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Utilized Capacity</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Average Utilized Capacity</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Facility Size(3)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>(in million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<FONT size=2>During Peak Month (1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<FONT size=2>During 2009 (2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;<FONT size=2>(square meters)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=2>Beer Production Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Santiago</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>52.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>94.1%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>69.6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>136,984</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Temuco</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>105.6%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>71.7%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>50,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Valdivia</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>78.2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>58.6%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>Chile Total (4)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>65.1</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>96.0</FONT></B><B><FONT size=2>%</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>69.8%</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>191,846</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Santa Fe</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>24.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>95.2%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>86.5%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>58,989</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Salta</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>72.9%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>46.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10,866</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Luj&#225;n</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>24.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>88.7%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>51.5%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>68,869</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Argentina Total</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>54.9</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>89.9%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>66.7%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>138,724</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><I><FONT size=2>Soft Drink Production</FONT></I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=2>Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Santiago</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>71.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>69.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>59.5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>129,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Antofagasta</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>9.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>24.3%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>22.7%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>3,642</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Total (5)</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>80.9</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>64.7%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>55.4%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>133,212</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><I><FONT size=2>Mineral Water Production</FONT></I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=2>Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Coinco</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>36.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>26.5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>16,658</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Casablanca</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>11.6%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>6.9%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>3,317</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>40.7</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>34.8%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>25.5%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>19,976</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><I><FONT size=2>Purified Water Production</FONT></I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=2>Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2>Santiago</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>11.5</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>11.9%</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>7.6%</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=2>1,989</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9 rowSpan=9>
<P align=justify><FONT size=1>(1) Based on the year ended December 31, 2009. Utilized Capacity During Peak Month is equal to production output as a percentage </FONT><FONT size=1>of Nominal Installed Production Capacity during our peak month for each respective plant. Nominal Installed Monthly Production </FONT><FONT size=1>Capacity is defined as production capacity for current production/packaging mix for a period of 25 days per month and 3 shifts per </FONT><FONT size=1>day.The implicit slack (spare) capacity does not necessarily measure real slack capacity. We believe that real production capacity is </FONT><FONT size=1>less than the nominal installed production capacity as adjustments are required for real machinery performance, packaging mix, </FONT><FONT size=1>availability of returnable bottles, seasonality within the months, and other factors. As a result, we believe that the peak monthly </FONT><FONT size=1>capacity utilization rates shown above understate real capacity utilization and that slack ca
pacity is overstated. We estimate that </FONT><FONT size=1>during the peak month in 2009, the real slack capacity amounted to approximately 1.3 million liters in Chilean beer, 4.4 million liters </FONT><FONT size=1>in Argentine beer, 10.7 million liters in soft drinks, 5.5 million liters in purified water and 16.9 million liters in mineral water.</FONT>&nbsp;</P>
</TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9 rowSpan=5>
<P align=justify><FONT size=1>(</FONT><FONT size=1>2) Average Utilized Capacity during 2009 equals the plant&#146;s total production output as a percentage of nominal installed annual </FONT><FONT size=1>production capacity in 2009. Nominal installed annual production capacity is calculated by multiplying the Nominal Installed Monthly </FONT><FONT size=1>Production Capacity by 11 months (on average, an equivalent of one month period is required each year for maintenance and </FONT><FONT size=1>repairs). Given the seasonal nature of our beer production and sales, these figures underestimate capacity utilization during peak </FONT><FONT size=1>months.</FONT></P>
</TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(3) Facility size equals total built area including warehousing logistics activities</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(4) Does not include the Antofagasta plant capacity, where beer was bottled up to July 2009.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(5) The Talcahuano plant produced soft drinks until March 2009.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>52</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_58"></A>
<a name="_bclPageBorder58"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader58"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our installed vinification and storage capacity is shown in the table below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Installed Vinification</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Storage Capacity in Tanks</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Facility Size</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Capacity </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>and Barrels</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1>(square meters)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=2>Wine Production Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Lontu&#233;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12.6</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>24,709</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Molina</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>50,307</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Santa Helena</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7,134</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Totihue</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.7</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5,374</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Tarapac&#225;</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>6.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>27,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Vi&#241;a Mar</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.8</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8,086</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Casa Rivas</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Misiones de Rengo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17,174</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Chile Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>42.3</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>81.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>144,580</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Finca La Celia</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7.4</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>9,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Tamar&#237; </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.3</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Argentina Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>9.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>9.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>13,093</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>(1) Considers, in average, two times tank capacity utilization.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, VSPT had a nominal filling capacity of 29,280 liters per hour at its Lontu&#233; plant, 26,820 liters per hour at its Molina plant, 9,000 liters per hour at its Tarapac&#225; plant, 1,050 liters per hour at its Misiones de Rengo Plant and 1,500 liters per hour at its Vi&#241;a Mar plant. At Finca La Celia, in Argentina, VSPT had a nominal filling capacity of 4,125 liters per hour.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our installed spirits production capacity is shown in the table below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="66%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Installed Production</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Facility Size</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Capacity </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1>(square meters)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1>(million liters)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><I><FONT size=2>Spirits Production Facilities</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Pisco Elqui</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12,032</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Sotaqu&#237;</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7.5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>12,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Monte Patria</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>7.5</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>33,726</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Salamanca</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2.9</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8,746</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>Ovalle </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>----</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>13,723</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>19.2</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>80,306</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><FONT size=1>(1) On the basis of 26&#176;GL production</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=5><FONT size=1>(2) The Ovalle plant is a bottling facility.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, we had a nominal bottling capacity of 10,150 liters per hour at our Ovalle plant (13,723 square meters).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>For information regarding environmental matters, see &#147;Environmental Matters&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif>Environmental Matters </FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 13pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Chile</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our operations are subject to both national and local regulations in Chile relating to the protection of the environment.&nbsp; Regarding 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.&nbsp; The local Sanitary Authority is the governmental entity in charge of the enforcement of these rules and has the faculty to impose fines.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter58"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>53</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_59"></A>
<a name="_bclPageBorder59"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader59"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; 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, has given the respective authorizations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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. Over the years, CCU implemented specific action plans in each operation, optimizing those emissions and, based on the location and wastewater quality, invested in highly efficient treatment plants. Such plants are also designed to generate boiler-suitable biogas. 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>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Due to the high levels of air pollution in the Santiago metropolitan area, the Authorities have 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Argentina</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>New laws and regulations are being enacted in Argentina as a result of heightened community concerns for environmental issues.&nbsp; As a consequence, there are several statutes imposing obligations on companies regarding environmental matters at the federal, provincial, and municipal levels.&nbsp; On many occasions, private entities operating public utilities such as water supply and sewage, are in charge of controlling and enforcing those regulations.&nbsp; Many of these regulations have been recently enacted and little precedent exists as to their scope. All three of CCU&#146;s breweries have been awarded the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Certificado</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER
- -SPACING: -0.1pt" face=Arial,sans-serif>de Aptitud Ambiental</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (Environmental Aptitude Certificate) which is the main document endorsing the companies environmental management in each provincial state.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 by fourteen of the twenty-three provinces. When certain federal tests indicate the need, the provisions of the Hazardous Waste Act are enforced.&nbsp; The application of the provisions of the Hazardous Waste Act depends upon the magnitude of the public health risk and whether those conditions exist in more than one province.&nbsp; 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.&nbsp; Generally, claims involving hazardous waste give rise to strict liability in the event of damage to third parties.&nbsp; In addition, each province in which we operate facilities has enacted environme
ntal 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Over the last several years CCU Argentina has implemented a complete program for the treatment of its industrial waste, which involves the separation, collection, and reusing of the generated solid waste as well as a wastewater treatment plant. The waste program is part of our constant effort to improve environment-related conditions. The main features of the plant are its productions of biogas which is used as boiler fuel, its minimum space requirements and its low electric power consumption.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; Accordingly, we anticipate that additional laws and </FONT></P>
<a name="_bclFooter59"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>54</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_60></A>
<a name="_bclPageBorder60"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader60"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">

</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>regulations will be enacted over time with respect to environmental matters.&nbsp; While we believe that we will continue to be in compliance with all applicable environmental regulation, we cannot assure you that future legislative or regulatory developments will not impose restrictions on us, which could result in material adverse effects.</FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 4A: Unresolved Staff Comments</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 5: Operating and Financial Review and Prospects</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Overview</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are a diversified beverage company operating principally in Chile and Argentina.&nbsp; 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 third largest wine player in Chile, the second largest pisco producer in Chile, and we also participate in the sweet snacks industry in Chile.&nbsp; Our beer and soft drink products include a wide range of proprietary, licensed and imported brands.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We face certain key challenges and risks associated with our business.&nbsp; These risks include competition within the market place, managing operating costs and the integration and expansion of new products.&nbsp; We currently have approximately 85% of the Chilean beer market; however, competitors are investing in this market and launching new products, therefore, we must concentrate on competitive pricing and marketing strategies to maintain our market share.&nbsp; Operating costs are subject to variations depending on plant efficiency, product mix and production cycles, and also on US$ commodities prices and the rate of exchange from Chilean pesos to US$ or Euro. Our main costs include cost of raw and packaging materials, distribution and marketing costs.&nbsp; We continue to sell and deliver new products to our customers, including products through new licensing agre
ements and new products through internal development.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The analysis of our results is based on financial statements prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Since we are a first-time adopter of IFRS, only the two most recent years are considered in the discussion. &nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, we reached new historical records in sales volumes, net sales revenues and operating income, obtaining an operating income of Ch$137,382 million.&nbsp; We had consolidated net sales of Ch$776,544 million, of which 35.8% was accounted for by our beer sales in Chile, 17.7% by our beer sales in Argentina, 25.9% by our non alcoholic beverages sales in Chile, 16.1% by wine sales, 5.0% by spirits sales and the remainder by sales of other products and/or consolidation eliminations. Our sales revenues increased 9.3% over the prior year as we increased sales of existing products, introduced new products into the market and incorporated new operations during 2008 such as the acquisition of ICSA in Argentina (April 2008) and the merger of Vi&#241;a Tarapac&#225; into Vi&#241;a San Pedro (last quarter 2008)&nbsp;&nbsp; Operating income increased 10.8% as a result of a combin
ation of higher revenues partially compensated by higher costs and expenses. The net income attributable to equity holders of the Parent Company increased in&nbsp; 41.6% mainly due to the better operational result and to&nbsp; the a non-recurring profit related to the sale of 29.9% of&nbsp; Aguas CCU-Nestl&#233; Chile S.A.(Ch$19,920 million).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Outlook.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; We had a very successful 2009. CCU implemented a contingency plan seeking to maintain in 2009 the 2008 results despite the economic slowdown related to the global financial crisis that started in 2008. The results were better, as all of our business segments improved their operating income and EBITDA in 2009. On February 2010 a strong earthquake struck Chile with severe consequences for the Chilean economy, which has created a new challenge.&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclFooter60"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>55</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_61"></A>
<a name="_bclPageBorder61"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader61"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Operating Results</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto included in this annual report. 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><FONT size=2>Year Ended December 31,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=2>2008</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=2>2009</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>Net Sales</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=1>(millions of Ch$, except percentages)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Beer Chile Segment </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>Ch$270,058</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>Ch$278,170</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>35.8%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Beer Argentina Segment </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>115,187</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>16.2%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>137,296</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>17.7%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Non alcoholic Beverages Segment </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>187,071</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>26.3%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>201,512</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>25.9%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Wine Segment </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>92,671</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>124,726</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>16.1%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Spirits Segment </FONT><FONT size=1>(4)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38,799</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>38,830</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Other </FONT><FONT size=1>(5)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>6,402</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>0.9%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>( 3,988)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(0.5)%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>Ch$710,189</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>100.0%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>Ch$776,544</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>100.0%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>Operating Income</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Beer Chile Segment </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>Ch$74,896</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>60.4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>Ch$77,191</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>56.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Beer Argentina Segment </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10,627</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8.6%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>17,328</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12.6%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Non alcoholic Beverages Segment </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>21,633</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>17.4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>24,686</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>18.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Wine Segment </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10,304</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8.3%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>12,220</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8.9%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Spirits Segment </FONT><FONT size=1>(4)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,016</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4.9%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,421</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4.7%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Other </FONT><FONT size=1>(5)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>515</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>0.4%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>( 464)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(0.3)%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>Ch$123,990</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>100.0%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>Ch$137,382</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><FONT size=2>100.0%</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(1) Includes sales of beer, beer by-products and other products such as malt, spent grain and yeast.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left colSpan=9><FONT size=1>(2) Includes sales of carbonated and non-carbonated soft drinks, nectar, mineral and purified water, sports and energy drinks, tea <FONT size=1>and related merchandise.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(3) Includes sales of wine, by-products and other products such as labels and corks.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(4) Includes sales of pisco, cocktails, rum and by-products.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(5) Includes sales of sweet snacks products, the operating income of the plastic bottle division and consolidation eliminations.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table presents operating results in millions of pesos and as a percentage of net sales:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter61"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>56</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_62"></A>
<a name="_bclPageBorder62"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><FONT size=2>Year Ended December 31,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><FONT size=1>(millions of Ch$, except percentages and sales volume data)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Net Sales</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>710,189</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>776,544</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>100.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Cost of Sales</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(335,579)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(47.3%)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(365,098)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>(47.0%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Gross Margin</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>374,610</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>52.7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>411,446</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>53.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Net Other Operational Income</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>472</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.1%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(473)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(0.1%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>MSD&amp;A</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(251,092)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(35.4%)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(273,591)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(35.2%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Operating Result</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>123,990</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>17.5%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>137,382</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>17.7%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Net Financing Expenses</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(4,797)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(0.7%)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(10,367)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(1.3%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Result as per adjustment units</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(15,626)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(2.2%)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,190</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>(0.5%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Foreign currency exchange differences</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(866)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(0.1%)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(1,390)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(0.2%)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Equity and income of joint venture</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,564</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,349</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Other gains/(losses)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>1,563</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>0.2%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>21,925</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2.8%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Income Before Taxes</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>105,827</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>14.9%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>153,089</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>19.7%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Income Taxes</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(10,524)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(1.5%)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(11,724)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(1.5%)</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Income of the Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>95,303</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>13.4%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>141,365</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>18.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;Attributable to:</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Equity Holders of Parent Company</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>90,414</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>12.7%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>128,037</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>16.5%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Minority Interest</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,890</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>13,328</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.7%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Sales volume </FONT><FONT size=1>(1):</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Beer (Chile) </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>516.8</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>507.2</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Beer (Argentina)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>363.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>391.6</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Non Alcoholic beverages</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>577.7</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>600.0</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wine </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>101.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>122.0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Spirits</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>21.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>19.9</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(1)</FONT> <FONT size=1>In millions of liters.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(2)</FONT> <FONT size=1>Free samples for promotions are considered in sales volume.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=9><FONT size=1>(3)</FONT> <FONT size=1>Includes sales of wine in Argentina for the domestic market, which equaled 1.4 million liters in 2008 and 2.1 million liters in <FONT size=1>2009, and wine exports from Argentina, totaling 4.8 million in 2008 and 7.0 million in 2009, Including bulk sales export in <FONT size=1>Chile and Argentina of 9.2 million liters in 2008 and 11.5 million in 2009.</FONT></FONT></FONT></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>FISCAL YEAR ENDED DECEMBER 31, 2009 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2008</FONT></B><SUP> <FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT></SUP></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net Sales</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our net sales were Ch$776,544 million in 2009 compared to Ch$710,189&nbsp; million in 2008, representing a 9.3% increase, which is mainly due to higher sales volumes in beer Argentina, in non alcoholic beverages, and in wine.&nbsp; Average prices per unit were higher in all segments.&nbsp; The net sales performance of each of our business segments during 2009 is described below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Chile</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; Our net sales of beer in Chile increased 3.0% to Ch$278,170 million in 2009, from Ch$270,058 million in 2008. This increase was due to a 6.0% increase in unit price and a 1.9% decrease in sales volume.&nbsp; Lower sales volumes were mainly a result of the local effect of the global financial crises which adversely affected the employment, in particular in the construction sector. Higher per unit price is a consequence of the price increases in August and October 2008 and of a more premium sales mix.&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; Our net sales of beer in Argentina increased 19.2% to Ch$137,296 million in 2009, from Ch$115,187 million in 2008.&nbsp; This increase was due to 7.7% higher beer sales volume and 15.1% increase in per unit price in Chilean pesos. Higher volumes are due to the acquisition of ICSA in April 2008, which resulted in the addition of three new beer brands: Imperial, Bieckert and Palermo and a brewing facility in&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial><FONT size=2></FONT></FONT>&nbsp;</P>
<HR align=left width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt" face=Arial><SUP>1</SUP>Segment analysis excludes "Other/eliminations" data.
</FONT></P>
<a name="_bclFooter62"></a><DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>57</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_63"></A>
<a name="_bclPageBorder63"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader63"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT></I>&nbsp;</P>
<a name="_bclPageBorder63"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Luj&#225;n and also to a 0.9% organic growth. Higher prices were mainly due to price increases implemented during the year and a higher premium product mix.</FONT></DIV>
<a name="_bclPageBorder63"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Non Alcoholic beverages</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our net sales of non-alcoholic beverages increased 7.7% to Ch$201,512 million in 2009, from Ch$187,071 million in 2008.&nbsp; This increase in sales was due to a 3.8% increase in sales volume and 3.7% increase in unit price.&nbsp; Higher sales volume is due to increases of 2.9%, 11.0% and 2.7% in soft drinks, nectars and water volumes. Unit price increased 3.3%, 2.2% and 4.8% in soft drinks, nectar and water respectively. </FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Wine:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>&nbsp; Our net sales of wine increased 34.6% to Ch$124,726 million in 2009, from Ch$92,671 million in 2008.&nbsp; The increase in sales is due to a 20.1% increase in sales volume and 9.8% increase in unit prices.&nbsp; The increase in sales volume was the result of an organic increase of 6.7% and 13.4% is explained by the brands acquired with the merger of Vi&#241;a San Pedro S.A. and Vi&#241;a Tarapac&#225; S.A. in the last quarter 2008. The total volume increase is broken down as follows: the Chilean domestic volume increased 5.5%, the Chilean exports grew 35.3% and Argentine wine volume was 50% higher. The increase in unit prices is due to 5.1%, 4.8% and 2.8% higher unit pri
ces in the domestic market, Chilean exports and Argentine wine, respectively.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Spirits:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>&nbsp; Our net sales of spirits increased 0.1% to Ch$38,830 million in 2009, from Ch$38,799 million in 2008. This decrease in sales is due to a 5.4% decrease in sales volume compensated by a 5.2% higher per unit price. Lower volume and price is mainly due to consumer&#146;s habit changes towards other imported liquor. </FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif color=black>Cost of Goods Sold</FONT></B></H5>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Our cost of goods sold consists primarily of the cost of raw materials, packaging, 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 2009 was Ch$365,098 million compared to Ch$335,579 million in 2008. As a percentage of net sales, cost of goods sold was 47.0% in 2009 and 47.3% in 2008. Our cost of goods sold for each business segment during 2009 is described below:</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Beer Chile</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our cost of goods sold for our Chilean beer segment increased by 2.6% to Ch$114,108 million in 2009, from Ch$111,191 million in 2008.&nbsp; This increase was due to higher costs of raw materials in US$ in addition to higher sales mix of premium and one-way products. Cost of goods sold as a percentage of net sales decreased from 41.2% in 2008 to 41.0% in 2009.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Beer Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our cost of goods sold for our Argentine beer segment increased by 9.9% to Ch$61,154 million in 2009, from Ch$55,623 million in 2008. Cost of goods sold as a percentage of net sales decreased from 48.3% in 2008 to 44.5% in 2009, mainly due to higher volumes and costs of raw materials, higher personnel and energy costs.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Non Alcoholic beverages</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our cost of goods sold for our non alcoholic beverage segment increased by 7.5% to Ch$101,075 million in 2009, from Ch$93,993 million in 2008. This increase was due to higher direct costs due to higher sales volume and higher costs of raw material, mostly sugar. Cost of goods sold as a percentage of net sales remained at 50.2% in 2009.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Wine</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our cost of goods sold for our wine segment increased by 44.5% to Ch$77,855 million in 2009, from Ch$53,891 million in 2008.&nbsp; This increase was mainly due to higher costs of grapes in 2009. Cost of goods sold as a percentage of net sales increased from 58.2% in 2008 to 62.4% in 2009.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Spirits</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; Our cost of goods sold for our spirits segment increased by 0.5% to Ch$20,602 million in 2009, from Ch$20,502 million in 2008.&nbsp; Cost of goods sold as a percentage of net sales increased from 52.8% in 2008 to 53.1% in 2009, mainly due to the lower costs of grapes in 2008.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif color=black>Gross Profit</FONT></B></H5>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Our gross profit increased 9.8% to Ch$411,446 million in 2009, from Ch$374,610 million in 2008.&nbsp; This increase was due to an increase in our sales above the increase in cost of goods sold.&nbsp; As a percentage of net sales, gross profit increased from 52.7% in 2008 to 53.0% in 2009.</FONT></P>
<a name="_bclPageBorder63"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<a name="_bclPageBorder63"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></H5>
<a name="_bclPageBorder63"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter63"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>58</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_64"></A>
<a name="_bclPageBorder64"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader64"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif color=black>Marketing and Selling, Distribution and Administrative Expenses</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Our marketing and selling, distribution and administrative expenses, or MSD&amp;A, primarily include advertising and promotional expenses, salaries of administrative personnel, maintenance, general expenses, transportation costs and services provided by third parties.&nbsp; Our MSD&amp;A increased 9.0% in 2009 to Ch$273,591 million, from Ch$251,092 million in 2008.&nbsp; As a percentage of net sales, our MSD&amp;A decreased from 35.4% in 2008 to 35.2% in 2009. The MDA&amp;A performance of each business segment during 2009 is described below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Beer Chile:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>&nbsp; The MSD&amp;A of our Chilean beer segment increased 3.2% to Ch$86,072 million in 2009, from Ch$83,434 million in 2008.&nbsp; The increase in MSD&amp;A is mainly due to higher distribution expenses and marketing investment in relation to the launching of Cristal&#146;s new image, partially offset by lower salary expenses.&nbsp; As a percentage of net sales, our MSD&amp;A remained at 30.9% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Beer Argentina:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>&nbsp; The MSD&amp;A of our Argentine beer segment increased 19.3% to Ch$58,814 million in 2009, from Ch$49,297 million in 2008.&nbsp; The increase in MSD&amp;A is mainly due to higher distribution expenses, higher investment in marketing and higher personnel expenses.&nbsp; As a percentage of net sales, our MSD&amp;A remained at 42.8% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Non Alcoholic beverages</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; The MSD&amp;A of our non alcoholic beverage segment increased 5.6% to Ch$75,503 million in 2009, from Ch$71,466 million in 2008. This increase is mainly due to higher distribution expenses.&nbsp; As a percentage of net sales, our MSD&amp;A for this segment decreased from 38.2% in 2008 to 37.5% in 2009, mainly due to the dilution of fixed expenses as a result of higher sale volumes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Wine</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; The MSD&amp;A of our wine segment increased 21.1% to Ch$35,055 million in 2009, from Ch$28,939 million in 2008.&nbsp; This increase in MSD&amp;A is mainly related to higher volumes and to the merger with Vi&#241;a Tarapac&#225; in the last quarter of 2008. As a percentage of net sales, our MSD&amp;A for this segment decreased from 31.2% in 2008 to 28.1% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>Spirits</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>:&nbsp; The MSD&amp;A of our spirits segment decreased 2.1% to Ch$11,802 million in 2009, from Ch$12,053 million in 2008.&nbsp; This decrease in MSD&amp;A is mainly due to lower marketing expenses.&nbsp; As a percentage of net sales, our MSD&amp;A for this segment decreased from 31.1% in 2008 to 30.4% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Other Operating Income/(expenses)</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Other operating income/(expenses) decreased in 2009 to a net expense of Ch$473 million as compared to an income of Ch$472 million in 2008. The negative variation was originated in the segments Beer Chile (Ch$261 million), Beer Argentina (Ch$359 million), Non Alcoholic beverages (Ch$268 million) and Wine (Ch$60 million), whereas in the Spirits segment the variation was positive Ch$224 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating Result</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our operating result increased by 10.8% in 2009 to Ch$137,382 million as compared to Ch$123,990 million in 2008. As a percentage of net sales, operating result increased from 17.5% in 2008 to 17.7% in 2009. The operating result performance of each of our business segments during 2009 is described below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Chile</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>operating result from our Chilean beer segment increased by 3.1% to Ch$77,191 million in 2009, from Ch$74,896 million in 2008.&nbsp; Our operating margin for this segment remained at 27.7%.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Argentina</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>operating result from our Argentine beer segment, measured in Chilean pesos, increased by 63.1% to Ch$17,328 million in 2009, from Ch$10,627 million in 2008.&nbsp; The results of this business segment are affected by the fluctuation of the Chilean peso vis a vis the Argentine peso after choosing this latter currency as functional currency, when IFRS was adopted. Our operating margin for this segment increased from 9.2% in 2008 to 12.6% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Non Alcoholic beverages</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>operating result from our non alcoholic beverage segment increased by 14.1% to Ch$24,686 million in 2009, from Ch$21,633 million in 2008. Our operating margin for this segment increased from 11.6% in 2008 to 12.3% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter64"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>59</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_65"></A>
<a name="_bclPageBorder65"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader65"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wine:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>operating result from our wine segment increased by 18.6% to Ch$12,220 million in 2009, from Ch$10,304 million in 2008.&nbsp; Our operating margin for this segment decreased from 11.1% in 2008 to 9.8% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Spirits:</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>operating result from our spirits segment increased by 6.7% to Ch$6,421 million in 2009, from Ch$6,016 million in 2008. Our operating margin for this segment increased from 15.5% in 2008 to 16.5% in 2009.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net Financial Expenses</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our net financial expenses increased 116.1% to Ch$10,367 million in 2009 as compared to Ch$4,797 million in 2008.&nbsp; This increase is mainly due to a higher level of financial debt caused by the early procurement of the refinancing of a USD100 million loan due in November 2009 and the acquisition of Vi&#241;a Tarapac&#225;, in a year with complex world liquidity. We improved our liquidity by offering local bonds in April.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Income Share of Joint Venture </FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>CCU has 50% participation in each of the following companies: Cervecer&#237;a Austral S.A., Foods Compa&#241;&#237;a de Alimentos CCU S.A., Vi&#241;a Valles de Chile S.A. and Promarca S.A. and the share of the profit in the referred companies decreased 13.7% to Ch$1,349 million in 2009, from Ch$1,564 million in 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Result as per Adjustment Units and Foreign Currency Exchange Differences</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The adjustment units applied to our liabilities due to Chilean inflation and foreign exchange fluctuations resulted in a net profit of Ch$2,800 million in 2009, as compared to a net loss of Ch$16,492 million in 2008. These results are largely due to the effect of a negative 2.3% inflation rate in 2009 compared to a positive 8.9% in 2008, over the Company&#146;s UF<SUP>2</SUP></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> denominated liabilities.&nbsp; A loss results from holding a net position of UF denominated liabilities during inflationary periods, or from holding foreign currency denominated liabilities in excess of foreign currency denominated assets during periods of devaluation of the Chilean peso.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Immediately recognized negative goodwill</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The absence of negative goodwill in 2009 represented a lower result of Ch$4,140 million as compared to 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Other gains (losses) net</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our other gains increased from a net loss of Ch$2,586 million in 2008 to a net gain of Ch$21,915 million in 2009. The Ch$24,501 million variance is largely explained by the Ch$24,439 million result before taxes generated with the sale of 29.9% of Aguas CCU-Nestl&#233; Chile S.A. in 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Income Taxes</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our income taxes for 2009 amounted to Ch$11,724 million, translating into an effective consolidated tax rate of 7.7%. Income taxes in 2008 amounted to Ch$10,524 million translating into an effective consolidated tax rate of 9.9%.&nbsp; In 2009, our effective consolidated tax rate was lower than the Chilean statutory rate of 17%, mainly due to a reduction in our income tax resulting from an investment restructuring and from non-taxable income generation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Income of the year</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our income of the year increased 48.3% from Ch$95,303 million in 2008 to 141,365 million in 2008 due to a better operating result, a non recurrent profit in the sale of 29.9% of Aguas CCU-Nestl&#233; Chile S.A. and a favorable financial position vis a vis a negative inflation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Income Attributable to Equity Holders of Parent Company</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Income Attributable to Equity Holders of Parent Company increased 41.6% from Ch$90,414 million to Ch$128,037 million for the reasons explained in the preceding paragraph.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Income Attributable to Minority Interest</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Minority interest increased from Ch$4,890 million in 2008 to Ch$13,328 million in 2009. This increase was mainly due to better results in Aguas CCU-Nestl&#233; Chile S.A., Compa&#241;&#237;a Pisquera de Chile S.A., Cervecera</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt" face=Arial><SUP></SUP></FONT>&nbsp;</P>
<HR align=left width="20%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt" face=Arial><SUP>2</SUP>The Unidad de Fomento (UF) is a monetary unit expressed in Chilean pesos, whose value is indexed to the Chilean inflation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter65"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>60</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_66"></A>
<a name="_bclPageBorder66"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader66"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Kunstmann S.A., Vi&#241;a San Pedro Tarapac&#225; S.A. and Compa&#241;&#237;a Industrial Cervecera S.A., coupled with a participation decrease in Aguas CCU-Nestl&#233; Chile S.A.</FONT> </P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Liquidity and Capital Resources</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our main source of liquidity has been cash generated by our operating activities, which amounted to Ch$126,936 million and Ch$150,844 million during 2008 and 2009, respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 2009, our cash flows provided by operating activities totalled Ch$150,844 million. The main component of cash flows generated by operating activities in 2009 were amounts collected form clients net of payment to suppliers of Ch$392,971 million compared to Ch$339,206 million in 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 2009, our cash flows used in financing activities totalled Ch$37,057 million compared to Ch$29,847 million in 2008. The main components of cash flows used in financing activities consisted of dividends paid of Ch$50,710 million, repayment of bank borrowings of Ch$97,608 million and repayment of other financial liabilities of Ch$3,833 million, partially offset by proceeds from other financial liabilities of Ch$104,062 million and Proceeds from banks borrowings of Ch$13,970. In 2008, payments of cash dividends were Ch$50,310 million, repayment of bank borrowings was Ch$5,763 million, repayment of other financial liabilities were Ch$3,569 million, there were no proceeds from other financial and proceeds from bank borrowing were Ch$30,838 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 2009, our cash used in investment activities totalled Ch$30,732 million compared to cash used in investing activities of Ch$154,141 million in 2008. The main components of cash used in investment activities in 2009 consisted of capital expenditures of Ch$57,892 million and payments for the acquisition of other financial assets of Ch$12,065, partially offset by the proceeds from sale of financial assets of Ch$10,125 and proceeds from the sale of subsidiaries net from cash of Ch$29,874 million, due mostly to the one time profit of Ch$24,416 million on the sale of 29.9% equity of Aguas CCU-Nestl&#233; Chile S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>There are no material restrictions, either legal or economic, that would limit our ability to transfer funds (</FONT><I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>i.e.</FONT></I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>, dividends, loans, or advances) from our subsidiaries to us.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of December 31, 2009, we had Ch$63,992 million in cash, time deposits and marketable securities, which does not include Ch$73,362 million corresponding to readjustable promissory notes issued by the Central Bank and purchased under resale agreements. Indebtedness, including accrued interest, amounted to Ch$229,528 million as of December 31, 2009. Short-term indebtedness included:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$14,253 million of short-term bank borrowings.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$5,130 million of bonds payable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$398 million of financial lease obligations</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>As of December 31, 2009, long-term indebtedness, excluding the current portion, comprised:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$38,920 million of long-term obligations to banks, and</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$155,350 million of long-term obligations to the public represented by bonds.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=SymbolMT>&#149; </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ch$15,478 million of long-term financial lease obligations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>On April 2, 2009 the Company issued two series of notes for UF 3 million and UF 2 million for a total of Ch$104,188 million in order to refinance a previous loan of Ch$30.000 million and the US$100 million syndicated loan due in November 2009. The conditions of the bonds are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>61</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_67"></A>
<a name="_bclPageBorder67"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader67"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2>&#147;I&#148; Series</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2>&#147;H&#148; Series</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>UF amount</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3 million</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2 million</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Term</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>5 years</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>21 years</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Duration</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>4.63 years</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>11.5 years</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Bullet</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Since year 11</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Interest Rate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>UF+3.00%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>UF+4.25%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>As mentioned before, during the last quarter of 2009 we repaid a syndicated loan of US$100 million which had been converted into a fixed-rate UF loan through a cross currency swap.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face=Arial,sans-serif>As of December 31, 2009, we were required, under our debt covenants then in effect, to maintain certain financial ratios.&nbsp; 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 UF15 million (as of December 31, 2009, approximately Ch$314,143 million), of UF4 million (Ch$83,772million) in Vi&#241;a San Pedro Tarapac&#225; S.A. and of UF800 thousand (Ch$16,754 million) in CPCh. Furthermore, we were required to maintain an indebtedness ratio (the ratio of total liabilities to shareholders&#146; eq
uity) no greater than 1.5 to 1.0 on a consolidated basis and 1.7 to 1.0 on an unconsolidated basis, as well as a ratio of our unpledged assets over our unsecured liabilities of at least 1.2, on both a consolidated and unconsolidated basis. The definition of all covenants and it&#146;s calculations were defined to suit Chilean generally accepted accounting principles, or Chilean GAAP, which are no longer in use since the Company adopted the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board. For that reason, the Company is in the process of adapting these requirements to the new accounting standards and principles. Using the best association between both sets of rules and maintaining the spirit as well as the contracts fundamentals of the obligations, the Company was in compliance.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face=Arial,sans-serif>At December 31, 2009 and applying the best equivalence, we met all our financial debt covenants and had a consolidated interest coverage ratio of 14.59 to 1, a consolidated leverage ratio of 1.29 to 1. The consolidated equity attributable to equity holders of the parent company as of December 31, 2009 was Ch$462,230 million (UF22.1 million). Our indebtedness ratio was 0.93 and the ratio of unpledged assets over unsecured liabilities was 2.08 on a consolidated basis, respectively.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>None of our indebtedness, or that of our subsidiaries, contains any term that restricts our ability to pay dividends, except for our syndicated loan and local bonds that require us to maintain a minimum consolidated equity of UF15 million (as of December 31, 2009, approximately Ch$314,143 million).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following table summarizes debt obligations held by us as of December 31, 2009. 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="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>62</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_68"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><B><FONT size=2><U>Interest-Bearing Debt as of December 31, 2009</U></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><FONT size=2>(millions of Ch$, except percentages)</FONT></TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><B><FONT size=1>Expected Maturity Date</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Fixed rate</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=1>Average Int. Rate</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2014</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>TOTAL</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Ch$ (UF) (1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Bonds</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>3.7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Ch$9,405</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>9,263</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>9,121</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>8,979</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>70,730</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>104,499</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>211,997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1>Ch$ (UF) (1)(2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Banks</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6.2%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>11,993</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,394</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,414</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,230</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,162</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>29,754</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>46,948</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>US$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Banks</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>6.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,835</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1>Argentine pesos </FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=left>&nbsp;<FONT size=1>Banks</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>418</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>TOTAL</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Ch$23,651</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>10,657</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>10,535</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>10,209</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>71,892</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>134,253</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>261,198</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>Variable rate</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center colSpan=3><B><FONT size=1>Average Int. Rate</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>TOTAL</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1>Euro</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Banks</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>156</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>US$ (3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Banks</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,801</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,641</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>37,094</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>41,677</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1>TOTAL</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>Ch$1,957</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>1,641</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>37,094</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>41,833</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ffffff"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=19><FONT size=1>
<HR align=left width="20%">
(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>A UF (</FONT><I><FONT size=1>Unidad de Fomento</FONT></I><FONT size=1>) is a daily indexed, peso-denominated monetary unit. The UF is set daily in <FONT size=1>advance based on the previous month's inflation rate.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=19><FONT size=1>(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Banks and Financial Institutions.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=19><FONT size=1>(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Includes the US$70 million syndicated loan, which are hedged through cross-<FONT size=1>currency interest rate swap agreements. LIBOR as of December 31, 2009 was applied until maturity.</FONT></FONT></TD></TR></TABLE>
<a name="_bclPageBorder68"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader68"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To hedge our market risks, we hold debt obligations in various currencies and enter into derivatives contracts.&nbsp; See &#147;Item 11: Quantitative Information about Market Risk.&#148;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our treasury policy is to invest in highly liquid financial instruments issued by first class financial institutions.&nbsp; Investments are made primarily in Chilean pesos and U.S. dollars.&nbsp; As of December 31, 2009, we had invested Ch$110,171 million in Chilean peso related instruments, Ch$856 million in U.S. dollar and CH$177 million in instruments denominated in other currencies.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table summarizes financial instruments, including time deposits, marketable securities and securities purchased pursuant to repurchase agreements, held by us as of December 31, 2009:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Short-Term Financial Instruments</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(Ch$ million)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Ch$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>110,171</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>US$</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>856</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Other currencies</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>177</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>TOTAL</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>111,204</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>63</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_69"></A>
<a name="_bclPageBorder69"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader69"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Capital Expenditures Commitments</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our plans for capital expenditures through 2013 period are displayed in the following table.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2><U>Business Unit</U></FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I><FONT size=2>2010</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I><FONT size=2>2011</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I><FONT size=2>2012</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><I><FONT size=2>2013</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=3><FONT size=2>(Ch$ Millions)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Beer Chile</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23,897</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>29,989</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>16,435</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>9,049</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8,112</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5,023</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,953</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,644</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,506</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,548</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,592</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Software and hardware</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>151</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>84</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>84</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>84</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>114</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>99</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>191</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>88</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>34,919</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>37,700</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>24,211</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>17,013</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Beer Argentina</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,686</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7,911</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,420</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10,615</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4,311</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,759</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,759</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,395</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,352</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,352</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Software and hardware</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>790</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>54</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>54</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>487</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>130</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>222</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>11,311</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>12,081</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>5,806</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>15,218</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Non alcoholic beverages</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5,564</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8,032</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>11,110</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,773</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5.337</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5,487</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>5,759</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>6,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5,254</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,283</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>6,238</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4.168</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Software and hardware</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>20</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>110</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>224</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>201</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>204</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>16,285</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>20,036</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>23,364</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>15,200</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Wine</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,047</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>5,272</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,452</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>733</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,442</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,510</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,581</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>40</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Software and hardware</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>97</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>139</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>141</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>142</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,124</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,140</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,074</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,076</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>6,040</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>7,992</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>6,730</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>6,252</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Spirits</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Machinery and equipment</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,510</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,197</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Packaging</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Marketing assets</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>66</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><FONT size=2>Software and hardware</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>85</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>1,661</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>2,263</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>1,072</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>843</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><I><FONT size=2>Others</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>31,321</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>19,207</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>23,191</FONT></I></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><I><FONT size=2>18,578</FONT></I></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=9>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=left><B><I><FONT size=2>Total</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>101,538</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>99,279</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>84,376</FONT></I></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><B><I><FONT size=2>73,104</FONT></I></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During the years 2010 through 2013, we plan to make capital expenditures mainly to adapt, update and increase production capacity, install new packaging 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.&nbsp; Capital expenditures are also focused on improving management information systems and making additional investments in marketing assets.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter69"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>64</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_70></A>
<a name="_bclPageBorder70"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader70"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We review our capital investment program periodically and changes to the program are made as appropriate.&nbsp; Accordingly, we cannot assure you that we will make any of these proposed capital expenditures at the anticipated level or at all.&nbsp; In addition, we are analyzing 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.&nbsp; Our capital investment program is subject to revision from time to time due to 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We expect to fund our capital expenditures through a combination of internally generated funds and long term indebtedness.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0.2pt 6pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Contractual Obligations</FONT></B></P>
<P style="MARGIN: 0in 0.2pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following table summarizes our known contractual obligations as of December 31, 2009:</FONT></P>
<P style="MARGIN: 0in 0.2pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><B><FONT size=2>Payments due by period</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=9><FONT size=2>(unaudited, in million of Chilean pesos)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><I><FONT size=2>Less than</FONT></I>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><I><FONT size=2>More than</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I><FONT size=2>Contractual Obligations</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I><FONT size=2>Total</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=center><I><FONT size=2>1 year</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I><FONT size=2>1-3 years</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I><FONT size=2>3-5 years</FONT></I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I><FONT size=2>5 years</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Long-Term Debt Obligations</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>268,289</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>24,574</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>57,858</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>81,173</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>104,683</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Capital Lease Obligations </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>34,742</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1,035</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,069</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,069</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>29,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Operating Lease Obligations </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>118,437</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>48,842</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>30,297</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>13,233</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>26,064</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Purchase Obligations </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>199,952</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>47,232</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>70,751</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>28,880</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>53,089</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>621,420</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>121,683</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>160,975</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>125,356</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>213,406</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=11><FONT size=1>
<HR align=left width="20%">
(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Includes our obligation to lease our new headquarter building (see Note 24 to the financial statements).</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=11><FONT size=1>(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Includes real state property, vineyards and warehouse leases, as well as marketing contracts.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=11><FONT size=1>(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Includes raw material purchase contracts</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Off Balance Sheet Arrangements</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>made guarantees;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>a retained or a contingent interest in transferred assets;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>an obligation under derivative instruments classified as equity; or</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 Note 31 to our audited consolidated financial statements for a more detailed discussion of contingencies, including guarantees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Research and Development</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Innovation is the driver that allows CCU to meet a constantly evolving demand. Our research and development efforts to continuously satisfy the market introducing new products and brands, although significant, do not involve material expenditures, as we have a close relationship with the companies that own the brands subject to license contracts. Thus, development is focused on the development of spirits, namely variants of pisco and rum. The relationship with the license owners is a constant resource in these matters as well as in the application of production best practices, providing access to the &#147;state of the art&#148; in the industry. In 2003, we entered into two technical agreements with Heineken International for assistance regarding all technical issues related to the production and bottling of Heineken Lager, one for Chile and the other one for Argentina. T
he initial term of these agreements is ten years beginning in June 2003, renewable for subsequent periods of five years. In May 2004, we entered into a technical assistance agreement with Heineken Technical Services B.V. for operational aspects of our breweries, with an initial term of one year, renewable for subsequent periods of one year each.&nbsp; See &#147;Item 6: Directors, Senior Management and </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Employees&#148; and &#147;Item 7: Major Shareholders and Related Party Transactions&#148;.&nbsp; 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.&nbsp; 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>
<a name="_bclFooter70"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>65</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_71"></A>
<a name="_bclPageBorder71"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Critical Accounting Policies and Practices</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>A summary of our significant accounting policies is included in Note 2 to our audited consolidated financial statements, which are included in this annual report. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These 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 subjective judgments. The most critical accounting polices and estimates are descri
bed below. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>a) Property, plant, equipment and bottles: </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 the evaluation of potential impairments, if any. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Property and equipment are stated at cost and are depreciated using the straight-line method based on the estimated useful lives of the assets.&nbsp; In estimating the useful lives (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 and are revised periodically to recognize potential impacts 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>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Property and equipment assets are evaluated for possible impairment. 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>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Expenditures that substantially improve and/or increase the useful life of facilities and equipment are capitalized. Other maintenance or repair costs are charged income as incurred. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>b) Goodwill, impairment of goodwill and other intangible assets: </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Management exercises judgment in assessing goodwill and the useful lives of other intangible assets including commercial trademarks and software programs. Judgments are also exercised for assessing potential impairments for these kinds of assets. Goodwill is recorded as the excess of the purchase price of companies acquired over the fair value of identifiable net assets acquired and is accounted for at its cost value less accumulated impairment losses, if any. Goodwill in the acquisition of joint ventures is assessed for impairment as part of the investment, provided that there are signs indicating that the investment may be impaired. We annually review the recorded value of our goodwill, or sooner if 
changes in circumstances indicate that the carrying amount may exceed fair value.&nbsp; 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. See Note 2.14.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>c) Deposits on bottles and containers</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; 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 delivered in bailment to customers. See Note 2
.19.</FONT></P>
<a name="_bclFooter71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>66</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_72"></A>
<a name="_bclPageBorder72"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader72"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>d) Severance Indemnities:</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> As of December 31, 2008, the liabilities for mandatory severance indemnities have been determined at their current actuarial value, based on the accrued cost of the benefit, using an annual discount interest rate of 7.7% (7.6% in 2008).&nbsp; The calculation also considers several assumptions such as the estimated years of service that the personnel will have at the date of their retirement, mortality rates and future salary increases. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>e) Financial instruments:&nbsp; </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The Company recognizes a financial asset or liability in its balance sheet when it becomes a part of the contractual stipulations of a financial instrument. As of the date of the initial recognition, Management classifies its financial assets (i) at fair value through income and (ii) collectible credits and accounts, depending on the purpose for which the financial assets were acquired. The fair value of the instruments that are actively quoted in formal markets is determined by the quoted price as of the financial statements closing date. For those investments without an active market the fair value is determined using valuation techniques, among them (i) the use of recent market transactions, (ii) references to the current market va
lue of another financial instrument of similar characteristics, (iii) discounted cash flows, and (iv) other valuation models.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The assets at fair value through income include financial assets held for trading, and financial assets classified as held for trading by the Company. Financial assets are classified as held for trading when acquired with the purpose of selling them within a short term. Derivative instruments are classified as held for &nbsp;trading unless they are classified as hedge instruments.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The calculation of the estimated losses due to deterioration in trade receivable credits or accounts, is determined on a case by case analysis by applying differentiated percentages, taking into account maturity factors, until reaching 100% in most of the debts older than 180 days. The exception are those cases which in accordance with current policies, losses are estimated on a partial deterioration basis.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Trend Information</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>The Chilean economy experienced a 1.5% decrease in 2009 after increasing 3.5% in 2008. The GDP growth had its worst period in the second quarter dropping 4.5% whereas it showed a 2.1% increase in the last quarter of 2009. The Chilean economy felt the impact of the global financial crisis towards the end of 2008. It followed the same pattern as in the more developed countries: liquidity shortage slowed down investments which increased unemployment, which in turn reduced consumption.&nbsp; On the domestic side of the economy during 2009, the internal demand fall 5.9%, private consumption increased only 0.9% and capital accumulation was negative 15.3%, with a sharp decrease in equipment (24.2%) and in construction (6.1%). With regards to private consumption, the mentioned average of 0.9% increase was a result of 8.4% decrease in durable goods offset by a positive
 2% in non-durable goods. On the other hand, Public spending increased 6.8%. &nbsp;In such scenario, the inflation rate was negative 1.4% and unemployment was 9.7%, that is 2 percentage points higher than the 2008 unemployment rate. We cannot assure you that our products&#146; consumption will vary in the same proportion as the overall economic indicators</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>, since there is no perfect correlation. The conditions in particular sectors of the economy may have different impact in our business. Factors such as competition and changes in relative prices among the various types of beverages can affect the consumption of our products. In particular, 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&#8209;alcoholic beverages, such as soft drinks. Historically, beer consumption in Chile historically has been influenced by changes in 
domestic wine prices.&nbsp; Increases in domestic wine prices tend to increase beer consumption, while reductions in wine prices have reduced or slowed down the growth of beer consumption.&nbsp; For example, </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>during 2005 beer consumption and wine prices increased significantly.&nbsp; However, in 2006, beer consumption grew significantly but wine prices decreased.&nbsp; Recently, as a result of a smaller 2008 wine harvest and the higher international demand for Chilean wine, the price of bulk wine increased.&nbsp; 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>
<a name="_bclFooter72"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>67</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_73"></A>
<a name="_bclPageBorder73"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader73"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since 2005, the Argentine government has restricted gas exports to Chile due to supply problems in that country.&nbsp; This situation has increased the costs of operating our beer production plants in Chile and Argentina, as well as our soft drinks plants in Chile.&nbsp; Additionally, it has increased electrical power costs related to these same gas restrictions.&nbsp; We do not need additional investments because our boilers can work with gas or with alternative fuels, such as diesel oil or butane gas. In addition, the new plant built in Quintero to process imported GNL (liquefied natural gas) started its operation in August 2009, bringing relief to the energy issue. More investments seeking a diversified matrix of energy resources, mostly private, are in the process of materialization: GNL plants, hydroelectric plants and windmill plants. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>After four years of recession in Argentina, during 2003, the economy stabilized, evidenced by significant increases in consumption and in the recovery of prices in the beer industry.&nbsp; This positive trend has continued throughout 2004, 2005, 2006, 2007, 2008, and 2009, when GDP grew 9.0%, 9.2%, 8.5%, 8.7%, 7.0% and 0.2%, respectively.&nbsp; Nevertheless, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>further recovery in Argentina will depend on deep structural reforms in many areas, including regulations in several markets, as well as the solution of the local energy crisis and an increase in investments to support current economic growth.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Revenues from CCU Argentina, in Chilean pesos, are also subject to the volatility of exchange rates of the Chilean peso and Argentine peso in any given period.&nbsp; This volatility may also affect the level of income reported from our foreign operations under IFRS.</FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>The most relevant recent event for the economy is the recovery from the February 27, 2010 earthquake in Chile, the fifth largest earthquake. The extent of the damage to the country&#146;s infrastructure will be an obstacle for the expected growth target of the new government in the short term. The consequence of this natural disaster is expected to reduce the 6% GDP expected growth by 3 to 2 percentage points. However, our experience from other natural disasters is that economic growth resumes soon after reconstruction efforts begin. </FONT></H3> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 6: Directors, Senior Management and Employees</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Directors and Senior Management</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif color=black>The following table sets forth certain information with respect to our executive officers and members of our board of directors, as of April 2010:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Directors</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Position</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Position Held Since</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>At CCU Since</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Guillermo Luksic </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>Chairman of the Board</FONT>&nbsp;<FONT size=2>and Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>September 1990</FONT>&nbsp;<FONT size=2>(Chairman) November</FONT>&nbsp;<FONT size=2>1986 (Director)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>November 1986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>John Nicolson </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Vice Chairman of the</FONT>&nbsp;<FONT size=2>Board and Director</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>November 2008 (Vice</FONT>&nbsp;<FONT size=2>Chairman) October 2008</FONT>&nbsp;<FONT size=2>(Director)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>October 2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Andr&#243;nico Luksic </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>November 1986</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>November 1986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Giorgio Maschietto</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>April 2001</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>April 2001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Manuel Jos&#233; Noguera</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>May 1987</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>May 1987</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Carlos Olivos</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>October 2003</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>October 2003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Philippe Pasquet</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>June 2003</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>June 2003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Francisco P&#233;rez </FONT><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>July 1998</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>February 1991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Alberto Sobredo</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>April 2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD vAlign=top align=left><FONT size=2>April 2007</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter73"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>68</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_74"></A>
<P></P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P></P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="3%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT size=2>Senior Management</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Position</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Position Held Since</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>At Company Since</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Patricio Jottar</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chief Executive Officer</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>July 1998</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>July 1998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Marcela Achurra</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Legal Affairs Manager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>February 2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>September 1995</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Javier Bitar</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Vi&#241;a San Pedro Manager</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>January 2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>May 2004</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Marisol Bravo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Corporate Affairs and</FONT>&nbsp;<FONT size=2>Public Relations Manager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>June 1994</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>July 1991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Theodorus De Rond</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>CCU Chile Manager</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>September 2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>September 2007</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Pablo De Vescovi</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Human Resources</FONT>&nbsp;<FONT size=2>Manager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>September 1998</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>November 1994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Francisco Diharasarri</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>ECUSA Manager</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>October 2003</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>June 1985</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Roelf Duursema</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>General Comptroller</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>January 2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>November 2004</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Alvaro Fern&#225;ndez</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>C&#237;a. Pisquera de Chile</FONT>&nbsp;<FONT size=2>Manager</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>March 2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>September 1998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Armin Kunstmann</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Chairman of C&#237;a.</FONT>&nbsp;<FONT size=2>Cervecera Kunstmann</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>May 2002</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>November 2006</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Dirk Leisewitz</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Corporate Operations</FONT>&nbsp;<FONT size=2>Manager</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>January 2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>December 1987</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Hugo Ovando</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Development Manager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>September 2002</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>September 1997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=2>Ricardo Reyes</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chief Financial Officer</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>July 2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>July 1996</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=2><FONT size=2>Fernando Sanchis</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>CCU Argentina Manager</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>May 1995</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>November 1994</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>Mr. Guillermo Luksic and Mr. Andr&#243;nico Luksic are brothers.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7>
<P align=justify><FONT size=1>Our Board of Directors, at its meeting held on October 1, 2008, appointed Mr. John Nicolson as Directo</FONT><FONT size=1>r following the </FONT><FONT size=1>resignation of Mr. Massimo von Wunster as Vice Chairman and Director. Mr. Nicholson was appointed Vice Chairman of the </FONT><FONT size=1>Board on November 5, 2008.</FONT></P>
</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=1>(3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>Mr. Francisco P&#233;rez was our Chief Executive Officer between 1991 and 1998.</FONT></TD></TR></TABLE>
<a name="_bclPageBorder74"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader74"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Guillermo Luksic</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (54), has served as our Chairman of the Board and Director since September 1990 and November 1986, respectively.&nbsp; He is currently Chairman of the Board of Directors of Qui&#241;enco S.A., CCU Chile Ltda., ECUSA, CCU Argentina S.A., Vi&#241;a San Pedro Tarapac&#225; S.A., Telef&#243;nica del Sur S.A. and Madeco S.A., as well as a member of the board of directors of several other companies, including CICSA, Compa&#241;&#237;a Pisquera de Chile S.A., Banco de Chile, Antofagasta plc. and IRSA.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>John Nicolson</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (56), has served as our Director since October 2008 and was appointed as Vice Chairman in November 2008.&nbsp; He is currently President of Heineken Americas, having joined from Scottish&amp;Newcastle following its acquisition by Heineken N.V. He is also a member of Heineken&#146;s Executive Committee, a board member of United Breweries India and a member of Edinburgh University&#146;s Advisory Board. He received a degree in Marketing and Economics at the University of Strathclyde, Scotland, and also completed the Executive Programme at Carnegie Mellon University, USA and the Directors&#146; Forum at London Business School, United Kingdom,</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Andr&#243;nico Luksic</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (56), has served as our Director since November 1986.&nbsp; He is currently Chairman of the Board of SM Chile S.A., Vice Chairman of the Board of Banco de Chile, Qui&#241;enco S.A. and LQIF S.A., as well as a member of the board of directors of several other companies, including Madeco S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Giorgio Maschietto</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (70), has served as our Director since April 2001, and served as our Vice Chairman of the Board from April 2001 until May 2007.&nbsp; He is also currently a member of the board of directors of Vi&#241;a San Pedro S.A., ECUSA, Cervecera Chile Ltda., CCU Argentina S.A., CICSA, Compa&#241;&#237;a Pisquera de Chile S.A., IRSA, Cecinas San Jorge S.A. and Multitiendas Corona S.A.&nbsp; Until his retirement in 1998, he held several positions at Unilever in Italy, United Kingdom and Chile.&nbsp; He studied chemical engineering at the Catholic University of Valpara&#237;so.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Manuel Jos&#233; Noguera</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (60), has served as our Director since May 1987.&nbsp; He is currently Chief Legal Counsel of Qui&#241;enco S.A. and senior partner at the law firm Noguera, Larra&#237;n y Dulanto Ltda.&nbsp; He has been working with the Luksic group for over 30 years.&nbsp; He is member of the board of several companies, including IRSA, Foods Compa&#241;&#237;a de Alimentos S.A. and LQ Inversiones Financieras S.A. and he is an advisor to the Board of Madeco S.A.&nbsp; He received his law degree from the Catholic University of Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter74"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>69</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_75"></A>
<a name="_bclPageBorder75"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader75"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Carlos Olivos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (68), has served as our Director since October 2003.&nbsp; He is currently senior partner at the law firm Guerrero, Olivos, Novoa y Err&#225;zuriz Ltda., as well as member of the board of directors of Banco Santander Santiago S.A.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phillipe Pasquet</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (71), has served as our Director since June 2003.&nbsp; He has been working for Heineken since 1976.&nbsp; He is member of the board of directors of CCU Argentina S.A., Vi&#241;a San Pedro S.A., ECUSA, Compa&#241;&#237;a Pisquera de Chile S.A., Foods Compa&#241;&#237;a de Alimentos S.A. and IRSA, as well as Florida Bebidas S.A. in Costa Rica and Cervecer&#237;a Baru-Panam&#225; in Panama.&nbsp; He received degrees from the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Ecole Sup&#233;rieure de Commerce</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> at Dijon, France, the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Institut International de Commerce</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> at
 Paris, and the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Centre Europ&#233;en d&#146;Education Permanente</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> at Fontainebleau, France.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Francisco P&#233;rez</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (52), has served as our Director since July 1998.&nbsp; He is Chief Executive Officer of Qui&#241;enco S.A. since 1998.&nbsp; Prior to joining Qui&#241;enco, he was our Chief Executive Officer, or CEO, between 1991 and 1998. He is member of the board of several companies, including CCU Argentina S.A., ECUSA, Vi&#241;a San Pedro S.A., Compa&#241;&#237;a Pisquera de Chile S.A., IRSA, Madeco S.A., Banco de Chile, Banchile Corredores de Bolsa, LQ Inversiones Financieras S.A., Telef&#243;nica del Sur S.A., C&#237;a. de Tel&#233;fonos de Coyhaique S.A. and Foods Compa&#241;&#237;a de Alimentos 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Alberto Sobredo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (61), has served as our independent Director since April 2007 when he was appointed by the Pension Fund administrators. He is also currently member of the board of directors and&nbsp; President of the Marketing Circle of ICARE. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>He held several positions at Gillette, Reckitt &amp; Colman and Unilever, where he was President and CEO of Unilever Latin America until his retirement in January 2007.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> He received a Doctorate degree in Management Sciences from the University UADE in Argentina.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Patricio Jottar</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (47), has served as our Chief Executive Officer since 1998.&nbsp; He is also currently a Director of CCU Argentina, ECUSA, Vi&#241;a San Pedro S.A., Foods Compa&#241;&#237;a de Alimentos S.A., Cervecer&#237;a Austral S.A., Aguas CCU-Nestl&#233; Chile S.A. and Compa&#241;&#237;a Cervecera Kunstmann S.A. and is Chairman of the Board of Compa&#241;&#237;a Pisquera de Chile S.A..&nbsp; Prior to joining us, he was Chief Executive Officer of Santander Chile Holding.&nbsp; 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 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Instituto de Estudios Superiores de 
la Empresa </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(&#147;IESE&#148;), in Barcelona, Spain.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Marcela Achurra</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (44), is our Legal Affairs Manager and has been with us since 1995.&nbsp; She is also a Director of Aguas CCU-Nestl&#233; Chile S.A.&nbsp; Prior to her current position, she was Legal Counsel of our subsidiary Vi&#241;a San Pedro S.A.&nbsp; She received her law degree from the Catholic University of Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Javier Bitar</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (44), is the General Manager of VSPT and has been with us since 2004.&nbsp; Additionally, he is member of the board of Vi&#241;as Valles de Chile S.A., a joint venture of VSPT.&nbsp; Prior to his current position, he was Chief Operating Officer of VSPT and General Manager of Vi&#241;a Santa Helena.&nbsp; Prior to joining us, he was Senior Partner at Grupo Sur Consultores, a boutique consulting firm specializing in management consulting and business process design.&nbsp; He received Bachelor&#146;s and Master&#146;s degrees in Mathematical Engineering from the University of Chile and a diploma in Corporate Finance from the University Adolfo Ib&#225;&#241;ez in Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Marisol Bravo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (50), is our Corporate Affairs and Public Relations Manager and has been with us since 1991.&nbsp; Prior to her current position, she was Head of Special Projects.&nbsp; Before joining us, she was Assistant Manager of Marketing at Citicorp Mutual Funds.&nbsp; She received a degree in Business Administration from the University of Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Theodorus De Rond</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (55), is the General Manager of CCU Chile and has been with us since 2007.&nbsp; He is also currently a Director of Cervecer&#237;a Austral S.A.&nbsp; He has been working with Heineken since 1978, in different countries around the world, in senior marketing and sales positions, as well as General Management.&nbsp; Prior to joining us he was Managing Director of Guinness Anchor Berhad (a joint venture between Asian Pacific Breweries and Diageo) in Malaysia, and before that the Corporate Marketing Director</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclFooter75"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>70</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_76"></A>
<a name="_bclPageBorder76"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader76"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>of Heineken in Amsterdam.&nbsp; He received a degree from Retail College of the Netherlands and has studies in Strategic Marketing, Finance and General Management programs from INSEAD in France.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><EM><FONT face=Arial size=2></FONT></EM>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pablo De Vescovi</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (57), is our Human Resources Manager and has been with us since 1994.&nbsp; Prior to serving in this capacity, he was Human Resources Manager of ECUSA.&nbsp; 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.&nbsp; He received a degree in Business Administration from the Catholic University of Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Francisco Diharasarri</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (49), is the General Manager of ECUSA and has been with us since 1985.&nbsp; Prior to his current position, he was General Manager of CCU Chile, General Manager of ECUSA and General Manager of PLASCO.&nbsp; He is also currently Chairman of the Board of Foods Compa&#241;&#237;a de Alimentos S.A. and Aguas CCU-Nestl&#233; Chile S.A.&nbsp; He received a degree in Civil Engineering from the University of Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Roelf Duursema</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (59), is our General Comptroller and has been with us since 2004.&nbsp; He has been working with Heineken since 1978, in different countries around the world, in marketing, sales, finance and information technology positions, as well as General Management.&nbsp; Prior to joining us he was the Director for Corporate Information Technology for the Heineken Group.&nbsp; He received a degree in Mechanical Engineering from the Technical University Delft in the Netherlands and a Master&#146;s degree in Economics from the Erasmus University in Rotterdam.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Alvaro Fern&#225;ndez</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (43), was the General Manager of Compa&#241;&#237;a Pisquera de Chile until April 30, 2010. After &nbsp;being with us since 1998 he resigned and became CEO in another industry. &nbsp;Prior to having the position, he was General Manager of Pisconor and our Development Manager.&nbsp; He is also Director of Cervecer&#237;a Austral S.A., Compa&#241;&#237;a Cervecera Kunstmann S.A., CICSA and Transportes CCU Ltda.&nbsp; Prior to joining us he was Commercial Manager of Santander Life Insurance Company and Vice President of Citicorp.&nbsp; He received a degree in Business Administration from the Catholic University of Chile. The current General Manager of Compa&#241;&#237;a Pisquera de Chile is Mr. Hugo Ovando, our former Development Manager.&nbsp; </FONT></
P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Armin Kunstmann</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (57), is the Chairman of the Board of Compa&#241;&#237;a Cervecera Kunstmann S.A., or CCK, and has been with us since 2006.&nbsp; He started its original brewery in 1991, which later became CCK.&nbsp; He is currently Director of Levaduras Collico S.A., a yeast company, and of Austral Incuba, a new business development center of Universidad Austral from Valdivia, an important university in Southern Chile.&nbsp; Prior to his current position, he was General Manager of Levaduras Collico S.A. during 12 years.&nbsp; He received a degree in Chemical Civil Engineering and a Master&#146;s degree in Chemical Engineering from the University Federico Santa Mar&#237;a in Chile.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Dirk Leisewitz</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (64), is our Corporate Operations Manager and has been with us since 1987.&nbsp; He is currently Director of Cervecer&#237;a Austral S.A., Compa&#241;&#237;a Cervecera Kunstmann S.A. and Cl&#237;nica Alemana de Santiago S.A., a major private hospital in Chile.&nbsp; He is also a council of the Universidad Del Desarrollo, a large private university in Chile.&nbsp; Additionally, until April 2008, he was member of the board of the Chilean-German Chamber of Commerce and Industry.&nbsp; Prior to his current position, he was our General Comptroller during 17 years.&nbsp; Prior to joining us, he was Division Manager of the Morgan Guaranty Group in Chile.&nbsp; He received a degree in Industrial Civil Engineering from the University of Chile, and a Master&#146;s deg
ree in Administration and Management from the Catholic University of Louvain in Belgium.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Hugo Ovando</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (40), was our Development Manager and had been with us since 1997. He was appointed General Manager of Compa&#241;&#237;a Pisquera de Chile and assumed the position as of April 30, 2010. He is also a Director of Aguas CCU-Nestl&#233; Chile S.A.&nbsp; Prior to these positions, he was Corporate Projects Manager and Investor Relations Manager.&nbsp; 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. Our current Development Manager is Mr. Stephen Koljatic who has been with us since 2003, Mr Koljatic was our Strategic planning vice manager until 2005. During 2006 he was the finance manager in Transportes CCU.&nbsp; Later he joined Heineken&#146;s Group Comme
rce in the Netherlands until 2008 when he assumed the sales managers position in Comercial CCU. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Ricardo Reyes </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(55), is our Chief Financial Officer and he has been with us since 1996.&nbsp; Prior to his current position, he was the General Manager of VSPT between May 2004 and July 2005, and our Chief Financial </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter76"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>71</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_77"></A>
<a name="_bclPageBorder77"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader77"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder77"></a>

<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>
<a name="_bclPageBorder77"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Officer for almost 9 years.&nbsp; 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.&nbsp; He received a degree in Civil Engineering from the Catholic University of Chile.</FONT></DIV>
<a name="_bclPageBorder77"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Fernando Sanchis (49), 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></I></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our senior managers are full time employees, therefore, they do not perform business activities outside us.&nbsp; The principal business activities of our directors are summarized in the following table:</FONT></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD width="30%"></TD>
     <TD width="2%"></TD>
     <TD width="68%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Directors</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Business Activities</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>Guillermo Luksic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Chairman of Qui&#241;enco</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Giorgio Maschietto</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Director of Companies</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>Andr&#243;nico Luksic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Vice Chairman of Banco de Chile</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Manuel Jos&#233; Noguera</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Legal Counsel of Qui&#241;enco</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>Carlos Olivos</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Senior Partner of Guerrero, Olivos, Novoa &amp; Err&#225;zuriz (law firm)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Philippe Pasquet</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Director of Companies related to Heineken</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>Francisco P&#233;rez</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Qui&#241;enco&#146;s CEO</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left><FONT size=2>Alberto Sobredo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Director of Companies</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>John Nicolson</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>President of Heineken Americas</FONT>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On January 13, 2003, the existing shareholders&#146; agreement was amended in order to allow the Sch&#246;rghuber Group to sell its interest in IRSA to Heineken Americas B.V., a subsidiary of Heineken International B.V.&nbsp; On April 17, 2003, the Sch&#246;rghuber Group gave Qui&#241;enco formal notice of the sale of its interest in IRSA to Heineken International B.V.&nbsp; Currently, Heineken Chile Ltda., a Chilean limited corporation controlled by Heineken Americas B.V., owns 50% of IRSA&#146;s shares.&nbsp; As of December 31, 2005, IRSA&#146;s primary shareholders&#146; agreement gives Qui&#241;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.&nbsp; On the other hand,
 under the agreement, neither Qui&#241;enco nor Heineken Chile Ltda. can separately, directly or indirectly, buy or sell our shares.</FONT></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Compensation</FONT></B></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>For the year ended December 31, 2009, the aggregate amount of compensation paid by us to all our directors was Ch$1,457 million.</FONT></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The board of directors&#146; compensation is determined by the shareholders at the annual general shareholders&#146; meeting. The Board&#146;s compensation, approved at our shareholders&#146; meeting held on April 20, 2010, consists of an attendance fee per meeting of UF100 per board member and a fee that is twice as much for the Chairman, along with a profit-sharing amount equal to 3% of distributed dividends for all board members, proportionately (prior to 2008 this amount was 5% of distributed dividends).&nbsp; If distributed dividends exceed 50% of our liquid profits, the profit-sharing amount will be calculated over a maximum of 50% of our liquid profits.&nbsp; Additionally, board members who participate in the Directors Committee and Business Committee receive UF25 and UF17, respectively, for each m
eeting they attend. Law 18,046 introduced a mandatory remuneration for the board members who are members of the Directors Committee, consisting in one third of the remuneration a board member receives in such capacity. The rule will be effective in 2010 and the Shareholders Meeting of April 20, 2010 approved that this remuneration will be paid with UF 34 for each meeting the board member attends a session and the remaining portion, up to the mandated one third, will be paid as the dividends are distributed. Furthermore, board members who sit on the Audit Committee receive UF25 monthly.&nbsp; In 2009, the total compensation paid by us and our subsidiaries to each of our directors for services rendered was as follows:</FONT></P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder77"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter77"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>72</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_78"></A>
<a name="_bclPageBorder78"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader78"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD>
     <TD width="2%"></TD>
     <TD width="23%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Attendance</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Dividend</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Director</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Meetings fee </FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Participation</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(Ch$ thousands)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Guillermo Luksic</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>74,297</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>140,086</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>214,383</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>John Nicolson</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23,172</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>22,953</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>46,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Massimo von Wunster</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>114,765</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>114,765</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Andr&#243;nico Luksic</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,196</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>137,718</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>141,914</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Giorgio Maschietto</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>91,288</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>138,902</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>230,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Manuel Jos&#233; Noguera</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>23,125</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>137,718</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>160,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Carlos Olivos</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>27,309</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>137,718</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>165,027</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Philippe Pasquet</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>83,495</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>138,902</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>222,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Francisco P&#233;rez</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>87,266</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>138,902</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>226,168</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Alberto Sobredo</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>37,315</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>137,718</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>175,033</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=7><FONT size=1>(1) Includes the remuneration for members of the Audit, Directors and Business Committees.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>For the year ended December 31, 2009, the aggregate amount of compensation paid to our senior managers, to other managers and to the main executives, was Ch$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6,728</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> million.&nbsp; 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></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We do not maintain any stock option, pension or retirement programs for our directors or senior managers, with the only exception of VSPT.&nbsp; VSPT&#146;s Extraordinary Shareholders meeting held on July 7, 2005 approved a capital increase to be partially used for stock option programs for the main executives of VSPT and its subsidiaries.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Board Practices</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are managed by our board of directors which, in accordance with our bylaws (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Estatutos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>), is formed by nine directors who are elected at the regular shareholders&#146; meeting.&nbsp; The entire board of directors is elected for three years and the last election of directors took place in April 2009.&nbsp; The board of directors may appoint replacements to fill any vacancies that occur during periods between annual shareholders&#146; meetings.&nbsp; If such a vacancy occurs, the entire board of directors must be renewed at the next following shareholders&#146; meeting.&nbsp; 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&#146; members.&nbsp; The board of directors does not have an executive committee.&nbsp; Nevertheless, we have a Business Committee consisting of certain board members which meets only on those occasions where it is necessary to review issues of special relevance which are later to be considered by the Board.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Directors Committee</FONT></U></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.&nbsp; The Chilean Corporations Act was amended, effective December 20, 2000.&nbsp; The following is a summary of the main provisions of the amendment.&nbsp; Under the amendment, the boards of directors of corporations whose market capitalization reaches or exceeds 1.5 million </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Unidades de Fomento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (as of April 30, 2010 approximately Ch$31,547 million) shall designate a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>comit&#233; de directores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 
- -0.1pt" face=Arial,sans-serif> or &#147;directors committee&#148;.&nbsp; If the market capitalization falls below this threshold, the obligation to designate a directors committee disappears.&nbsp; However, corporations which do not reach the threshold may voluntarily assume the obligations concerning the directors committee, in which case they shall strictly follow the provisions of the amendment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The directors committee has the following powers and duties:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter78"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>73</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_79"></A>
<a name="_bclPageBorder79"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader79"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>to examine the independent accountants&#146; reports, the balance sheets, and other financial statements submitted by the corporation&#146;s managers or liquidators to the shareholders, and issue an opinion about them prior to their submission for shareholder approval;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>to propose to the board of directors, the independent accountants and the risk rating agencies to be hired, which the board must then propose on the first case and inform on the second, annually to the shareholders. Should the board of directors disagree with the directors committee&#146;s proposal, the board shall be entitled to make its own proposal, submitting both to the shareholders for their consideration;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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 transaction is presented for approval or rejection;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>to examine the managers&#146; and principal executives&#146; remuneration policies and compensation plans; and</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>all other matters contemplated in our bylaws or entrusted to the directors committee by a shareholders&#146; meeting or the board of directors.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>any entities within the financial conglomerate to which the company belongs;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>corporate entities that have, with respect to us, the character of parent company, affiliated company or subsidiary. Parent companies are those that control directly or indirectly more than 50% of the subsidiary&#146;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 a subsidiary of a corporation, whenever the latter has the power to direct or guide the administration of the general partner (gestor) thereof. For this purposes, affiliated companies are 
those where one of them, without actually controlling the other, owns directly or indirectly 10% or more of the latters voting stock (or equity, 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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition, the Superintendency of Securities and Insurance (SVS) may presume 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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>whether acting alone or in agreement with others, has sufficient voting power to influence our management;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>creates conflicts of interest in doing business with us;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>in the case of a corporate entity, is influenced in its management by the company; or</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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&#146;s securities.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The directors 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.&nbsp; The directors committee shall inform the board of directors about the manner in which it will request information and about its resolutions.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter79"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>74</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_80"></A>
<a name="_bclPageBorder80"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader80"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition to the general liabilities imputable to any director, the directors that compose the directors 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The directors committee shall be composed of three members, the majority of which shall be independent.&nbsp; 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.&nbsp; However, a majority of directors related to the controlling shareholder is permissible if there are an insufficient number of independent directors.&nbsp; Should there be more than three directors entitled to participate in the directors committee, the board of directors shall elect the members of the directors committee by unanimous vote.&nbsp; Should the board of directors fail to reach an agreement, the matter shall be decided by drawing.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>T</FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>he Securities Market Law and the Chilean Corporations Act were further amended by Law <BR>
N&#176; 20.382, effective January 1, 2010 (the &#147;2010 amendment&#148;). </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Under the 2010 amendment, corporations whose market capitalization reaches or exceeds 1.5 million </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Unidades de Fomento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (as of April 30, 2010 approximately Ch$31,547million) and </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>at least 12,5% of its outstanding shares with voting rights are in the possession of shareholders that individually control or possess less than</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>10% of such shares</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER
- -SPACING: -0.1pt" face=Arial,sans-serif>, shall designate a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>comit&#233; de directores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> or &#147;directors committee&#148;.&nbsp; If the market capitalization or stock percentage falls below this threshold, the obligation to designate a directors committee no longer applies. However, corporations which do not meet these requirements may voluntarily assume the obligations concerning the directors committee, in which case they shall strictly follow the provisions of the amendment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pursuant to the 2010 amendment, the powers and duties of the directors committee are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to examine the independent accountants&#146; reports, the balance sheets, and other financial statements submitted by the corporation&#146;s managers or liquidators to the shareholders, and issue an opinion about them prior to their submission for shareholder approval;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to propose to the board of directors, the independent accountants which the board must then propose to and the risk rating agencies which the board must inform to the shareholders annually. Should the board of directors disagree with the directors committee&#146;s proposal, the board shall be entitled to make its own proposal, submitting both to the shareholders for their consideration;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to examine the documentation concerning related party transactions of the company and its subsidiaries, and to produce a written report on such transactions. A copy of the report shall be delivered to the&nbsp; board, and&nbsp; shall be read at the board meeting in which the transaction is presented for approval or rejection;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to examine the managers&#146;, principal executive officers&#146; and employees remuneration policies and compensation plans;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to prepare an annual report of the performance of its duties, including the principal recommendations to shareholders; </FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to report to the board of directors the convenience of retaining or not the independent accounting firm to provide non-audit services, which are not prohibited by the Securities Market Law, if the nature of such services could impair the accountants independence from the company; and</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>all other matters contemplated in our bylaws or entrusted to the directors committee by a shareholders&#146; meeting or the board of directors.</FONT></P>
<P style="MARGIN: 0in 0in 0in 450.4pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Regarding related party transactions mentioned in the third bullet point above, the 2010 amendment </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>introduced a new Chapter XVI to the Chilean Corporation Act for open stock corporations and its subsidiaries, while dispositions of articles 44, 89 and 93, as amended, remain applicable only to closed corporations,which are not subsidiaries of an open stock corporation. See &#147;Item 7: Major Shareholders and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Related Party Transactions&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The directors committee shall be composed of three members, the majority of which shall be independent. Pursuant to the 2010 amendment, no person shall be considered independent who, at any time during the previous eighteen months, shall have incurred in any one of the following situations</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial></FONT>&nbsp;</P>
<a name="_bclFooter80"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>75</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_81"></A>
<a name="_bclPageBorder81"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader81"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>1.- Maintained any relationship, interest or economic, professional, credit or commercial dependence, of a nature and relevant volume, with the company, other companies of the financial conglomerate to which the company belongs, its comptroller, or principal executive officer of any one of them, or have been a director, manager, administrator, principal executive officer or advisor of such companies.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Arial,sans-serif>2.-&nbsp; Is a close relative (i.e., parents, father/mother in law, sisters, brothers, sisters/brothers in law), to any one of the persons referred to in the previous number.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3.- Was a director, manager, administrator or principal executive officer of non-profit organizations that received contributions or large donations from any individual referred to in number 1 above;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.-&nbsp; Was a partner or shareholder that possessed or controlled, directly or indirectly, 10% or more of the company&#146;s &nbsp;capital; a director; manager; administrator or principal executive officer of entities who had provided consulting or legal services, for relevant amounts, or of external audit, to the persons referred to in 1 above;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>5.-&nbsp; Was a partner or shareholder who possessed or controlled, directly or indirectly, 10% or more of the company&#146;s capital; a director; manager; administrator or principal executive officer&nbsp; of main competitors, suppliers or clients of the company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Should there be more than three directors entitled to participate in the directors committee, the board of directors shall elect the members of the directors committee by unanimous vote. Should the board of directors fail to reach an agreement, preference to be appointed to the committee shall be given to directors elected with the highest&nbsp; percentage of votes cast by shareholders that individually control or possess less than 10% of the company&#180;s shares. If there is only one independent director, such director shall appoint the other members of the committee among non independent directors. Such directors shall be entitled to exercise full powers as members of the committee. The Chairman of the board of directors shall not be entitled to be appointed as a member of the committee nor any of its subcommittees, unless he is an independent director.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>To be elected as independent director, the candidates must be proposed by shareholders that represent 1% or more of the shares of the company, within 10 days prior to the date of the shareholders' meeting called to that end.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The candidate who obtains the highest votes shall be elected as independent director.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In the board meeting held on January 13, 2010, our board in accordance with the provisions of the SVS, appointed as members of our directors committee Messrs. Carlos Olivos, Francisco P&#233;rez and Alberto Sobredo, of whom Mssrs. Olivos and Sobredo are independent directors pursuant the Chilean Corporations Act, as amended in 2010.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The members of the directors committee shall be remunerated. The amount of such remuneration shall be established annually by the shareholders, taking in consideration the duties that the directors&#146; committee members shall perform, which shall not be less than a third of the remuneration of a regular director. The remuneration of our directors committee members, as approved at the shareholders&#146; meeting of the company held on April 20, 2010, is 34 </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Unidades de Fomento</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> (as of April 30, 2010, approximately ThCh$712) per assistance to directors committee meeting plus the amount required to complete the remaining third of the remuneration of a regular director.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The shareholders shall determine the budget of the directors committee and those of its advisors, which, pursuant to the 2010 amendment, shall not be less than the aggregate amount of the annual remuneration of the committee members. The directors 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 directors committee, the annual report of the performance of its duties and its expenses, including its advisors&#146; expenses, shall be included in the annual report and conveyed to the shareholders. The budget of our directors committee and its advisors, approved at the shareholders&#146; meeting of the company held on April 20, 2010, shall be equal to the aggregate amount of the annual remuneration of the committee members.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter81"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>76</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_82"></A>
<a name="_bclPageBorder82"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader82"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Audit Committee</FONT></U></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>. In accordance with provisions of the Exchange Act and the Sarbanes-Oxley Act of 2002 applicable to us as a foreign private issuer with securities listed on a U.S. national exchange, the company has an Audit Committee. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In the session held on February 3, 2010, our board of directors agreed to increase from three to four the number of members of the audit committee, and to appoint Mr. Philippe Pasquet as the fourth member. Therefore, the current members of our audit committee are Messrs. Giorgio Maschietto, Carlos Olivos, Alberto Sobredo and Philippe Pasquet, all of them meet the independence criteria contained in the Exchange Act and the NYSE Rule.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The duties of the audit committee are: </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To be responsible for the hiring, remuneration and supervision of the work of public accounting firms hired to prepare or issue audit reports or review or certify such reports.&nbsp; The external auditors shall report directly to the audit committee regarding such matters.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Resolve disputes that arise between our administration and the external auditors with regard to financial reports.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Grant approval prior to the contracting of non-audit services provided by the external auditors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Establish a procedure for receiving and responding to complaints received with regard to accounting, accounting controls or other auditing matters whereby employees may anonymously and confidentially report their concerns related to these matters.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Establish an annual budget for expenses and hiring of external consultants.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-VARIANT: small-caps" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The audit committee meets regularly and also holds meetings with our managers, our comptroller, and our internal and external auditors in order to discuss a variety of topics related to its duties.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Employees</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chile</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2007, 2008 and 2009, we had a total of 3,958, 4,419 and 4,375 permanent employees in Chile, respectively.&nbsp; As of December 2009, 2,319 were represented by 48 labor unions.&nbsp; The average tenure of our permanent employees was approximately eight years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table shows the breakdown of our employees by business segments:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2><U>Business</U></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Beer</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>843</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>729</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>705</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Non Alcoholic beverages</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>908</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>873</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>824</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Wine</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>648</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>978</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>960</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Transportes CCU</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>635</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>734</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>794</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Others (*)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>924</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,105</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,092</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>3,958</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>4,419</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=2>4,375</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=7><FONT size=2>
<HR align=left width="20%">
(*) Includes our corporate, pisco, plastic and Comercial CCU divisions</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Unionized employees represent approximately 53% of our total permanent workforce. Our management believes it generally has a good relationship with the labor unions representing our employees.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>During 2009, 1,076 employees renewed their collective contracts, most of them for a period of two years.&nbsp; The contract renewals are expected to increase the unionized workforce costs between 2.5% and 3.0%.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>All employees who are terminated for reasons other than misconduct are entitled by law to receive a severance payment.&nbsp; In the years 2007, 2008 and 2009, we made severance payments in the amounts of Ch$4,569 million, Ch$3,018 million and Ch$4,540million, respectively.&nbsp; 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,</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclFooter82"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>77</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_83"></A>
<a name="_bclPageBorder83"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader83"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>worked.&nbsp; 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.&nbsp; Severance payments to employees hired before August 14, 1981 are not subject to this limitation.&nbsp; 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.&nbsp; In 2009, we laid off 429 employees.</FONT></DIV>
<a name="_bclPageBorder83"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 Administradoras de Fondos de Pensiones (&#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>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition to our permanent work force, as of December 31, 2009, we had 368 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Argentina</FONT></B></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>a) </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Beer Business</FONT></U></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2007, 2008 and 2009, we had a total of 547, 822 and 867, permanent employees respectively.&nbsp; As of December 31, 2009, 383 employees were represented by four labor unions.&nbsp; Three of the labor unions are members of one federation, Federaci&#243;n Argentina de Trabajadores Cerveceros y Afines (the Argentine Beer Workers Federation, or &#147;FATCA&#148;).&nbsp; As of December 31, 2009, the average tenure of our employees in Argentina was approximately eleven years. The significant growth of our staff as of December 2008 is due to the acquisition of Inversora Cervecera S.A. (ICSA) in April 2008.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Collective bargaining in Argentina is done on an industry-wide basis, rather than, as in Chile, on a company-by-company basis.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In Argentina, as in Chile, all employees who are terminated for reasons other than misconduct are entitled by law to receive a severance payment. &nbsp;We made severance payments in connection with our Argentine beer operations in the amounts of Ch$125 million, Ch$229 million and Ch$209 million in 2007, 2008 and 2009, respectively.&nbsp; 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.&nbsp; 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.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition to our permanent work force, as of December 31, 2009, we had 268 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>b) </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Wine Business</FONT></U></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009 Finca La Celia (FLC), the Argentine subsidiary of Vi&#241;a San Pedro Tarapac&#225; had a total of 124 permanent employees and 6&nbsp; were represented by one labor union.&nbsp; The average tenure of our employees in FLC was approximately three years.&nbsp; In addition to our permanent work force in FLC, we had 33 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Share Ownership</FONT></U></B></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0.2pt 0pt 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Except as disclosed in &#147;Item 7: Major Shareholders and Related Party Transactions &#150; Major Shareholders&#148;, as of April 30, 2010, our senior management and our board members in the aggregate owned less than one percent of the our shares.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We do not maintain stock option or other programs involving our employees in the capital of the Company, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>with the only exception of VSPT.&nbsp; VSPT&#146;s Extraordinary Shareholders meeting held on July 7, 2005 approved a capital increase to be partially used for stock option programs</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P>
<a name="_bclPageBorder83"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder83"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter83"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>78</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_84"></A>
<a name="_bclPageBorder84"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader84"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 7: Major Shareholders and Related Party Transactions</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Major Shareholders</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our only outstanding voting securities are our shares of our common stock.&nbsp; The following table sets forth information concerning the ownership of our common stock as of April 22, 2010, 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>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="33%"></TD>
     <TD width="1%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Shareholder</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Number of shares owned</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>% Ownership</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Inversiones y Rentas S.A.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>196,421,725</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>61.67%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Inversiones IRSA Ltda</FONT><FONT size=1>(1)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>14,146,707</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>4.44%</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2><FONT size=2>Our directors and executive</FONT><BR>
&nbsp;&nbsp;officers as a group </FONT><FONT size=1>(2)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>61,104</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=center><FONT size=2>0.02%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=5><FONT size=1>
<HR align=left width="20%">
(1) Inversiones y Rentas S.A. owns 99.9999% of Inversiones IRSA Ltda&#180;s equity.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=5><FONT size=1>(2) Does not include the 210,568,432 shares of our common stock owned, directly and indirectly, by Inversiones y <FONT size=1>Rentas, which is 50% beneficially owned by the Luksic family, as discussed below. Guillermo Luksic and <FONT size=1>Andr&#243;nico Luksic, our directors, are members of the Luksic family.</FONT></FONT></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In addition, as of April 22, 2010, JPMorgan Chase Bank, the Depositary for our ADR facility, was the record owner of 30,544,760 shares of our common stock (9.59% of the outstanding common stock) deposited in our ADR facility.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of April 22, 2010, we had </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt" face=Arial,sans-serif color=black>4,929 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>shareholders of record, of which 9 are not Chilean, excluding ADR holders.&nbsp; To the best of our knowledge, of those 9 non-Chilean shareholders 2 are U.S. corporations with a total of 132,557 shares of common stock.&nbsp; All shareholders have equal voting rights. Non-Chileans can also hold shares in custody of private banks but this information is not publicly available. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>IRSA is a Chilean privately held corporation formed for the sole purpose of owning a controlling interest in us.&nbsp; IRSA is owned 50% by Qui&#241;enco S.A., which is a holding company of the Luksic Group, and 50% by Heineken Chile Ltda., a subsidiary of Heineken International.&nbsp; IRSA directly owns 196,421,725 shares of our common stock and indirectly, through Inversiones IRSA Ltda., 14,146,707 additional shares of our common stock.&nbsp; Inversiones IRSA Ltda. is a wholly-owned subsidiary of IRSA.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Related Party Transactions</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>T</FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>he Chilean Corporations Act was amended by Law N&#176; 20.382, effective January 1, 2010, regarding, among others, related party transactions. The 2010 amendment introduced a new Chapter XVI for open stock corporations and its subsidiaries while dispositions of articles 44, 89 and 93 remain applicable only to closed corporations which are not subsidiaries of an open stock corporation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pursuant to </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Chapter XVI of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>the Chilean Corporations Act </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>referred to above, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>a related party transaction shall be any and all negotiation, agreement or operation between the open stock corporation and any one of the following:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>One or more related persons&nbsp; pursuant to the Securities Market Law</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>;</FONT></I></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter84"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>79</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_85"></A>
<a name="_bclPageBorder85"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader85"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>A director, manager, administrator, principal executive officer or liquidator of the company, personally or acting on behalf of a person other than the company, or their respective spouses or close relatives (e.g. parents, father/mother in law, sisters, brothers, sisters/brothers in law);</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Company or concern in which the persons referred to in b) are the owners, directly or indirectly through any other individual or corporation, of 10% or more of its capital; or of which any of the persons in b) are a director, manager, administrator, principal executive officer thereof;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Those contemplated by the bylaws or upon sufficient grounds determined by the directors committee, as the case may be, which can include subsidiaries that the company owns, directly or indirectly, at least 95% of its equity or capital stock;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Those in which the office of director, manager, administrator, principal executive officer o liquidator has been held by a director, manager administrator, principal executive officer or liquidator of the company within the prior 18 moths.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pursuant to the 2010 amendment, the following persons are currently considered under the Securities Market Law to be related persons: </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>any entities within the financial conglomerate to which the company belongs;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>corporate entities that have, with respect to us, the character of parent company, affiliated companies or subsidiary.&nbsp; Parent companies are those that control directly or indirectly more than 50% of the subsidiary&#146;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 a subsidiary of a corporation, whenever the latter has the power to direct or guide the administration of th
e general partner (gestor) thereof.&nbsp; For these purposes, affiliated companies are those where one of them, without actually controlling the other, owns directly or indirectly 10% or more of the latter&#146;s voting stock (or equity, 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>
<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>persons who are directors, managers, administrators, principal executive officers or liquidators of us, and their spouses or their close relatives (i.e., parents, father/mother in law, sisters, brothers, sisters/brothers in law); as well as any other entity controlled by, directly or indirectly, any one of the above; and</FONT></P>
<P style="MARGIN: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The SVS may presume 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>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>whether acting alone or in agreement with others, has sufficient voting power to influence the company&#146;s management;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>creates conflicts of interest in doing business with the company;</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>in the case of a corporate entity, is influenced in its management by the company; or</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>holds an employment or position which affords the person access to non-public information about the company and its business, which renders the person capable of influencing the value of the company&#146;s securities.</FONT></P>
<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Additionally, pursuant to article 147 of </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Chapter XVI of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>the Chilean Corporations Act, an open stock corporation shall only be entitled to enter into a related party transaction when it is in the interest of and to&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclFooter85"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>80</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_86"></A>
<a name="_bclPageBorder86"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader86"></a><DIV>


</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>the benefit of the company, has a fair price, terms and conditions to those prevailing in the market at the time of its approval and comply with the requirements and procedures stated below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>1.-&nbsp; The directors, managers, administrators, principal executive officers or liquidators that have an&nbsp; interest or that take part in negotiations conducive to the execution of an operation with a related party of the open-stock corporation, shall report it immediately to the board of directors or whom the board designates. Those who breach this obligation will be jointly liable for damages caused to the company and its shareholders.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2.-&nbsp; Prior to the company&#146;s consent to a related party transaction, it must be approved by the absolute majority of the members of the board of directors, with exclusion of the interested directors or liquidators, who nevertheless shall make public his/their opinion with respect to the transaction if it is so requested by the board of directors, which opinion shall be set forth in the minutes of the meeting. Likewise, the grounds of the decision and the reasons for excluding such directors from its adoption must also be recorded in the minutes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3.- The resolutions of the board of directors approving a related party transaction shall be reported to the next following shareholders' meeting, including a reference to the directors who approved such transaction. A reference to the transaction is to be included in the notice of the respective shareholders' meeting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.-&nbsp; In the event that an absolute majority of the members of the board of directors should abstain from voting, the related party transaction shall only be executed if it is approved by the unanimous vote of the members of the board of directors not involved in such transaction, or if it is approved in a shareholders' extraordinary meeting by two thirds of the voting shares of the company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>5.- If a shareholders' extraordinary meeting is called to approve the transaction, the board of directors shall appoint at least one independent advisor who shall report to the shareholders the terms of the transaction, its effects and the potential impact for the company. In the report, the independent advisor shall include all the matters or issues the directors' committee may have expressly requested to be evaluated. The directors' committee of the company or in the absence of such committee, directors not involved in the transaction, shall be entitled to appoint an additional independent advisor, in the event they disagree with the appointment made by the board.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The reports of the independent advisors shall be made available to the shareholders by the board on the business day immediately following their receipt by the company, at the company&#180;s business offices and on its internet site, for a period of at least 15 business days from the date the last report was received from the independent advisor, and such arrangement shall be communicated to the shareholders by means of a &#147;Relevant Fact&#148; </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The directors shall decide whether the transaction is in the best interest of the corporation, within 5&nbsp; business days from the date the last report was received from the independent advisors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>6.-&nbsp; When the directors of the company must decide on a related party transaction, they must expressly state the relationship with the transaction counterparty or the interest involved. They shall also express their opinion on whether the transaction is in the best interest of the corporation, their objection or objections that the directors' committee may have expressed, as well as the conclusions of the reports of the advisors. The opinions of the directors shall be made available to the shareholders the day after they were received by the company, at the business offices of the company as well as on its internet site, and such arrangement shall be reported by the company as a &#147;Relevant Fact&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>7.- Notwithstanding the applicable sanctions, any infringement of the above provisions will not affect the validity of the transaction, but it will grant the company or the shareholders the right to sue the related party involved in the transaction for reimbursement to the company of a sum equivalent to the benefits that the operation reported to the counterpart involved in the transaction, as well as indemnity for damages incurred. In this case, the defendant bears the burden of proof that the transaction complies with the requirements and procedures referred to above.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter86"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>81</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_87"></A>
<a name="_bclPageBorder87"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader87"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Notwithstanding the above, the following related party transactions may be executed without complying with the requirements and procedures above stated, prior authorization by the board:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>1.- Transactions that do not involve a &#147;material amount&#148;. For this purpose, any transaction that is both greater than 2,000 Unidades de Fomento (as of April 30, 2010, approximately ThCh$42,063) and in excess 1% of the corporation&#146;s equity, or involving an amount in excess of 20,000 Unidades de Fomento (as of April 30, 2010, approximately ThCh$420,630) shall be deemed to involve a material amount. All transactions executed within a 12 month period that are similar or complementary to each other, with identical parties, including related parties, or objects, shall be deemed to be a single transaction.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2.- Transactions that pursuant to the company&#146;s policy of usual practice as determined by its board of directors, are in the ordinary course of business of the company.&nbsp; Any agreement or resolution establishing or amending such policies shall be communicated as a &#147;Relevant Fact&#148; and made available to shareholders at the company&#146;s business offices and on its internet site, and the transaction shall be reported as a &#147;Relevant Fact&#148; if applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>3.- Transactions between legal entities in which the company possesses, directly or indirectly, at least 95% of the equity of the counterpart.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The usual practice policy adopted by the board of directors in the meeting held on January 13, 2010, remains available to shareholders at the company&#146;s offices in Avda. Vitacura 2670, 26 floor, Santiago, Chile,&nbsp; and on the web site www.ccu.cl.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In the ordinary course of business, we engage in a variety of transactions with some of our affiliates and related parties. Financial information concerning these transactions is set forth in Note 15 to our consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our corporate support units and strategic service units provide shared services to all the organization through service level agreements. Shared services are provided in a centralized manner to capture the synergies between the different units.&nbsp; Service level agreements are annual contracts specifying the services to be provided as well as the variables used to measure the levels of service and their prices.&nbsp; Service levels are evaluated directly by users three times a year.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Additionally, our logistic subsidiaries Transportes CCU Ltda and Comercial CCU S.A.. provide transportation warehousing and sales services on a consolidated basis to all of our strategic business units.&nbsp; These services are regulated by annual contracts specifying the services to be provided as well as the variables used to measure the levels of service and their prices. Service levels are evaluated directly by users three times a year.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We engage in a variety of transactions with affiliates of the Luksic Group and Heineken, the beneficial owners of IRSA, as well as with other shareholders of ours.&nbsp; 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 See &#147;Item 4: Information on the Company &#150; Organizational Structure&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On November 30, 2005, we and Heineken International signed new versions of the 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.&nbsp; These agreements have an initial term of 10 years beginning in June 2003, renewable for subsequent periods of five years.&nbsp; See &#147;Item 4: Information on the Company &#150; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Also </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>subject to the above license agreements, o</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>n April 24, 2006, through our subsidiary CCU Chile Ltda., we signed a brewing agreement with Heineken Brouwerijen B.V., which provides us with the right to produce and package Heineken lager at our local brewery and for its sale and distribution in Peru, Colombia and Ecuador by Heineken&#146;s appointed Distributor.&nbsp; This agreement commenced on April 24, 2006 for one year renewable annually.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter87"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>82</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_88"></A>
<a name="_bclPageBorder88"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader88"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Additionally, a Technical Assistance Agreement was executed with </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face=Arial,sans-serif>Heineken Technical Services B.V. on May 4, 2005, whereby the latter was appointed, on a non-exclusive basis, as our technical advisor in respect of operational aspects of our breweries, including also special services regarding project engineering for extensions of the breweries&#146; capacity and construction of new&nbsp; plants, assistance in development of new products, production methods and distribution systems as well as advise on purchasing systems, among others.&nbsp; This agreement has an initial term of one year as from May 4, 2005, renewable for subsequent periods of one year each, unless either party gives not less than three months&#146; prior written notice to the other of its intention to terminate this agreement.&nbsp; Thi
s agreement has been renewed automatically.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Finally, we entered into a Framework Agreement with Banco de Chile, a Qui&#241;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.&nbsp; This agreement replaces prior agreements for the same purpose executed with Banco de A. Edwards, which merged into Banco de Chile as of January 1, 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since our directors committee was established in 2001 as required by the Chilean Corporation Act, 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 directors committee.&nbsp; Our principal related party contracts include rental of properties, the rendering of services and product sales.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our principal transactions with related parties for the twelve-month period ended December 31, 2009, are detailed below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="2%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="27%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Company</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Relationship</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=2>Transaction</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>Amounts</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>(Ch$million)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Anheuser Busch Lat. Am. Develop. Corp</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Subsidiary shareholder</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>License and technical assistance</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>2,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Anheuser Bush International Inc</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Subsidiary shareholder</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Sale of products</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Banco de Chile</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Controller related</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Derivative</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,586</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Coop.Agr.Control Pisquero de Elqui y Lim.</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Subsidiary shareholder</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Grapes acquisition</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Comercial Patagona Ltda.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Joint Venture</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Sale of products</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>703</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>C&#237;a Cervecera del Tr&#243;pico</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Common shareholders</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Purchase of products</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,291</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Equity investee</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Purchase of products</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,497</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Remittance received</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,585</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Heineken Brouwerijen B.V.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Controller related</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>License and technical assistance</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Sale of products</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>667</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Promarca S.A.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Joint Venture</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>License</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,195</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Serv. Transportes Integrados Ltda</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Joint Venture</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Paid services</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Vi&#241;a Valles de Chile (ex Vi&#241;a Tabal&#237; S.A.)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Equity Investee</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Remittance received</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,410</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=1>Remittance paid</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,373</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>See Note 15 to our consolidated financial statements for information about 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Interests of Experts and Counsel</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 8: Financial Information</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Consolidated Statements and Other Financial Information</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>See &#147;Item 18: Financial Statements and Exhibits&#148; for the Company's Financial Statements and notes, audited by PricewaterhouseCoopers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Wine Exports</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We, through our subsidiary VSPT, exported wine to 81 countries in 2009.&nbsp; VSPT is the second largest wine exporter in Chile.&nbsp; See &#147;Item 4: Information on the Company </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&#150; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Business Overview </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&#150; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our Wine Business&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter88"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>83</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_89"></A>
<a name="_bclPageBorder89"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader89"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table presents our total wine exports by volume, in millions of Chilean pesos as of December 2008 and 2009 and as percentage of total sales for the last three years:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>2007</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>2008</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>2009</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Exports (thousands of liters)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>55,544</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>50,286</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>67,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>&nbsp;&nbsp;&nbsp;% of total sales</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3.9%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3.2%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>4.1%</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Exports (Ch$ million)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>60.382</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>84,272</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2><FONT size=2>&nbsp;&nbsp;&nbsp;</FONT>% of total sales</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>7.7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>10.7%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Legal Proceedings</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Nothing to report.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Dividend Policy and Dividends</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our dividend policy is reviewed and established from time to time by our board of directors and reported to our regular shareholders&#146; meeting, which is generally held in April of each year.&nbsp; 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.&nbsp; 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, after deducting any accumulated losses 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our board of directors announced at our annual shareholders&#146; meeting held on April 20, 2010, its dividend policy for future periods, authorizing the distribution of cash dividends in an amount at least equal to 50% of our liquid profits under IFRS for the previous year.&nbsp; Our dividend policy is subject to change in the future due to changes in Chilean law, capital requirements, economic results and/or other factors.&nbsp; During our last annual shareholders&#146; meeting held on April 20, 2010, a dividend of Ch$140.99893 per share of common stock was approved, in addition to the interim dividend of Ch$60 per share of common stock distributed in January 8, 2010. Together, these dividend payments amounted to Ch$64,019 million, representing 50.0% of 2009 the Income of the Year Attributable to Equity Holders of the Parent Company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 8pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD align=center></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="1%"></TD>
     <TD align=center width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT size=2>Year ended</FONT></B>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Ch$ Per share (</FONT></B><B><FONT size=1>1)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>US$ Per ADS </FONT></B><B><FONT size=1>(2)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>December 31, </FONT></B></TD>
     <TD align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Interim</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Final (</FONT></B><B><FONT size=1>3)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Interim</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Final </FONT></B><B><FONT size=1>(3)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 20px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>30.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>67.37</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>97.37</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.29</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.65</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.94</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 20px" align=right><FONT size=2>35.00</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>77.62</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>112.62</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.32</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=right><FONT size=2>0.74</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1.06</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 20px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>47.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>102.20</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>149.20</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.48</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.13</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.61</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 20px" align=right><FONT size=2>47.00</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>108.66</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>155.66</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>0.38</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=right><FONT size=2>0.90</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>1.29</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 20px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>60,00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>141.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>201,00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0.61</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.35</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1.96</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left colSpan=13></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=13><FONT size=1>
<HR align=left width="20%">
(1)</FONT> <FONT size=1>Interim and final dividend amounts are expressed in historical pesos.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=13><FONT size=1>(2)</FONT> <FONT size=1>U.S. dollars per ADR dividend information serves reference purposes only as we pay all dividends in Chilean pesos. The <FONT size=1>Chilean peso amounts as shown here have been converted into U.S. dollars at the respective observed exchange rate in <FONT size=1>effect at each payment date. Note: The Federal Reserve Bank of New York does not report a noon buying rate for Chilean <FONT size=1>pesos.</FONT></FONT></FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=13><FONT size=1>(3)</FONT> <FONT size=1>The final dividend with respect to each year is declared and paid within the first five months of the subsequent year.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter89"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>84</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_90"></A>
<a name="_bclPageBorder90"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader90"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&#150; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Exchange Controls </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&#150; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>General Legislation and Regulations&#148;).&nbsp; Under our foreign investment contract, the depositary, on behalf of ADR hold
ers, 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.&nbsp; 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.&nbsp; See &#147;Item 10: Additional Information </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&#150; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Taxation&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Significant Changes</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Since the date of our last annual financial statements CCU adopted the International Financial Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These are the Company&#146;s first annual consolidated financial statements prepared in accordance with IFRS issued by the IASB and IFRS 1 &#147;First Time Adoption of International Financial Reporting Standards&#148;. Until and including our financial statements for the year ended December 31, 2008, we prepared our consolidated financial statements in accordance with Chilean generally accepted accounting principles, or &#147;Chilean GAAP&#148;, which differs in certain important aspects from accounting principles contained in IFRS. The effects of the transition to IFRS on the Company&#146;s financial statements for the year ended December 31, 2008 are detailed in NOTE 4 to our consolidated annual
 financial statements included elsewhere in this annual report. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>85</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_91"></A>
<a name="_bclPageBorder91"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader91"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 9: The Offer and Listing</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Offer and Listing Details</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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 the NYSE:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=2>Santiago Stock Exchange</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=2>NYSE</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=2>(per share of common stock)(*)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT size=2>(per ADS)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD align=center colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 11px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>High</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Low</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>High</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>Low</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" align=center><B><FONT size=2>(Ch$)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=2>(Ch$)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=2>(US$)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=2>(US$)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>Years</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2005</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>3,200</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,510</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>28.50</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>22.91</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2006</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,285</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,350</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>30.65</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>21.14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>4,280</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,040</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>45.80</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>26.91</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,801</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,650</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39.91</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>22.54</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>4,102</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,167</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>39.94</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>25.93</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2010 (through Apr 30)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,470</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,823</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>43.15</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>34.81</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>2008</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,485</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,650</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>37.08</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>26.33</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>3,600</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,039</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>39.91</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>29.07</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,655</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,819</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>36.16</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>27.87</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>3,801</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,000</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>33.18</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>22.54</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=2>2009</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>3,821</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3167</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>31.44</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>25.93</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,996</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,265</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>36.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>27.75</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>3,898</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,554</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>36.96</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>32.00</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,102</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,339</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39.94</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>33.08</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,270</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,823</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>42.89</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>34.81</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=2>Last six months</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>November 2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,030</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,330</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39.94</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>34.88</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=2>December 2009</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>4,000</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,650</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>39.90</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>36.69</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>January 2010</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,229</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,900</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>42.89</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>37.55</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>February</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>4,270</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,823</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>40.16</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>34.81</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>March</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>4,130</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,855</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>39.97</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>36.48</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=2>April</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=2>4,470</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,920</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>43.15</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>37.87</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=9></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>
<HR align=left width="20%">
(*) Pesos per share of Common Stock reflect nominal price at trade date.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Significant trading suspensions of the Company's stock have not occurred in the last three years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Plan of distribution</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Markets</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our common stock is currently traded on the Santiago Stock Exchange, the Chile Electronic Stock Exchange and the Valpara&#237;so Stock Exchange under the symbol &#147;CCU&#148;.&nbsp; The Santiago Stock Exchange accounted for approximately 91% and 92% of the trading volume of our common stock in Chile in 2008 and </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>2009, respectively.&nbsp; The remaining 13% and 9% respectively, was traded mainly on the Chile Electronic Stock Exchange.&nbsp; 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, under the symbol &#147;CCU&#148;, each representing five shares of our common stock, with ADSs in turn evidenced by ADRs.&nbsp; The ADSs are issued under the terms of a deposit agreement as amended dated September 1, 1992, among us, JPMorgan Chase Bank as depositary, and the holders from time to time of the ADSs.</FONT></P>
<a name="_bclFooter91"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>86</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_92"></A>
<a name="_bclPageBorder92"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader92"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The trading volume of our ADSs in the NYSE in the last three years is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 60%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="2%"></TD>
     <TD width="33%"></TD>
     <TD width="2%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Year</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=2>Traded Volume</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>(Thousand of ADS)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,525</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,149</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>1,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>2,595</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>8,159</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2008</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,707</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>2,384</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>3,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>3,098</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>11,404</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>2009</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>1</FONT><SUP><FONT size=2>st </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,093</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>2</FONT><SUP><FONT size=2>nd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>3,212</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>3</FONT><SUP><FONT size=2>rd </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>2,602</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>4</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>quarter</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>3,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>11,237</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Selling Shareholders</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Dilution</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Expenses of the Issue</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 10: Additional Information</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Share Capital</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Memorandum and Articles of Association</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Provided below is a summary of certain material information found in our bylaws and provisions of Chilean law.&nbsp; This summary is not exhaustive. For more information relating to the items discussed in this summary, the reader is encouraged to read our updated bylaws, available in our website at www.ccu.cl.</FONT></P>
<a name="_bclFooter92"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>87</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_93"></A>
<a name="_bclPageBorder93"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader93"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Registration and corporate purposes</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;We are a public corporation (sociedad an&#243;nima abierta) organized by means of a public deed dated January 8, 1902, executed before the notary public of Valpara&#237;so, Mr. Pedro Flores, and our existence was approved by Supreme Decree N&#176; 889 of the Treasury Department, dated March 19, 1902, both of which were recorded on the reverse of folio 49, N&#176; 45 of Valpara&#237;so&#146;s Registry of Commerce for 1902, and published in Chile&#146;s Official Gazette on March 24, 1902.&nbsp; We are recorded on March 8, 1982, at Chile&#146;s Securities Registry of the SVS under N&#176; 0007.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The last amendment to our articles of association, which moved the domicile of the corporation from Valpara&#237;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&#237;so, Mar&#237;a Ester Astorga, an extract of which was recorded on the reverse of folio 474 N&#176; 363 of the Valpara&#237;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&#176; 14.600 for the year 2001.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Directors.</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 without prior approval by the board of directors, and then only if it inures to the benefit of the company, is terms and conditions similar to those prevailing in the market at the time of its approval, and complies with the requirements and procedures stated in Chapter XVI of the Chilean Corporation Act regarding Related Party Transactions. See &#147;Item 7: Major Shareholders and Related Party Transactions&#148;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The amount of any director&#146;s remuneration is established each year by the annual shareholders&#146; meeting.&nbsp; 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 their spouses, certain relatives or related persons. These rules can only be modified by law.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>It is not necessary to hold shares to be elected director, and there is no age limit established for the retirement of directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Rights, preferences and restrictions regarding shares.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>At least 30% of our net profits for each fiscal year is required to be distributed as dividend in cash to our shareholders, unless our shareholders unanimously decide otherwise.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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' meeting has approved the distribution of profits in the fiscal year.&nbsp; Any additional dividends approved by our shareholders become due on the date set by our shareholders or our board of directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; Overdue dividends will accrue yearly interest established for adjustable operations over the same period.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; In annual shareholders&#146; meetings, resolutions are made by a simple majority of those present, provided legal quorums are met.&nbsp; A special or extraordinary meeting generally requires an absolute majority, in other words, 50% plus one of </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;

</P>
<a name="_bclFooter93"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>88</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_94"></A>
<a name="_bclPageBorder94"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader94"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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></DIV>
<a name="_bclPageBorder94"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; The Securities Market Law, as modified by the 2010 amendment, establishes that (a) any person who, directly or indirectly, owns 10% or more of the subscribed capital of an open stock corporation (the &#147;majority shareholders&#148;) or that, as a consequence of an acquisition of shares, attains such percentage, and (b) as well as directors, liquidators, principal executive officers, administrators and managers of such corporations, regardless of the number of shares they possess, either directly or indirectly, must report any purchase or sale of shares to the SVS and to each of the stock exchanges in Chile where such corporation has securities listed, the day 
immediately following the execution of the transaction, through the technological means authorized by the SVS. This obligation shall also apply to the acquisition or sale of contracts or securities, the price or result of which is dependant on or is conditioned by, in whole or in a relevant part, to the fluctuation or evolution of the price of such shares. 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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; </FONT></P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Article 199 bis of the Securities Market Law was introduced by the 2010 amendment, extending the obligation to make a tender offer for the remaining outstanding shares to any person, or group of persons with a joint performance agreement, that, as a consequence of the acquisition of shares, becomes the owner of two-thirds or more of the issued shares with voting rights of a corporation. Such tender offer must be effected within 30 days from the date of such acquisition.</FONT></P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Chilean Corporations Act provides shareholders with preemptive rights.&nbsp; 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.&nbsp; A corporation must distribute any bonus stock in the same manner.</FONT></P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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, as modified by the 2010 amendment, 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>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our transformation into a different type of legal entity,</FONT></P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>our merger with and/or into another company, </FONT></P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder94"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter94"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>89</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_95"></A>
<a name="_bclPageBorder95"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader95"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the disposition of 50% or more of the corporate assets, whether or not liabilities are also transferred, to be determined according to the balance sheet of the previous fiscal year, or the proposal or amendment of any business plan that contemplates the transfer of assets exceeding said percentage; the disposition of 50% or more of the corporate assets of a subsidiary, which represents at least 20% of the assets of the corporation, as well as any disposition of shares which results in the parent company losing its status as controller </FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the granting of real or personal guarantees to secure third party obligations exceeding 50% of the corporate assets, except when the third party is a subsidiary of the company (in which case approval of the board of directors will suffice)</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the creation of preferences for a series of shares or the increase, extension 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>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>curing certain formal defects in the corporate charter which otherwise would render it null and void or&nbsp; any modification of its bylaws that should grant this right, and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>other cases provided for by statute or in our bylaws, if any. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition, shareholders may withdraw if a person becomes the owner of two-thirds or more 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 from the date of such acquisition.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Minority shareholders are also granted the right to withdraw when the controlling shareholder acquires more than 95% of the shares of an open stock corporation. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our bylaws do not provide for additional circumstances under which shareholders may withdraw.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Action necessary to change the rights of holders of stock.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; Rights of stockholders are established by law and pursuant to the bylaws of a corporation.&nbsp; For certain modifications of shareholders&#146; rights, the law requires a special majority, such as the creation, increase, extension, reduction or suppression of preferred stock, which may be adopted only with the consent of at least two-thirds of the affected series.&nbsp; Consequently any other impairment of rights not specifically regulated needs only an absolute majority (more than 50%) of the stock entitled to vote.&nbsp; 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 stockhold
ers.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our bylaws do not contemplate additional conditions in connection with matters described in this subsection.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Shareholders&#146; meetings.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our annual shareholders' meetings are to be held during the first four months of each year.&nbsp; During the meetings, determinations are made relating to particular matters, which matters may or may not be specifically indicated in the summons for such meeting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The quorum for a shareholders' 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.&nbsp; In that case, decisions will be made by the absolute majority of stock with voting rights present or otherwise represented.&nbsp; The following matters are specifically reserved for annual meetings:</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>review of our state of affairs and of the reports of external auditors, and the approval or rejection of the annual report, balance sheet, financial statements and records submitted by our officers or liquidators;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>distribution of profits of the respective fiscal year, including the distribution of dividends;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>election or revocation of regular and alternate board members, liquidators and external auditors; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>determination of the remuneration of the board members, directors committee remuneration and budget, designation of the newspaper were summons 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter95"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>90</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_96"></A>
<a name="_bclPageBorder96"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader96"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Extraordinary shareholders' 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's bylaws reserve for consideration by such extraordinary meetings, which matters shall be expressly set forth in the relevant summon. Whenever in an extraordinary shareholders' meeting determinations relating to matters specifically reserved to annual meetings must be made, the operation and decisions of such extraordinary meeting will follow the requirements applicable to annual meetings.&nbsp; The following matters, as modified by 2010 amendment, are specifically reserved for extraordinary meetings:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>dissolution of the corporation;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>transformation, merger or spin-off of the corporation and amendments to its bylaws;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>issuance of bonds or debentures convertible into stock;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>the disposition of 50% or more of the corporate assets, whether or not liabilities are also transferred, to be determined according to the balance sheet of the previous fiscal year, or the proposal or amendment of any business plan that contemplates the transfer of assets exceeding said percentage, the disposition of 50% or more of the corporate assets of a subsidiary, which represents at least 20% of the assets of the corporation, as well as any disposition of shares which results in the parent company losing its status of controlling shareholder; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In addition to the above, annual and extraordinary shareholders' meetings must be called by the board of directors in the following circumstances:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>when requested by shareholders representing at least 10% of issued stock with voting rights; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>when required by the SVS, notwithstanding its right to call such meeting directly.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Only holders of stock recorded in the Register of Shareholders of open stock corporations at least five business days, including Saturdays, before the date of the pertinent meeting may participate with the right to be heard and vote in shareholders' meetings. Directors and officers other than shareholders may participate in shareholders' meetings with the right to be heard.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Shareholders may be represented at meetings by other individuals, regardless of whether or not those persons are shareholders themselves.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Limitations on the right to own securities.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; We are not affected by these limitations, and our bylaws do not contain limitations or restrictions in this regard.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0pt" face=Arial,sans-serif>Article 14 of the Chilean Corporations Act forbids public corporations from including in their bylaws any provisions restricting the free transferability of stock.&nbsp; However, shareholders may enter into a private agreement on this matter, but, in order for these agreements to be effective against the company and third parties, they must be recorded by the corporation and thus made available to any interested third parties.&nbsp; See &#147;Item 6: Directors, Senior Management and Employees </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&#150; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0pt" face=Arial,sans-serif>Directors and Senior Management&#148;.</FONT></P>
<P style="MARGIN: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Takeover defenses.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Ownership threshold.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our bylaws do not contain any ownership threshold above which shareholder ownership must be disclosed.&nbsp; For a description of the ownership thresholds mandated by Chilean law, see &#147;&#150; Rights, preferences and restrictions regarding shares&#148;.</FONT></P>
<P style="MARGIN: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter96"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>91</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_97"></A>
<a name="_bclPageBorder97"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader97"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0pt" face=Arial,sans-serif>Our bylaws do not impose any conditions that are more stringent than those required by law for effecting changes in our capital.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Material Contracts</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Exchange Controls</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>General Legislation and Regulations</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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 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>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The April 19<SUP>th</SUP> Regulations, among others, eliminated the following restrictions:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>minimum risk classification restrictions and terms for the issuance of bonds;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Mandatory Reserve deposits for foreign capitals.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>&nbsp;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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter97"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>92</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_98"></A>
<a name="_bclPageBorder98"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader98"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Our ADRs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. 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.&nbsp; 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 and repatriating from Chile amounts received in respect of deposited Shares or Shares withdrawn from de
posit 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 subscr
ibed by the shareholders or by the transferees of the options to subscribe the shares.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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 ex
change (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 r
edeposit were satisfied. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For a </FONT></P>
<a name="_bclFooter98"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>93</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_99"></A>
<a name="_bclPageBorder99"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader99"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder99"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>description of the Formal Exchange Market, see &#147;Item 3: Key Information &#150; Selected Financial Data &#150; Exchange Rates&#148;.&nbsp; 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></DIV>
<a name="_bclPageBorder99"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=Arial,sans-serif>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 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 be
nefit 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>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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 therefore 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>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In 2009, the Central Bank of Chile adopted a new policy regarding the surrender of ADR&#180;s in exchange for underlying shares, acquired by Chilean companies in joint tender offers, effected both in the national and the international stock market, which have been declared successful.</FONT></P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Pursuant to such policy, the depositary or custodian shall be entitled to effect such exchange, prior to the end of the term of the ADRs Program, subject to the following conditions:</FONT></P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Simultaneously with the request for approval submitted to the Central Bank of Chile, the parties to a foreign investment contract shall agree on its termination provided that the following prior conditions </FONT></P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder99"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclPageBorder99"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter99"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>94</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_100"></A>
<a name="_bclPageBorder100"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader100"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder100"></a>

<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder100"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>are meet: (i) a complete and timely exchange of the outstanding ADRs has been effected by the depositary (ii) underlying shares of certificates not exchanged according to the program agreed upon to that end are sold in a Chilean stock market, and the proceeds remitted to the respective ADRs holders; complying with the reporting obligation to the regulatory authorities and to the market in general. </FONT></DIV>
<a name="_bclPageBorder100"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-INDENT: 0.25in"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>b)&nbsp;&nbsp; The foreign investment contract shall be deemed in full force and effect with respect to the remaining ADR holders, with domicile and residence abroad, until certificates of the fulfillment of such conditions issued by the custodian and the depositary are submitted to the Central Bank of Chile. In addition to the Termination Agreement, a public deed expressly evidencing the above shall be executed by the parties.&nbsp; </FONT></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Chilean investor shall be subject to the exchange regulations in force at the time of the tender offers as well as the terms of authorization issued by the Central Bank of Chile to this end.&nbsp; </FONT></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Under current Chilean law, our foreign investment contract cannot be amended unilaterally by the Central Bank of Chile. We cannot assure you, 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>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Taxation</FONT></U></B></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Chilean Tax Considerations</FONT></B></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following discussion is based on certain Chilean income tax laws presently in force, including Rulings N&#176;324 of January 29, 1990, and N&#176;3708 of October 1, 1999 of the Chilean Internal Revenue Service and other applicable regulations and rulings.&nbsp; 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.&nbsp; 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.&nbsp; 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).&nbsp; 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. Neither is it intended to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or dispose of shares or ADSs and does address all of the tax consequences that may be relevant to specific holders in light of their particular circumstances. Holders of shares and ADSs are advised to consult their own tax advisors concerning the Chilean or other tax consequences relating to the ownership of shares or ADSs. </FONT></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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.&nbsp; In addition, the Chilean tax authorities issue rulings and regulations of either general or specific application interpreting the provisions of Chilean tax law.&nbsp; 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.&nbsp; There is no general income tax treaty in force between Chile and the United States.</FONT></P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder100"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cash dividends and Other Distributions.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; 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.&nbsp; 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.&nbsp; In addition, distribution of book inco
me in excess of retained taxable income is subject to the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Chilean withholding tax, but such distribution is not eligible for the credit.&nbsp; 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.&nbsp; Presently, the first category tax rate is 17.0%.&nbsp; 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%.&nbsp; 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 35.0% of the amount that exceeds those retained taxable or exempted profits.&nbsp; In case such withholding is determined to be excessive before the end of the year, there will be rights to fi
le for the reimbursement of the excess withholding.</FONT></P>
<a name="_bclPageBorder100"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter100"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>95</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_101"></A>
<a name="_bclPageBorder101"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader101"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The foregoing tax consequences apply to cash dividends paid by us.&nbsp; Dividend distributions made in property (other than shares of common stock) will be subject to the same Chilean tax rules as cash dividends. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Capital Gain.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; 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 N&#176; 19,601, dated January 18, 1999.&nbsp; The deposit and withdrawal of shares of common stock in exchange for ADRs will not be subject to any Chilean taxes.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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).&nbsp; 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.&n
bsp; 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 style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The tax basis of shares of common stock received in exchange for ADSs will be the acquisition value of such shares.&nbsp; The valuation procedure set forth in the deposit agreement, which has been approved by the Chilean Internal Revenue Service pursuant Ruling N&#186; 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.&nbsp; 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 style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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.&nbsp; However, following Ruling N&#176; 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 which the shares received in exchange for ADSs are sold, will not be subject to taxation.&nbsp; 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&#146; registry of the issuer or within two business days prior to the date on which the sale is recorded in the shareholders&#146; registry, the acquisition price of such exchan
ged shares shall be the price registered in the invoice issued by the stock broker that participated in the sale transaction.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The distribution and exercise of preemptive rights relating to the shares of common stock will not be subject to Chilean taxation.&nbsp; 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>
<a name="_bclFooter101"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>96</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_102"></A>
<a name="_bclPageBorder102"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader102"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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&#186; 19,738 and N&#186; 19,768) to the foreign holders of ADRs.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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&#186; 19,738 published on June 19, 2001.&nbsp; 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 style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>A foreign institutional investor is an entity that is either:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>a pension fund that is exclusively formed by individuals that receive their pension on account of capital accumulated in the fund;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>a fund regulated by Law N&#186; 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>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>In order to be entitled to the exemption, foreign institutional investors, during the time in which they operate in Chile must:</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>be organized abroad and not be domiciled in Chile;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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&#146; capital or profits;</FONT></P>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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>
<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>register in a special registry with the Chilean Internal Revenue Service.</FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Pursuant to the enacted amendment to the Chilean Income Tax Law published on November 7, 2001 (Law N&#176; 19,768) as amended by Law N&#186; 19,801 published on April 25, 2002, the sale and disposition of </FONT></P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclFooter102"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>97</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_103"></A>
<a name="_bclPageBorder103"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader103"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify">

</P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-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).&nbsp; In this case, gains exempted from Chile
an taxes shall be calculated using the criteria set forth in the Chilean Income Tax Law; or</FONT></P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>within 90 days after the shares would have ceased to be significantly traded on stock exchange.&nbsp; 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.&nbsp; Any gains above the average price will be subject to the first category tax.</FONT></P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Other Chilean Taxes.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; 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.&nbsp; No Chilean stamp, issue, registration or similar taxes or duties apply to foreign holders of ADSs or shares of common stock.</FONT></P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Withholding Tax Certificates.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>&nbsp; Upon request, we will provide to foreign holders appropriate documentation evidencing the payment of the Chilean withholding tax.&nbsp; We will also inform when the withholding was excessive in order to allow the filing for the reimbursement of taxes.</FONT></P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder103"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>United States Tax Considerations</FONT></B></H5>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; 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 convers
ion 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.&nbsp; 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 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>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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.&nbsp; The discussion does not address any aspects of United States taxation other than federal income taxation.&nbsp; Investors are urged to consult their tax advisors regarding the United States federal, state and local and other tax c
onsequences of owning and disposing of Common Stock and ADSs.</FONT></P>
<a name="_bclPageBorder103"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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>
<a name="_bclPageBorder103"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter103"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>98</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_104"></A>
<a name="_bclPageBorder104"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader104"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Cash Dividends and Other Distributions.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> 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.&nbsp; 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;&nbsp; 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 (a) the corporation was not, in the year prior to the year in which the dividend was paid, and is not, in the year in which the dividend is paid, a passive foreign investment company, or (b) for dividends paid prior to the 2005 tax year, a foreign personal holding company or foreign investment company.&nbsp; 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%.&nbsp; However, you should be aware that the requirements to be treated as qualified foreign corporation are not entirely clear and further guidance from the Internal Revenue Service may be forthcoming that could affect this conclusion.&nbsp; 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. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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.&nbsp; For foreign tax credit limitation purposes, the dividend will be income from sources outside the United States.&nbsp; 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 9
04(b)(2)(B) of the Internal Revenue Code.&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pro rata distributions of shares of Common Stock or preemptive rights generally are not subject to United States federal income tax.&nbsp; 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).&nbsp; 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.&nbsp; In other circumstances, distributions of Common Stock or preemptive rights may be treated as taxable dividends.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Capital Gains.</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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 </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>

</P>
<a name="_bclFooter104"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_105"></A>
<a name="_bclPageBorder105"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader105"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<a name="_bclPageBorder105"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>on the gain unless it appropriately can apply the credit against tax due on other income from foreign sources.&nbsp; Loss generally would be treated as United States source loss.&nbsp; 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></DIV>
<a name="_bclPageBorder105"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>PFIC Rules.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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></P>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 cor
poration 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>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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 o
f 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>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Information Reporting and Backup Withholding.</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif> 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 </FONT></P>
<a name="_bclPageBorder105"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify">&nbsp;</P>
<a name="_bclPageBorder105"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter105"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>100</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_106"></A>
<a name="_bclPageBorder106"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader106"></a><P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>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>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Dividends and Paying Agents</FONT></U></B></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Statement by Experts</FONT></U></B></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Documents on Display</FONT></U></B></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The documents concerning us, which are referred to in this annual report, may be inspected at our main offices at Vitacura 2670, Twenty Third Floor, Santiago, Chile.</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Subsidiary Information</FONT></U></B></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><H3 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 11: Quantitative and Qualitative Disclosures about Market Risk</FONT></B></H3>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following discussion about our risk management activities includes &#147;forward-looking statements&#148; that involve risk and uncertainties.&nbsp; Actual results could differ materially from those projected in the forward-looking statements.</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We face primary market risk exposures in three categories: interest rate fluctuations, exchange rate fluctuations and commodity price fluctuations.&nbsp; 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.&nbsp; As part of this review process, we periodically evaluate opportunities to enter into hedging mechanisms to mitigate such risks.</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-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>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Qualitative Information about Market Risk</FONT></U></B></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<a name="_bclPageBorder106"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</H5> <a name="_bclPageBorder106"></a><H5 style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Interest Rate Sensitivity</FONT></B></H5>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The interest rate risk is mainly originated by our financing sources. The main exposure is related to LIBOR and 30-day TAB variable interest rates indexed obligations. As of December 31, 2009, we had a total ThCh$40,309 million in debt indexed to LIBOR (ThCh$108,570 million as of December 31, 2008), and it does not have obligations indexed to TAB 30 interest rate (ThCh$30,466, as of December, 2008). Consequently, as of December 31, 2009, our financing structure consists (without considering the effects of cross currency swaps) of approximately 18% debt with variable interest rates, and 82% debt with fixed interest rates.</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-INDENT: 35.45pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To manage the interest rate risk, we have an interest rate administration policy that aims to reduce the volatility of its financial expenses, and to maintain an ideal percentage of its debt in fixed rate instruments. The financial position is mainly set by the use of short-term and long-term debt, as well as derivative instruments such as cross-currency interest rate swaps.</FONT></P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclPageBorder106"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<a name="_bclFooter106"></a><P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>101</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_107"></A>
<a name="_bclPageBorder107"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader107"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, after considering the effect of interest rates and currency swaps, approximately 98% of our long-term debt has fixed interest rates.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The terms and conditions of the Company&#146;s obligations as of December 31, 2009, including exchange rates, interest rates, maturities and effective interest rates are detailed in </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Note 24 </FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>to our audited financial statements included elsewhere in this annual report.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Commodity Price Sensitivity</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The major commodity price sensitivity faced by us is the variation of malt, sugar and grape prices.&nbsp; In Chile, we obtain our supply of malt from local producers and in the international market.&nbsp; We often are required to enter into commitments to purchase such commodities.&nbsp; The purchases and commitments expose us to risk regarding the fluctuation of commodity prices.&nbsp; Our risk management policy is to manage this risk through fixed price purchase contracts and occasionally entering into spot transactions which lock in prices for the commodity.&nbsp; During 2009, we imported 28,411 tons of malt and 31,934 tons of barley.&nbsp; In Argentina during 2009, we purchased all of our malt from local suppliers.&nbsp; 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;.&nbsp; We do not hedge these transactions.&nbsp; Rather, we negotiate yearly contracts with malt suppliers.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The principal commodity used in the production of soft drinks is sugar.&nbsp; We generally purchase our sugar requirements from Empresas Iansa S.A., the sole producer of sugar in Chile, and from imports.&nbsp; 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;.&nbsp; We do not hedge these transactions.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The principal raw materials used in the production of wine are harvested grapes and purchased wine. VSPT obtains approximately 85% of the grapes used for export wines from its own vineyards, thereby reducing grape price volatility.&nbsp; The majority of the wine sold in the domestic market is purchased from third parties.&nbsp; During 2008, we purchased the majority of our grape and wine needs based on yearly contracts at fixed prices from third parties. &nbsp;Spot transactions for wine are executed from time to time depending on additional wine needs.&nbsp; During the years 2007, 2008 and 2009, our wine subsidiary, VSPT, bought grapes and wine in Chile in the amount of Ch$15,359 million, Ch$14,587 million and Ch$15,733 million, respectively.&nbsp; See &#147;Item 4: Information on the Company &#150; Business Overview &#150; Our Wine Business &#150; Raw Materials&#148;.</F
ONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Exchange Rate Sensitivity</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>We are exposed to exchange rate risks originated by: a) our net exposure of foreign currency assets and liabilities, b) exports sales, c) the purchase of raw material, products and capital investments effected in foreign currencies, or indexed to such currencies, and d) the net investment of subsidiaries in Argentina. Our greatest exchange rate risk exposure is the variation of the Chilean peso as compared to the US dollar, euro, sterling pound and Argentine peso.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, we maintained in Chile foreign currency obligations amounting to ThCh$55,898, mostly denominated in US dollars. Foreign currency obligations accruing variable interests (ThCh$40,309) represent 18% of the total such obligations. The remaining 82% is denominated in inflation-indexed Chilean pesos (see inflation risk section). The ThCh$55,898 foreign currency obligations include loans for US$ 70 million (ThCh$35,526) which are hedged by currency and interest rate hedge agreements, converting such debts in fixed interest rate inflation-adjusted obligations in Chilean pesos. In addition, we maintain foreign currency assets for ThCh$27,364 that mainly correspond to exports accounts receivable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Regarding the Argentine subsidiaries operations, the liability net exposure in US dollars and other currencies amounts to ThCh$4,175.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>To protect the value of the foreign currency assets and liabilities net position of our Chilean operations, we enter into derivative agreements (currency forwards) to hedge against any variation in the Chilean peso as compared to other currencies.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter107"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>102</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_108"></A>
<a name="_bclPageBorder108"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader108"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2009, our assets (liabilities) net exposure in foreign currencies, after the use of derivative instruments, amounted to ThCh$1,150.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Of our total sales, both in Chile and Argentina, 11% correspond to export sales made in foreign currencies, mainly US dollars, euro, sterling pound, and of the total costs, 63% correspond to raw material and product purchases in foreign currencies, or indexed to such currencies. We do not actively hedge the eventual variations in the expected cash flows from such transactions.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On the other hand, we are exposed to exchange rate movements related to the conversion from Argentine pesos to Chilean pesos in the income, assets and liabilities of our subsidiaries in Argentina. We do not actively hedge the risks related to the subsidiaries conversion, the effects of which are recorded in Equity. As of December 31, 2009, the net investment in Argentine subsidiaries amounted to Ch$ 88,847 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif>Quantitative Information about Market Risk</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Interest Rate Sensitivity</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Most of our debt is at a fixed interest rate, so it is not exposed to fluctuations in interest rates. While we have a US$70 million variable rate loan we have entered into a cross currency swap to mitigate the interest rate risk associated with this loan. As of December 31, 2009, our interest-bearing debt amounted to Ch$229,527 million (see note 24 to the consolidated financial statements), 82% of which was fixed debt and 18% was variable-rate debt.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table summarizes debt obligations with interest rates by maturity date, the related weighted-average interest rates and fair values:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><B><FONT size=2><U>Interest-Bearing Debt as of December 31, 2009</U></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><FONT size=1>(Ch$ million, except percentages)</FONT></TD></TR>
<TR height=20>
     <TD align=center colSpan=19></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><B><FONT size=1>Expected Maturity Date</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2014</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>TOTAL</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1>Fixed rate</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>Ch$ (UF) (1) (2)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Ch$16,138</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,961</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,985</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,805</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>66,571</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>92,505</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>186,965</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>160,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Interest rate</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>3.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.3%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.3%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.3%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>3.2%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.7%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.1%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>US$</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Average int. rate</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>6.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>6.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>Argentine pesos</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>418</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>418</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Interest rate</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>17.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>17.0%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><B><FONT size=1>Variable rate</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Euro</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Average int. rate</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>US$ (3)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,233</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>36,638</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>40,153</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>40,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Average int. rate</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4.4%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4.5%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Lb+0.27</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4.5%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Lb+0.27</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=3><B><FONT size=1>Derivative contract</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>Cross currency swaps:</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>421</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left colSpan=3><FONT size=1>Receive US$ at Libor + 0.27</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>29</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>44,552</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>44,680</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>Pay Ch$ (UF) at 2.25%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>112</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>39,691</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>39.803</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=19></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=19><FONT size=1>
<HR align=left width="20%">
(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>A UF (</FONT><I><FONT size=1>Unidad de Fomento</FONT></I><FONT size=1>) is a daily indexed, peso-denominated monetary unit. The UF is set daily in advance based on the <FONT size=1>previous month's inflation rate.</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=19><FONT size=1>(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Bonds issued in the Chilean market.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=19><FONT size=1>(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1>Includes the US$70 million loans that are hedged through cross currency interest rate swap agreements.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 28.35pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Commodity Price Sensitivity </FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The major commodity price sensitivity faced by us is the variation of malt prices.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table summarizes information about our malt, barley and bulk wine inventories and futures contracts that are sensitive to changes in commodity prices, mainly malt prices.&nbsp; For inventories, the table presents the carrying amount and fair value of the inventories and contracts as of December 31, 2009.&nbsp; For </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>


</P>
<a name="_bclFooter108"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>103</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_109"></A>
<a name="_bclPageBorder109"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader109"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>


<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>these contracts the table presents the notional amount in tons, the weighted average contract price, and the total dollar contract amount by expected maturity date.<BR>
</P>
<BR>
</FONT>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=13><B><FONT size=2><U>Commodity Price Sensitivity as of December 31, 2009</U></FONT></B></TD></TR>
<TR>
     <TD colSpan=15>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>Carrying Amount</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1><U>On Balance Sheet Position</U></FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>&nbsp;&nbsp;&nbsp;Malt inventory (millions of Ch$)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Ch$6,740</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>7,193</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Bulk wine inventory - raw material</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>23,826</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1>22,664</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=15>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=7><B><FONT size=1>Expected Maturity</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=1>2014 </FONT></B></TD>
     <TD align=center>&nbsp;</TD>
     <TD align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1><U>Purchase Contracts</U></FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Malt:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Fixed Purchase Volume (tons)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>43,007</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>36,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>36,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>16,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Weighted Average Price (US$ per ton) (*)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>498</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>530</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>530</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>530</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Contract Amount (thousands of US$)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$21,436</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>19,080</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>19,080</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>8,480</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>69,434</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Barley:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Fixed Purchase Volume (tons)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>52,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>25,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>25,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>25,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>25,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>25,000</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Weighted Average Price (US$ per ton) (*)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>227</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Contract Amount (thousands of US$)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$11,781</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,625</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,625</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,625</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,625</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>5,625</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>42,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Grapes:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Fixed Purchase Volume (tons)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>79</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>10,671</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>8,304</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>7,638</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>2,620</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>8,746</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Weighted Average Price (Ch$ per kg.) (*)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>542</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>210</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>202</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>173</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>303</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>369</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Contract Amount (millions of Ch$)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Ch$43</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>2,243</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,674</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1,321</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>795</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>3,226</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>9,115</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Wine:</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Fixed Purchase Volume (million liters)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>1.4</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Weighted Average Price (Ch$ per liter) (*)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>160</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #cceeff" align=left><FONT size=1><FONT size=1>&nbsp;&nbsp;&nbsp;</FONT>Contract Amount (millions of Ch$)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Ch$217</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>256</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left colSpan=15></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px; BACKGROUND-COLOR: #ffffff" align=left colSpan=15><FONT size=1>
<HR align=left width="20%">
(*) Weighted average price estimation is calculated based on expected market prices. Prices to be paid by us are adjusted <FONT size=1>based on current market conditions.</FONT></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>As of December 31, 2008 we had malt purchase contracts for US$147.6 million, compared with US$148.6 million as of December 31, 2009. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Exchange Rate Sensitivity</FONT></B></H5>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The major exchange rate risk faced by us is the variation of the Chilean peso against the U.S. dollar.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>On November 23, 2007, the Cayman Islands Branch of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. entered into a US$70 million, five-year unsecured, loan agreement. This credit agreement has a variable interest rate of LIBOR + 0.27% in U.S. dollars. The amortization of the loan will be done in one payment at the maturity date. Interest payments are made on a semi-annual basis. To avoid the exchange and interest risks of this credit, we entered into a cross currency interest rate swap agreement for the total amount of this loan. As a consequence, we replaced the risk of LIBOR fluctuations for this credit agreement with a fixed rate of 2.75% in UF.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>A portion of our subsidiaries operating revenue and assets and liabilities are in currencies that differ from our functional currency. However, since some of their operating revenues and expenses are in the same currency, this can create a partial natural hedge. In the case of our subsidiary Vi&#241;a San Pedro, occasionally there exist short-term timing differences related to invoicing and cash collection which can generate currency exposure. We have entered into short-term US dollar currency forward contracts to mitigate this risk.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The following table summarizes our debt obligations, cash and cash equivalents, accounts receivable and derivative contracts in foreign currencies as of December 31, 2009 in million Chilean pesos, according to their maturity date, weighted-average interest rates and fair values:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter109"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>104</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_110"></A>
<a name="_bclPageBorder110"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader110"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><B><FONT size=2><U>Exchange Rate Sensitivity as of December 31, 2009</U></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=19><FONT size=2>(Ch$ million, except percentages and exchange rate)</FONT></TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><B><FONT size=1>Expected Maturity Date</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>2014</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>TOTAL </FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1><U>Debt Obligations</U></FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1>Variable rate (US$)</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT size=1>Short and medium term (1)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>Ch$1,233</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1>36,638</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,141</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>40,153</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>40,460</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right colSpan=3><FONT size=1>Average int. rate</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.4%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>Libor+0.27%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>4.5%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Variable rate (Euro)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Short and medium term</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right colSpan=3><FONT size=1>Average int. rate</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1>Fixed rate (US$)</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Short term</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right colSpan=3><FONT size=1>Interest rate</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>6.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>6.8%</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Fixed rate (Argentine $)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Short term</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>418</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>418</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>418</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=right colSpan=3><FONT size=1>Interest rate</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0%</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1><U>Cash and Cash</U></FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><B><FONT size=1><U>Equivalents</U></FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>US$</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,516</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,516</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,516</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>7,762</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>7,762</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>7,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>TOTAL</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>9,278</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>9,278</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>9,278</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #cceeff" colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1><U>Accounts Receivables</U></FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>US$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>13,433</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>13,433</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>13,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentine Pesos</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,248</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,248</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>18,002</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>18,002</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>18,002</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>TOTAL</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>37,683</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>37,683</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1>37,683</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center colSpan=5><B><FONT size=1>Expected Maturity Date</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><B><FONT size=1>Notional</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2010</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2011</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2012</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2013</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>2014</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>Thereafter</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>TOTAL</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" align=center><B><FONT size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>amount</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><B><FONT size=1><U>Derivative Contracts (in</U></FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1><U>thousand of US$)</U></FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=1>Receive Ch$/pay US$</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$76,411</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$76,411</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$76,411</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=1>US$75,584</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Receive US$/pay Ch$</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1>US$70,000</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>US$70,000</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>US$71,248</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left colSpan=19></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left colSpan=19><FONT size=1>(1) This debt considers US$ loans that are hedged through cross currency interest rate swap agreements which convert the <FONT size=1>entire US$ debt to Ch$ debt (UF1,850,175).</FONT></FONT></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT></DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 12: Description of Securities Other than Equity Securities</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>12</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.D.3. Depositary Fees and Charges </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>JP Morgan Chase Bank N.A. (JP Morgan) is the depositary of CCU shares in accordance with the deposit agreement, dated September 1,1992, entered into by and among CCU, Morgan Guaranty Trust Company of New York, currently JP Morgan Chase Bank N.A. (JPMorgan), as depositary, and all owners from time to time of ADSs issued by CCU (&#147;Deposit Agreement&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Pursuant to the Deposit Agreement, holders of our ADSs may have to pay to JP Morgan, either directly or indirectly, fees or charges up to the amounts set forth in the table below.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>105</FONT></FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_111"></A>
<a name="_bclPageBorder111"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader111"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: '''''''''''''''Times New Roman'''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="2%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Service</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Fee</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Issuance of ADSs</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>US$5 per each 100 ADSs issued</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Cancellation of ADSs</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>US$5 per each 100 ADSs canceled</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>ADS holders will also be responsible to pay certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges such as: stock transfer or other taxes and other governmental charges;&nbsp; cable, telex and facsimile transmission and delivery charges incurred upon the transfer of securities; transfer or registration fees for the registration of transfers charged by the registrar and transfer agent; or expenses incurred for converting foreign currency into U.S. dollars.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>12.D.4. Depositary Payments</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>In 2009, we received the following payments from JP Morgan in connection with our ADR program: </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="2%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Expenses</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>ThUS$ amount</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=2>PWC USGAAP audit</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><FONT size=2>11.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>PWC 20F review</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>13.2</FONT></TD></TR>
<TR height=20>
     <TD align=left>20F translation</TD>
     <TD></TD>
     <TD align=right>4.5</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=2>Banco Santander Conference</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><FONT size=2>7.3</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Deutsche Bank Conference</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>16.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=2>Bank of New York ADR issuers conf.</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><FONT size=2>1.1</FONT></TD></TR>
<TR height=20>
     <TD align=left>Merril Lynch Conference</TD>
     <TD></TD>
     <TD align=right>2.1</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Latibex Conference</FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>8.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=2>Miscellaneous</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=right><FONT size=2>1.2</FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT size=2>Total</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px; BACKGROUND-COLOR: #ffffff" align=right><FONT size=2>65.9</FONT></TD></TR></TABLE></DIV> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"></H2>
<a name="_bclFooter111"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>106</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_112"></A>
<a name="_bclPageBorder112"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader112"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>&nbsp;PART II</FONT></B></H2> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 13: Defaults, Dividend Arrearages and Delinquencies</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 14: Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 15: Controls and Procedures</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(a) </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Controls and Procedures.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> &nbsp;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, 2009.&nbsp; These controls and procedures were designed to ensure that material information relating to us and our subsidiaries are communicated to our CEO and 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.&nbsp; There have been no significant changes in our internal controls and procedures subseque
nt to the date of this evaluation.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(b) </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Management&#146;s Annual Report on Internal Control over Financial Reporting.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; Our management, including our CEO and CFO, are responsible for establishing and maintaining adequate internal control over financial reporting and has assessed the effectiveness of our internal control over financial reporting as of December 31, 2009 based on the criteria established in &#147;Internal Control &#150; Integrated Framework&#148; issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;) and, based on such criteria, our management has concluded that, as of December 31, 2009, our internal control over financial reporting is effective.</FONT></P
>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
 our assets that could have a material effect on the financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp; Also, projections of any evaluation of the effectiveness of internal control to future periods are subject to the risk that controls may become inadequate because of changes in conditions, and that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>The effectiveness of our internal control over financial reporting as of December 31, 2009 has been audited by PricewaterhouseCoopers, an independent registered public accounting firm, as stated in their report which appears herein.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter112"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>107</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_113"></A>
<a name="_bclPageBorder113"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader113"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(c) </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Attestation Report of the Registered Public Accounting Firm.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; See page F-2 of our audited consolidated financial statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(d) </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>Changes in Internal Control over Financial Reporting.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>&nbsp; There has been no change in our internal control over financial reporting during 2009 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>(e) Whistle-blowing procedure. We have a whistle-blowing procedure which allows any employee of CCU, of its associates or any person, to communicate to a designated person questionable practices or activities that constitute a breach of accounting procedures, internal controls, audit matters and the Code of Business Conduct. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16A: Audit Committee Financial Expert</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>At the board meeting held on February 4, 2010, our board of directors agreed to increase from three to four the number of members of the audit committee, and to appoint Mr. Philippe Pasquet as the fourth member. Therefore, the current members of our audit committee are Messrs. Giorgio Maschietto, Carlos Olivos, Alberto Sobredo and Philippe Pasquet, each of whom is independent as defined by the Sarbanes-Oxley Act of 2002.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The audit committee in its meeting held on May 4, 2009, analyzed the requirements that Section 407 of the Sarbanes Oxley Act sets forth regarding the qualifications of an "Audit Committee Financial Expert" and, after due consideration, determined that none of the members of the audit committee meet the requirements of an "Audit Committee Financial Expert". However, we are not required to have an "Audit Committee Financial Expert" or similar expert under relevant U.S. or Chilean law.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16B: Code of Ethics</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We have adopted a Code of Business Conduct that applies to all of our executive officers and employees.&nbsp; Our Code of Business Conduct is available on our website at www.ccu.cl.&nbsp; Our code of ethics was updated in March 2010 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>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16C: Principal Accountant Fees and Services</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The following table sets forth the fees billed to us by our independent auditors, PricewaterhouseCoopers, during the fiscal years ended December 31, 2008 and 2009:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''Times New Roman'''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>2008</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=2>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(Ch$ million)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=1>(Ch$ million)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Audit Fees</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>341</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>266</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>Audit-Related Fees</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>61</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=2>143</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Tax Fees</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>All Other Fees</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>44</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=2>37</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" align=left><FONT size=2>Total Fees</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>446</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right><FONT size=2>446</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>&#147;Audit fees&#148; 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. &#147;Audit-related fees&#148; are the aggregate fees billed by PricewaterhouseCoopers for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements or that are traditionally performed by the external auditor, and include consultations regarding the Sarbanes-Oxley Act and due diligence related to transactions.&nbsp; &#147;Tax fees&#148; are fees billed by PricewaterhouseCoopers associated with the issuance of certificates for tax and legal compliance purposes. &#147;All Other Fees&#148; are mostly related to the migration to IFRS. </FONT></P>
<a name="_bclFooter113"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>108</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_114"></A>
<a name="_bclPageBorder114"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader114"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Audit Committee Pre-Approval Policies and Procedures</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Since July 2005, our audit committee pre-approves all audit and non-audit services provided by our independent auditor pursuant to Sarbanes-Oxley Act of 2002 and pre-approves all audit services provided by any other public accounting firm.</FONT></P>
<P style="MARGIN: 0in 0in 5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16D: Exemptions from the Listing Standards for Audit Committees</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16F: Change in Registrant&#146;s Certifying Accountants</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Not applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 16G: Corporate Governance</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>General summary of significant differences with regard to corporate government standards</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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, or NYSE, listing standards.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Composition of the board of directors; independence</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; 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.&nbsp; 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. &nbsp;In addition, the NYSE listing standards enumerate a number of relationships that preclude independence.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" face=Arial,sans-serif>Under the amendment to the Chilean Corporations Act, in effect as of January 1, 2010, an open-stock corporation must have at least one independent director (out of a minimum of seven directors) when its market capitalization reaches or exceeds 1.5 million Unidades de Fomento (as of April 30, 2010 approximately Ch$31,547 million) and at least 12,5% of its outstanding shares with voting rights are in the possession of shareholders that individually control or possess less than 10% of such shares. In addition, the Chilean Corporation Act enumerates &nbsp;a number of relationships that preclude independence. The Chilean law also establishes a number of principles of general applicability designed to avoid conflicts of interests and to establish standards for related party transactions.&nbsp; Specifically, directors elected by a group or class of 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, must be in the interest of and for the benefit of the company, compare in price, terms and conditions to those prevailing in the market at the time of its approval and comply with the requirements and procedures set forth in Chapter XVI of the Chilean Corporation Act (See &#147;Item 7: Major Shareholders and Related Party Transactions&#148;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif>.)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter114"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>109</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_115"></A>
<a name="_bclPageBorder115"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader115"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Furthermore, such transactions must be reviewed by the directors committee (as defined below); they require prior approval by the board of directors and must be disclosed at the next meeting of shareholders, unless such transactions fall within one the exemptions contemplated by the Chilean Corporations Act and, if applicable, included in the usual practice policy approved by the board of directors </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(See &#147;Item 7: Major Shareholders and Related Party Transactions&#148;.)</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; Pursuant to NYSE rule 303A.00, we may follow Chilean practices and are not required to have a majority of independent directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Committees</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The NYSE listing standards require that listed companies have a Nominating/Corporate Governance Committee, a Compensation Committee and an Audit Committee.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Under Chilean law, the only board committee that is required is the directors committee (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>comit&#233; de directores</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>), 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 related party transactions, and issue a report on such transactions, (d) review the managers, principal executive officers&#146; and employees&#146; compensation policies and plans and (e) to prepare an annual r
eport of the performance of its duties, including the principal recommendations to shareholders; (f) report to the board of directors the convenience of retaining non-audit services from its external auditors, if the nature of such services could impair their independence; and (g) perform other duties as defined by the company&#146;s bylaws, by the general shareholders&#146; meeting or by the board.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Requirements to be deemed an independent director are set forth in &#147;Item 6: Directors, Senior Management and Employees. Board Practices - Directors Committee&#148;. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Pursuant to NYSE Rule 303A.06, we must have an audit committee that satisfies the requirements of Rule 10A-3 under the Exchange Act by July 31, 2005. In the meeting held on February 3, 2010, our board of directors agreed to increase from three to four the number of members of the audit committee, and to appoint Mr. Philippe Pasquet as the fourth member. Therefore, the current members of our audit committee are Messrs. Giorgio Maschietto, Carlos Olivos, Alberto Sobredo and Philippe Pasquet, all of them meet the independence criteria contained in the Exchange Act and the NYSE Rule.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Shareholder approval of equity-compensation plans</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; Under NYSE listing standards, shareholders must be given the opportunity to vote on all equity-compensation plans and material revisions thereto, with limited exemptions.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Corporate Governance Guidelines</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Chilean law does not require that such corporate governance guidelines be adopted.&nbsp; Director responsibilities and access to management and independent advisors are directly provided for by applicable law.&nbsp; Director compensation is determined by the annual meeting of shareholders pursuant to applicable law.&nbsp; As a foreign issuer, we may follow Chilean practices and are not required to adopt and disclose corporate governance guidelines.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial size=2></FONT>&nbsp;</P>
<a name="_bclFooter115"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>110</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_116"></A>
<a name="_bclPageBorder116"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader116"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Code of Business Conduct</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt 70.5pt; TEXT-INDENT: -70.5pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>We have adopted a code of business conduct that applies generally to all of our executive officers and employees.&nbsp; A copy of the code of business conduct, as amended, is available in our website at www.ccu.cl.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Manual of Information of Interest to the Market</FONT></U></I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>.&nbsp; In 2008, the Superintendency of Securities and Insurance (</FONT><I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>Superintendencia de Valores y Seguros</FONT></I><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>, or SVS) promulgated new rules which require public companies to adopt a manual regarding disclosure of information of interest to the market, board members and executives shares transactions and black out periods for such transactions.&nbsp; This manual applies to our directors, the directors of our subsidiaries, our executive officers, some of our employees which may be in possession of confidential, reserved or privileged information of interest, and to our advisors.&nbsp; The manual took effect on June 1, 2008. </FON
T><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;A copy of the </FONT><FONT lang=EN-GB style="FONT-SIZE: 10pt" face=Arial,sans-serif>manual regarding disclosure of information of interest to the market, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>as amended on March 18, 2010, is available in our website at www.ccu.cl.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Executive Sessions</FONT></U></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt 70.5pt; TEXT-INDENT: -70.5pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Under Chilean law, the office of director is not legally compatible with that of a company officer in publicly traded companies.&nbsp; 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.&nbsp; 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Certification Requirements</FONT></U></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. 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>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<a name="_bclFooter116"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>111</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_117"></A>
<a name="_bclPageBorder117"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader117"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="mso-ansi-language: ES"><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></FONT>&nbsp;</P>
<P align=right>
<A href="#page_3">Table of Contents</A></P>
</DIV> <H2 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>PART III</FONT></B></H2> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 17: Financial Statements</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The Company has responded to Item 18 in lieu of responding to this item.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 18: Financial Statements</FONT></B></H3>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>See Annex for the Financial Statements </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.1pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif>ITEM 19: Exhibits</FONT></B></H3> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</H3>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="2%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><B><FONT size=3><U>Index to Exhibits</U></FONT></B><U>&nbsp;</U></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>1.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Company by-laws (incorporated by reference to Exhibit 1.1 of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. <FONT size=2>Annual Report on Form 20-F for the year ended December 31, 2001, filed on June 28, 2002).</FONT></FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>8.1</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. significant subsidiaries (incorporated by reference to Exhibit <FONT size=2>8.1 of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. Annual Report on Form 20-F for the year ended <FONT size=2>December 31, 2003, filed on June 24, 2004).</FONT></FONT></FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>
<A href="exhibit121.htm">12.1</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>
<A href="exhibit121.htm">Certification of Chief Executive Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</A><FONT size=2></FONT></FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>
<A href="exhibit122.htm">12.2</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>
<A href="exhibit122.htm">Certification of Chief Financial Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</A><FONT size=2></FONT></FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>
<A href="exhibit131.htm">13.1</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>
<A href="exhibit131.htm">Certification of Chief Executive Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</A><FONT size=2></FONT></FONT></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=2>
<A href="exhibit132.htm">13.2</A></FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left><FONT size=2>
<A href="exhibit132.htm">Certification of Chief Financial Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</A><FONT size=2></FONT></FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="92%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=3><U>Index to Financial Statements and Schedules</U></FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=2>Page</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left>
<A href="#page_carta"><FONT size=2>Report of Independent Registered Public Accounting Firm</FONT>&nbsp;</A></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>
<A href="#page_carta"><FONT size=2>F-2</FONT></A></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>
<A href="#page_121"><FONT size=2>Consolidated Balance Sheet at December 31, 2009 and 2008</FONT>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_121"><FONT size=2>F-6</FONT></A></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left>
<A href="#page_123"><FONT size=2><FONT size=2>Consolidated Statement of Income for each of the two years in the period ended</FONT> December 31, 2009</FONT>&nbsp;</A></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>
<A href="#page_123"><FONT size=2>F-8</FONT></A></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>
<A href="#page_126"><FONT size=2><FONT size=2>Consolidated Statement of Cash Flows for each of the two years in the period ended</FONT> December 31, 2009</FONT>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_126"><FONT size=2>F-11</FONT></A></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top align=left>
<A href="#page_127"><FONT size=2>Notes to the consolidated financial statements</FONT>&nbsp;</A></TD>
     <TD style="BACKGROUND-COLOR: #cceeff" align=right>
<A href="#page_127"><FONT size=2>F-12</FONT></A></TD></TR></TABLE>
<DIV><FONT lang=EN-US><BR clear=all>
</FONT>
<DIV id=ftn2>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</DIV></DIV>
<a name="_bclFooter117"></a><DIV>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="mso-bidi-font-family: 'Times New Roman'" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>112</FONT></FONT></P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 63.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="HEIGHT: 63.4pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="HEIGHT: 63.4pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x0.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></P>
<P align=center>
<IMG src="x1.jpg">
</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD>
<DIV style="PADDING-RIGHT: 7.2pt; PADDING-LEFT: 7.2pt; PADDING-BOTTOM: 3.6pt; PADDING-TOP: 3.6pt">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 16pt" face=Arial,sans-serif><B><FONT lang=ES-CL>COMPA&#209;&#205;A CERVECER&#205;AS UNIDAS S.A. AND SUBSIDIARIES</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 16pt" face=Arial,sans-serif><B><FONT lang=EN-GB>CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif><FONT lang=EN-GB>for the year ended</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif><FONT lang=ES-CL>as of December 31, 2009</FONT></FONT></P>
</DIV></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"> </FONT>
<P align=center>F-1</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<HR align=left color=#000000 noShade SIZE=2>
<H5 style="PAGE-BREAK-BEFORE: always" align=left></H5>
<A name="page_118"></A>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
<P align=center><B>&nbsp;
<IMG src="logoprice3.gif" border=0>
</B></P>
<P align=justify><B>Report of Independent Registered Public Accounting Firm</B></P>
<P align=justify>To the Board of Directors and Shareholders of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</P>
<P align=justify>In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, shareholders&#146; equity and cash flows present fairly, in all material respects, the financial position of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. and its subsidiaries at December 31, 2009 and 2008, and January 1, 2008 and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2009 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2009, based on criteria established in <I>Internal Control - Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements, for maintaini
ng effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#146;s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on these financial statements and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
 made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</P>
<P align=justify>A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company&#146;s assets that could have a material effect on the financial statements.</P>
<P style="TEXT-ALIGN: center">F - 2</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=justify>
<IMG src="logoprice2.gif" border=0>
</P>
<P align=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P align=justify>&nbsp;</P>
<P>&nbsp;
<IMG src="firmaprice2.gif" border=0>
</P>
<P>Santiago, Chile<BR>
June 11, 2010</P>
<P style="TEXT-ALIGN: center">F - 3</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV></DIV>


<A name="fpages_index"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 63.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x2.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>INDEX</FONT></B></FONT></H1></DIV>
<TABLE style="FONT-SIZE: 11px; FONT-FAMILY: 'Times New Roman, Times, Serif'" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
     <TD></TD>
     <TD width="13%"></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_121"><B>CONSOLIDATED BALANCE SHEET</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_121"><B>4</B></A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_123"><B>CONSOLIDATED STATEMENT OF INCOME</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_123"><B>6</B></A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_125"><B>STATEMENT OF CHANGES IN NET EQUITY</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_125"><B>8</B></A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_126"><B>CONSOLIDATED STATEMENT OF CASH FLOW</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_126"><B>9</B></A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_127"><B>NOTE 1 GENERAL INFORMATION</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_127"><B>10</B>&nbsp;</A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_131"><B>NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_131"><B>14</B>&nbsp;</A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_131"><I>2.1</I>&nbsp;<I>Bases of preparation</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_131"><I>14</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_132"><I>2.2</I>&nbsp;<I>Bases of consolidation</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_132"><I>15</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_133"><I>2.3</I>&nbsp;<I>Financial information as per operational segments</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_133"><I>16</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_133"><I>2.4</I>&nbsp;<I>Foreign currency and unidad de fomento</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_133"><I>16</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_134"><I>2.5</I>&nbsp;<I>Cash and cash equivalents</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_134"><I>17</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_134"><I>2.6</I>&nbsp;<I>Financial instruments</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_134"><I>17</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_136"><I>2.7</I>&nbsp;<I>Financial asset impairment</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_136"><I>19</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_136"><I>2.8</I>&nbsp;<I>Inventories</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_136"><I>19</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_136"><I>2.9</I>&nbsp;<I>Prepaid expenses</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_136"><I>19</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_136"><I>2.10</I>&nbsp;<I>Property, plant and equipment</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_136"><I>19</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_137"><I>2.11</I>&nbsp;<I>Leases</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_137"><I>20</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_137"><I>2.12</I>&nbsp;<I>Investment property</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_137"><I>20</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_137"><I>2.13</I>&nbsp;<I>Biological assets</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_137"><I>20</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_138"><I>2.14</I>&nbsp;<I>Intangible assets</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_138"><I>21</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_139"><I>2.15</I>&nbsp;<I>Impairment of non-current assets different from negative goodwill</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_139"><I>22</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_139"><I>2.16</I>&nbsp;<I>Income tax and deferred taxes</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_139"><I>22</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_140"><I>2.17</I>&nbsp;<I>Employees benefits</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_140"><I>23</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_140"><I>2.18</I>&nbsp;<I>Provisions</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_140"><I>23</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_140"><I>2.19</I>&nbsp;<I>Deposits on bottles and containers</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_140"><I>23</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_141"><I>2.20</I>&nbsp;<I>Revenue recognition</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_141"><I>24</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_141"><I>2.21</I>&nbsp;<I>Commercial agreements with distributors and supermarket chains</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_141"><I>24</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_141"><I>2.22</I>&nbsp;<I>Cost of sales of products</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_141"><I>24</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_142"><I>2.23</I>&nbsp;<I>Marketing expenses (marketing and sales)</I></A></TD>
     <TD align=right>
<A href="#page_142"><I>25</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_142"><I>2.24</I>&nbsp;<I>Distribution expenses</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_142"><I>25</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_142"><I>2.25</I>&nbsp;<I>Administration expenses</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_142"><I>25</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_142"><I>2.26</I>&nbsp;<I>Environment</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_142"><I>25</I>&nbsp;</A></TD></TR>
<TR>
     <TD colSpan=2>
<A href="#page_142"></A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_142"><B>NOTE 3 ESTIMATES AND APPLICATIONS OF PROFESSIONAL CRITERION</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_142"><B>25</B>&nbsp;</A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_143"><B>NOTE 4 TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)</B></A></TD>
     <TD align=right>
<A href="#page_143"><B>26</B>&nbsp;</A></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_144"><I>(a) Property, plant and equipment</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_144"><I>27</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_145"><I>(b) Investment property</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_145"><I>28</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_145"><I>(c) Dividend provision</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_145"><I>28</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_145"><I>(d) Price-level restatement elimination</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_145"><I>28</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_145"><I>(e) Fair value financial instruments</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_145"><I>28</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(f) Severance indemnities provision</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(g) Investments abroad functional currency</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(h) Debt related financing costs</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(i) Deferred taxes</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(j) Minority interest</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_146"><I>(k) Capitalization of financing cost</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_146"><I>29</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_147"><I>(l) Goodwill</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_147"><I>30</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_147"><I>(m) Marketing expenses</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_147"><I>30</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_147"><I>(n) Commercial trademarks amortization</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_147"><I>30</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_147"><I>(o) Goodwill</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_147"><I>30</I>&nbsp;</A></TD></TR></TABLE>
<P style="TEXT-ALIGN: center">F - 4</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_120"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 63.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x3.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<TABLE style="FONT-SIZE: 11px; FONT-FAMILY: 'Times New Roman, Times, Serif'" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
     <TD></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_148"><B>NOTE 5 RISK ADMINISTRATION</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_148"><B>31</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_148"><I>Risk administration</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_148"><I>31</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_148"><I>Exchange rate risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_148"><I>31</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_149"><I>Interest rates risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_149"><I>32</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_150"><I>Inflation risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_150"><I>33</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_150"><I>Raw material price risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_150"><I>33</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_151"><I>Credit risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_151"><I>34</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" align=left>
<A href="#page_151"><I>Liquidity risk</I>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_151"><I>34</I>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_153"><B>NOTE 6 FINANCIAL INSTRUMENTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_153"><B>36</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_157"><B>NOTE 7 FINANCIAL INFORMATION AS PER OPERATING SEGMENTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_157"><B>40</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_162"><B>NOTE 8 BUSINESS COMBINATIONS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_162"><B>45</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_165"><B>NOTE 9 NET SALES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_165"><B>48</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_165"><B>NOTE 10 NATURE OF THE COSTS AND EXPENSES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_165"><B>48</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_165"><B>NOTE 11 FINANCIAL RESULTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_165"><B>48</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_166"><B>NOTE 12 OTHER GAIN AND LOSS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_166"><B>49</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_166"><B>NOTE 13 CASH AND CASH EQUIVALENT</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_166"><B>49</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_167"><B>NOTE 14 ACCOUNTS RECEIVABLES &#150; TRADE AND OTHER</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_167"><B>50</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_168"><B>NOTE 15 ACCOUNTS AND TRANSACTIONS WITH RELATED COMPANIES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_168"><B>51</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_174"><B>NOTE 16 INVENTORIES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_174"><B>57</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_175"><B>NOTE 17 PREPAID EXPENSES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_175"><B>58</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_175"><B>NOTE 18 INVESTMENTS IN JOINT VENTURES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_175"><B>58</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_178"><B>NOTE 19 INTANGIBLE ASSETS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_178"><B>61</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_180"><B>NOTE 20 PROPERTY, PLANT AND EQUIPMENT</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_180"><B>63</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_181"><B>NOTE 21 INVESTMENT PROPERTY</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_181"><B>64</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_182"><B>NOTE 22 BIOLOGICAL ASSETS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_182"><B>65</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_183"><B>NOTE 23 INCOME TAXES AND DEFERRED TAXES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_183"><B>66</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_186"><B>NOTE 24 DEBTS AND FINANCIAL LIABILITIES THAT ACCRUE INTEREST</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_186"><B>69</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_194"><B>NOTE 25 ACCOUNTS PAYABLE &#150; TRADE AND OTHER</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_194"><B>77</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_194"><B>NOTE 26 PROVISIONS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_194"><B>77</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_195"><B>NOTE 27 OTHER LIABILITIES</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_195"><B>78</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_195"><B>NOTE 28 EMPLOYEES BENEFITS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_195"><B>78</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_199"><B>NOTE 29 MINORITY INTERESTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_199"><B>82</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_199"><B>NOTE 30 COMMON SHAREHOLDERS&#146; EQUITY</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_199"><B>82</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_201"><B>NOTE 31 CONTINGENCIES AND COMMITMENTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_201"><B>84</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_203"><B>NOTE 32 ENVIRONMENT</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_203"><B>86</B>&nbsp;</A></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<A href="#page_203"><B>NOTE 33 SUBSEQUENT EVENTS</B>&nbsp;</A></TD>
     <TD align=right>
<A href="#page_203"><B>86</B>&nbsp;</A></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</H1></DIV>
<P style="TEXT-ALIGN: center">F - 5</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_121"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 63.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x4.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>CONSOLIDATED BALANCE SHEET</FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''Times New Roman''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 1px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>ASSETS</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Note</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Current Assets</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalent</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>13</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>137,353,669</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with changes in income</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>852,712</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,535,652</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>1,330,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable - trade and other</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>14</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>134,503,176</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,733,556</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,902,504</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>8,021,709</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Inventories</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>16</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>72,777,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>124,595,695</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>108,069,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge assets</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Prepaid expenses</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,720,758</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,643,249</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>8,921,387</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Taxes receivable</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,253,402</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17,497,536</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>9,053,034</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other current assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>490,103</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>464,564</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>385,987</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total current assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>330,757,278</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>364,427,794</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>407,639,075</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Non-current assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>284,457</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>295,382</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>273,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investments in joint venture</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>18</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>32,813,634</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>42,341,048</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>43,284,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Intangible assets (net)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>31,764,270</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>110,078,900</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>103,475,569</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Property, plant and equipment (net)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>20</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>403,506,077</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>494,939,627</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>491,121,558</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investment property</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>21</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,801,327</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,503,042</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>15,291,308</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Biological assets</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>11,923,602</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17,285,991</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>16,030,387</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred income tax</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,888,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>21,053,453</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>23,999,110</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivate hedge assets</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Prepaid expenses</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,606,401</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,490,089</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>1,437,156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other non-current assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>1,398,413</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,721,219</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>1,220,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total non-current assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>520,987,001</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>717,275,008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>696,133,818</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 1px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>851,744,279</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,081,702,802</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,103,772,893</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB></FONT></FONT>&nbsp;</P>
<HR width="100%" SIZE=3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The columns in the tables have been ordered chronologically in accordance with occidental reading format.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"> </FONT>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'"><BR clear=all>
</FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></H1></DIV>
<P style="TEXT-ALIGN: center">F - 6</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_122"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 63.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 63.4pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x7.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>CONSOLIDATED BALANCE SHEET</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''Times New Roman'''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>LIABILITIES AND NET EQUITY</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Note</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>LIABILITIES</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Current Liabilities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,196,154</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>86,244,327</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>19,780,477</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable - trade and other</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>25</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>125,351,446</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other financial liabilities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>439,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,443,606</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,966,618</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>4,263,311</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Provisions</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,311,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,262,026</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>3,747,286</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Tax payable</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>7,018,586</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,121,935</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>8,048,477</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other liabilities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>49,050,738</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>53,411,170</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>83,673,738</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>83,907</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total current Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>178,518,806</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>297,786,577</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>245,387,682</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Non-current Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>24</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>162,851,906</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>159,793,050</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>209,747,317</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>610,093</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>610,093</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>610,093</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Provisions</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>26</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>11,796,018</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,125,691</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>10,656,638</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred income taxes</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>38,916,516</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>51,143,463</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>50,672,268</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other liabilities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,879,076</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,281,558</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>11,400,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>2,091,784</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total non-current Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>242,568,487</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>235,953,855</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>285,178,694</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>421,087,293</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>533,740,432</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>530,566,376</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>NET EQUITY</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#99cc00><FONT size=1>30</FONT>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Paid-in capital</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>213,404,259</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>231,019,592</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>231,019,592</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other reserves</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>6,380,135</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,164,729</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>(25,194,445)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Retained earnings</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>161,138,442</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>200,680,243</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>256,404,398</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Equity attributable to equity holders of the parents</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>380,922,836</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>443,864,564</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>462,229,545</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority interests</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>49,734,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>104,097,806</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>110,976,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>430,656,986</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>547,962,370</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>573,206,517</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total Liabilities and Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>851,744,279</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,081,702,802</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,103,772,893</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<DIV align=left>
<HR width="100%" SIZE=3>
<FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The columns in the tables have been ordered chronologically in accordance with occidental reading format.</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'"><BR clear=all>
</FONT></P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center></H1></DIV>
<P style="TEXT-ALIGN: center">F - 7</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_123"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD width="100%" colSpan=2></TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>Consolidated Balance Sheet</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x10.jpg" width=103>
</P>
</TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="100%" colSpan=2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF INCOME</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''''Times New Roman'''''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the year ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>CONSOLIDATED STATEMENT OF INCOME</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Note</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Net Sales</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>710,189,270</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>776,544,195</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cost of Sales</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(335,578,823)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(365,098,371)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Gross Margin</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>374,610,447</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>411,445,824</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other operational income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>2,485,542</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>2,362,077</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketing expenses</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(99,164,910)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(106,015,907)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Distribution expenses</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(75,309,895)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(89,354,339)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Administrative expenses</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(76,617,171)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(78,220,615)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other operational expenses</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,013,729)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(2,835,039)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Net financial expenses</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,797,440)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(10,366,890)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Equity and income of joint venture</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>19</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,563,872</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>1,349,144</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foreign currency exchange differences</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(865,556)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(1,390,070)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Result as per adjustment units</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(15,626,490)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>4,190,023</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Immediately recognized negative goodwill</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>4,148,509</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>9,215</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other gains (losses) net</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>12</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,585,692)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>21,915,417</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Income before taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>105,827,487</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>153,088,840</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income taxes</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(10,524,247)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(11,723,673)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Income from continued activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income (loss) from discontinued activities, after taxes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income of year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income attributable to</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Equity holders of the parent Company</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>90,413,642</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>128,037,473</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>4,889,598</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>13,327,694</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income of year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income per share (pesos)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>283.87</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>402.00</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><FONT size=1>Basic and diluted income (loss) per share from continued activities (pesos)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>283.87</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>402.00</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><FONT size=1>Basic and diluted income (loss) per share from discontinued activities (pesos)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<DIV align=left>
<HR width="100%" SIZE=3>
<FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The columns in the tables have been ordered chronologically in accordance with occidental reading format.</FONT></FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">&nbsp;</P>
<P style="TEXT-ALIGN: center">F - 8</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_124"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD width="100%" colSpan=2></TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>Consolidated Balance Sheet</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x13.jpg" width=103>
</P>
</TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="100%" colSpan=2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''''''Times New Roman'''''''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR style="HEIGHT: 25pt" vAlign=bottom height=8>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300 rowSpan=4><STRONG><FONT color=#ffffff size=1>CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4>&nbsp;<STRONG><FONT color=#ffffff size=1>Note</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid; BACKGROUND-COLOR: #003300" vAlign=center align=center colSpan=2 rowSpan=2><B><FONT color=#ffffff size=1>For the year ended as of December 31</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 5px; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Net Income</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Other income and expense charged or credited against net equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash flow hedge</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,156,120</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(6,507,854)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Exchange differences of foreign subsidiaries</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,866,352</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>(34,738,643)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income tax related to other income components and expense charged or</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left bgColor=#ccffcc>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>credited against net equity</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(876,541)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>1,106,335</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total other comprehensive income and expense:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>21,145,931</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(40,140,162)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Comprehensive income and expense (1)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>116,449,171</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>101,225,005</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Comprehensive income and expense originated by:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Shareholders&#146; equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>110,510,418</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>90,646,599</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority Interests</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>5,938,753</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>10,578,406</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Comprehensive income and expense (1)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>116,449,171</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>101,225,005</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Corresponds to the income (loss) for the year in case no income or expenses have been recorded directly against shareholders&#180; equity.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<DIV align=left>
<HR width="100%" SIZE=3>
<FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT>
<P></P>
<P></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The columns in the tables have been ordered chronologically in accordance with occidental reading format.</FONT></FONT></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></DIV>
<P style="TEXT-ALIGN: center">F - 9</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_125"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD width="100%" colSpan=2></TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>Consolidated Statement of Income</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x16.jpg" width=103>
</P>
</TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="100%" colSpan=2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>STATEMENT OF CHANGES IN NET EQUITY</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"></P>
<FONT style="MARGIN-TOP: 493px; Z-INDEX: 251662848; LEFT: 0px; MARGIN-LEFT: 0px; WIDTH: 1024px; POSITION: absolute; HEIGHT: 71px">
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD>
<DIV style="PADDING-RIGHT: 7.2pt; PADDING-LEFT: 7.2pt; PADDING-BOTTOM: 3.6pt; PADDING-TOP: 3.6pt">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>____________________________________________________________________________________________________________________________________________________</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
</DIV></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR></TABLE></DIV></FONT>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''''''''Times New Roman'''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="18%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=7><B><FONT color=#ffffff size=1>Statement of Changes in Net Equity</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Paid-in Capital</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>Other Reserves</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=6><B><FONT color=#ffffff size=1>Retained</FONT></B><BR>
<B><FONT color=#ffffff size=1>earnings</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=6><B><FONT color=#ffffff size=1>Total equity</FONT></B><BR>
<B><FONT color=#ffffff size=1>attributable to</FONT></B><BR>
<B><FONT color=#ffffff size=1>equity holders of</FONT></B><BR>
<B><FONT color=#ffffff size=1>the parents</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=6><B><FONT color=#ffffff size=1>Minority Interest</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=6><B><FONT color=#ffffff size=1>Total</FONT></B><BR>
<B><FONT color=#ffffff size=1>Shareholder's</FONT></B><BR>
<B><FONT color=#ffffff size=1>Equity</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Common Stock</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Shares</FONT></B><BR>
<B><FONT color=#ffffff size=1>premium</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Currency</FONT></B><BR>
<B><FONT color=#ffffff size=1>translation</FONT></B><BR>
<B><FONT color=#ffffff size=1>difference</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>reserves</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Other reserve</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 2px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Balance as of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>197,925,086</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>15,479,173</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2,084,084</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>4,296,051</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>161,138,442</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>380,922,836</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>49,734,150</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>430,656,986</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Changes</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Final dividends (1)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(7,919,922)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(7,919,922)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(7,919,922)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interim dividends (2)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(14,969,635)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(14,969,635)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(14,969,635)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interim dividends according to policy (3)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(26,345,717)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(26,345,717)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(26,345,717)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other increases (decreases) in Net Equity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17,615,333</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(14,312,182)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,636,567)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,666,584</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>48,424,903</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>50,091,487</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Comprehensive income and expense</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,817,197</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,279,579</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>90,413,642</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>110,510,418</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,938,753</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,449,171</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total changes in equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>17,615,333</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,817,197</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,279,579</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(14,312,182)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>39,541,801</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>62,941,728</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>54,363,656</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>117,305,384</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>AS OF DECEMBER 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>215,540,419</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,479,173</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,817,197</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>6,363,663</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(10,016,131)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>200,680,243</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>443,864,564</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>104,097,806</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>547,962,370</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Balance as of January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>215,540,419</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>15,479,173</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>15,817,197</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>6,363,663</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(10,016,131)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>200,680,243</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>443,864,564</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>104,097,806</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>547,962,370</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Changes</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Final dividends (1)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,263,070)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,263,070)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,263,070)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interim dividends (2)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(19,110,172)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(19,110,172)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(19,110,172)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interim dividends according to policy (3)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(44,908,565)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(44,908,565)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(44,908,565)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other increases (decreases) in Net Equity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>31,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(31,511)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>189</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,699,240)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,699,051)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Comprehensive income and expense</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(31,989,355)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,401,519)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>128,037,473</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>90,646,599</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,578,406</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>101,225,005</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total changes in equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(31,989,355)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(5,401,519)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>31,700</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>55,724,155</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>18,364,981</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,879,166</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>25,244,147</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>AS OF DECEMBER 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>215,540,419</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,479,173</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(16,172,158)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>962,144</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(9,984,431)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>256,404,398</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>462,229,545</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>110,976,972</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>573,206,517</FONT></B>&nbsp;</TD></TR></TABLE>
<P>(1) Related to the difference between the dividends effectively paid and the provision established (50% as per current policies) at the closing date of the preceeding year <BR>
(2) Related to declared dividends at December 31 of each year and paid during January of the next year, as agreed by the Board of Directors <BR>
(3) Related to CCU&#180;s policy to distribute a minimun dividend of at least 50% the income (Note 30)</P>
<P></P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center>&nbsp;</H1></DIV>
<P style="TEXT-ALIGN: center">F - 10</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_126"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD width="100%" colSpan=2></TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>Consolidated Statement of Other Comprehensive Income</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 11pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x18.jpg" width=103>
</P>
</TD></TR>
<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 26.15pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="100%" colSpan=2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>CONSOLIDATED STATEMENT OF CASH FLOW</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<DIV align=left>&nbsp;</DIV>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid; BACKGROUND-COLOR: #003300" vAlign=center align=center rowSpan=3><B><FONT color=#ffffff size=1>Consolidated Statement of Cash Flow</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Notes</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 5px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 5px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Net cash flows from (used in) operational activities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amounts collected from clients</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>941,931,350</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>1,049,098,624</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments to supplier</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(602,725,119)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(656,127,898)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Remunerations paid</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(77,034,752)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(79,161,980)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments received and remitted corresponding to VAT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(108,609,013)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(139,937,632)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other collections</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>23,796,048</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>72,591,248</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00 colSpan=2><B><FONT size=1>Cash flows provided by operations activities</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>177,358,514</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>246,462,362</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Cash flows from (used in) other operational activities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amounts received for dividends classified as operational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>969,745</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>951,045</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amounts received for interest classified as operational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>435,026</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>3,297,780</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amounts paid for interest classified as operational</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(9,817,389)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(9,377,031)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amounts received for returned taxes on income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>2,142,914</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>9,164,178</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments of taxes on income</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(20,956,693)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(10,524,655)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other expense originated by other operational activities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(23,195,943)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(89,129,229)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px double" align=left bgColor=#99cc00 colSpan=2><B><FONT size=1>Cash flows used in other operational activities</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px double" align=right bgColor=#99cc00><B><FONT size=1>(50,422,340)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px double" align=right bgColor=#99cc00><B><FONT size=1>(95,617,912)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px double" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Net Cash flows provided by operational activities</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px double" align=right bgColor=#003300><B><FONT color=#ffffff size=1>126,936,174</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px double" align=right bgColor=#003300><B><FONT color=#ffffff size=1>150,844,450</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Cash flows from (used in) investment activities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Proceeds from sale of property, plant and equipment divesture</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>973,920</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>262,461</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Proceeds from sale of an interest in a subsidiary</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>29,874,428</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Proceeds from sale of other financial assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>10,673,099</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>10,124,997</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Capital expenditures</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(60,684,622)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(57,892,476)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments for the acquisition of joint venture</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,963,674)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(1,036,500)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments for the acquisition of subsidiaries net of costs and cash received</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(80,013,035)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payments for the acquisition of other financial assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(16,126,415)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(12,064,971)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Net cash flows used in investment activities</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(154,140,727)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(30,732,061)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Net cash flows from (used in) financing activities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Proceeds from bank borrowings</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>30,838,271</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>13,969,503</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Proceeds from the issuance of bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>104,062,341</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Repayment of bank borrowings</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,762,989)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(97,608,004)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Repayment of other financial liabilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,569,067)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(3,832,558)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Repayment of liabilities originated by financial leases</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,006,128)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(1,038,526)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Loan payment to related companies</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(36,563)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(1,899,842)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Dividend payment to common shareholders</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(50,310,420)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>(50,709,762)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Net cash flows used in financing activities</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(29,846,896)</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>(37,056,848)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(57,051,449)</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>83,055,541</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>EFFECT OF EXCHANGE RATES VARIATION ON CASH AND CASH EQUIVALENTS</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(4,351,189)</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>(1,001,857)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>CASH AND CASH EQUIVALENTS, INITIAL BALANCE</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>116,702,623</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>55,299,985</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>CASH AND CASH EQUIVALENTS, FINAL BALANCE</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>13</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>55,299,985</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>137,353,669</FONT></B>&nbsp;</TD></TR></TABLE>
<P></P>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD>
<DIV style="PADDING-RIGHT: 7.2pt; PADDING-LEFT: 7.2pt; PADDING-BOTTOM: 3.6pt; PADDING-TOP: 3.6pt">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">
<IMG height=1 src="x15.gif" width=676>
</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The accompanying notes 1 to 33 are an integral part of these consolidated financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=gray><FONT lang=EN-GB>The columns in the tables have been ordered chronologically in accordance with occidental reading format.</FONT></FONT></P>
</DIV></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR></TABLE> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left">&nbsp;</H1></DIV>
<P style="TEXT-ALIGN: center">F - 11</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_127"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD width="100%" colSpan=2></TD></TR>
<TR style="HEIGHT: 22.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 22.75pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>Statement of Changes In Net Equity</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 22.75pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x21.jpg" width=103>
</P>
</TD></TR>
<TR style="HEIGHT: 22.75pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 22.75pt" vAlign=top width="63%">
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 22.75pt" vAlign=top width="37%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="100%" colSpan=2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 1 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>General Information</FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (&#147;CCU&#148;, or the &#147;Company&#148; or the &#147;Parent Company") was incorporated in Chile as an open stock company, and it is registered in the Securities Record of the Superintendencia de Valores y Seguros de Chile (Local Superintendence of Equity Securities, &#147;SVS&#148;) under N&#186; 007, consequently, the Company is subject to Regulation by the SVS. The Company&#146;s shares are quoted on the Santiago Stock Exchange, Electr&#243;nic stock Exchange and Valpara&#237;so stock Exchange. The Company is also registered with the United States of America Securities and Exchange Commission (SEC) and it quotes its American Depositary Shares (ADS) on the New York Stock Exchange (NYSE). One ADS is equivalent to 5 ordinary shares.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Through its subsidiaries CCU produces, bottles, sells and distributes beverages, it is a multi-category company that participates in businesses such as beer, wine, spirits and non-alcoholic beverage, such as soft drinks, nectars and waters. In the beer business it participates in the Chilean and Argentine markets, as well as in the wine business, where it exports to over 86 countries. In the rest of the businesses it participates only in the Chilean market. Additionally, through the joint business Foods Compa&#241;&#237;a de Alimentos CCU S.A. (&#147;Foods&#148;) it participates in the ready-to-eat market. CCU also includes companies that sell services or products to the business units, such as plastic containers, services, logistics and finished products transportation and marketing; in addition, the Parent Company provides management shared 
services to the rest of the companies in the group.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is the largest producer, bottler and distributor of beer in Chile. CCU&#146;s beer production and distribution includes a wide range of brands in the premium, mainstream as well as popular-priced segments, which are marketed under seven proprietary brands (or brand extensions) being the main Cristal, Escudo, Morenita, Royal Guard, Dorada, Kunstmann and Lemon Stones, and four licensed brands. The main brands distributed and/or produced under license are: Heineken, Budweiser, Paulaner and Austral. Beer manufacturing in Chile is carried out at the Santiago, Temuco and Valdivia plants.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is the second beer producer in the Argentine market, with three production facilities in the cities of Salta, Santa F&#233; and Luj&#225;n. In Argentina the Company produces and/or distributes Heineken and Budweiser beer under license, as well as proprietary brands, such as: Salta, Santa F&#233;, Schneider, Imperial, Palermo and Bieckert. The Company also imports and distributes Corona, Guinness and Paulaner beer.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is also a wine producer in Chile, through its subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. (&#147;VSPT&#148;), the second largest wine exporter in Chile, and the third largest winery in the domestic market. VSPT produces and markets premium, varietales and popular-priced wines under the brand families Vi&#241;a San Pedro, Vi&#241;a Tarapac&#225;, Vi&#241;a Santa Helena, Vi&#241;a Misiones de Rengo, Vi&#241;a Mar, Casa Rivas, Vi&#241;a Alta&#239;r, Bodega Tamar&#237; and Finca La Celia, the two latter of Argentine origin. It also participates in the domestic and export markets through its associate Vi&#241;a Valles de Chile S.A., with the brand families Vi&#241;a Tabal&#237; and Vi&#241;a Leyda.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company, through its subsidiary Embotelladora Chilenas Unidas S.A. (&#147;ECUSA&#148;) is one of the largest non-alcoholic beverage producers in Chile, including: soft drinks, mineral and purified water, nectars, tea, deportive and energetic drink. It is bottler and distributor in Chile under its proprietary brands and of those brands produced under license from PepsiCo, Schweppes Holding Limited, Nestl&#233; S.A. and others, and Promarca. The main proprietary brands including: Bilz, Pap, Kem; Cachant&#250;n and Porvenir waters, which are operated by our subsidiary Aguas CCU-Nestl&#233; Chile S.A. The Company soft drink, purified water and nectar products are produced at two facilities located in Santiago and Antofagasta; its mineral waters are bottled at two plants in the central region of the country: Coinco and Casablanca.</FONT></FONT>
</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company, through its subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. (&#147;CPCh&#148;), is one of the largest pisco producers in Chile, and it also participates in the rum and ready-to-drink cocktail businesses.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 12</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_128"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.45pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.45pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-ansi-language: EN-US; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300>Consolidated Statement of Cash Flow</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.45pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x22.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the described licenses situation appears below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center colSpan=2><B><FONT color=#ffffff size=1>Main brands under license</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Licenses</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Validity Date</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Watt's en envases r&#237;gidos, excepto cart&#243;n</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>Indefinite</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Budweiser para Argentina y Uruguay</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2025</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Pepsi, Seven Up y T&#233; Lipton</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>March 2020</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Crush, Canada Dry, Canada Dry Lim&#243;n Soda</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2018</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Budweiser para Chile</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2015</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Austral</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>September 2015</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Negra Modelo y Corona para Argentina</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2014</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Heineken, para Chile y Argentina</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>June 2013</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Nestl&#233; Pure Life</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2012</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Distribuci&#243;n Red Bull</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>December 2012</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Gatorade</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>March 2012</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #003300" colSpan=2>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s address and main office is located in Santiago city, at Avenida Vitacura N&#186; 2,670, Las Condes district and its tax identification number (Rut) is 90,413,000-1.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009 the Company had a total 5,366 employees according to the following detail:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center colSpan=2><B><FONT color=#ffffff size=1>Number of Employees</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Parent Company</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Consolidated</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR>
     <TD align=left><FONT color=#000000 size=1>Main Executives</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>67</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>220</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left><FONT color=#000000 size=1>Professional and technician</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>253</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>1,513</FONT>&nbsp;</TD></TR>
<TR>
     <TD align=left><FONT color=#000000 size=1>Workers</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>82</FONT>&nbsp;</TD>
     <TD align=right><FONT color=#000000 size=1>3,633</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=left><B><FONT color=#ffffff size=1>Total</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=right><B><FONT color=#ffffff size=1>402</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right><B><FONT color=#ffffff size=1>5,366</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. is under the control of Inversiones y Rentas S.A. (IRSA), which is the direct and indirect owner of 66.1% of the Company&#146; shares. IRSA is currently a joint venture between Qui&#241;enco S.A. and Heineken Chile Limitada, a company controlled by Heineken Americas B.V, both with a 50% equity participation.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">These consolidated financial statements of CCU S.A. have been approved on June 11, 2010.</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 13</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_129"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x25.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The consolidated financial statements include the following significant subsidiaries direct and indirect:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>Share percentage with voting rights</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Subsidiary</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>RUT</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of december 31, 2008</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of december 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cervecera CCU Chile Ltda</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>96.989.120-4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>96.981.310-6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>50.0007</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>50.0007</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>50.0007</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Pisquera De Chile S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.586.280-8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>80.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>80.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>80.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Embotelladoras Chilenas Unidas S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.501.760-1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9426</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9426</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>99.9426</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Aguas CCU Nestl&#233; Chile S.A. (1)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>76.007.212-5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>80.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>80.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>50.1000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>New Ecusa S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>76.718.230-9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vending y Servicios CCU Ltda</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>77.736.670-K</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>F&#225;brica de Envases Pl&#225;sticos S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>86.150.200-7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Transportes CCU Limitada</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>79.862.750-3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Comercial CCU S.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.554.560-8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financiera CRECCU S.A. (2)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>76.041.227-9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>CCU Inversiones S.A. (3)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>76.593.550-4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9485</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>99.9723</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vi&#241;a San Pedro Tarapac&#225; S.A. (4)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>91.041.000-8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>58.1455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>50.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>50.0058</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>C&#237;a. Cervecerias Unidas Argentina S.A. (5)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0-E</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>92.7970</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>95.9467</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>95.9647</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Millahue S.A. (6)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>91.022.000-4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9309</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>99.9309</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>99.9621</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>CCU Cayman Limited</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0-E</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Southern Breweries Establishment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0-E</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>CCU Investments Limited (7)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0-E</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>100.0000</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>100.0000</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right bgColor=#ccffcc></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main movements in the ownership of the subsidiaries included in the present financial statements are as follows:</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=ES>(1) Aguas CCU-Nestl&#233; Chile S.A.</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On June 4, 2009 Nestl&#233; Waters Chile S.A. notified ECUSA its decision of exercising its irrevocable option to purchase an additional 29.9% of Aguas CCU-Nestl&#233; Chile S.A. shares. Upon exercise of the option ECUSA recognized a gain on the sale of minority interest of ThCh$ 24,439,025, presented under Other gains in the statement of income </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(Note 12)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This purchase and sale operation was effected on July 9, 2009, through the payment of ThCh$29,874,428 (Ch$9.48763 per share) for the purchase of the shares.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On September 30, 2009, at an Extraordinary Shareholders Meeting, Aguas CCU-Nestl&#233; Chile S.A. (Aguas CCU) and Nestl&#233; Waters Chile S.A. (Waters Chile), the merger by incorporation of Aguas CCU into Waters Chile was approved, resulting in the later being the controlling entity. Waters Chile was a holding company whose sole assets were its 49,401% interest in Aguas CCU.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a consequence of the above, the shareholders of the merged company are Embotelladoras Chilenas Unidas S.A., Nestl&#233; Chile S.A. and Comercializadora de Productos Nestl&#233; S.A., with a 50.10%, a 49.4010% and a 0.499% share respectively. The merger was recorded as from September 30, 2009 and no accounting effects were generated for its shareholders.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During the Ordinary Shareholders Meeting of Nestl&#233; Waters Chile S.A. held on July 8, 2009, the Shareholders approved the change of the name Nestl&#233; Waters Chile S.A. to Aguas CCU-Nestl&#233; Chile S.A..</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>(2) Financiera CRECCU S.A.</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This company was incorporated on October 2, 2008, with a ThCh$1,000 capital divided into 1,000 nominative shares, without face value, of one same and unique series. The subscribed capital was paid by CCU S.A. and CCU Inversiones S.A. was of 900 and 100 shares respectively.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"></H3></DIV>
<P style="TEXT-ALIGN: center">F - 14</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_130"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x27.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>(3) CCU Inversiones S.A.</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On December 29, 2008, a capital increase of ThCh$82,000,000 was approved at an Extraordinary Shareholders Meeting, through the issue of 1,747,211,827 paid-up shares without face value, which would be offered at a price of Ch$46.9319167445 each share, thus increasing the company&#146;s capital to a total ThCh$146,942,563 divided into 3,654,799,597 shares without face value, which shall be subscribed and paid-up in cash within a three year term as of this date. As of&nbsp; December&nbsp; 31, 2009, 3,546,362,954 shares are subscribed and paid.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Additionally, in December 2008 CCU Inversiones S.A. purchased in the public market 844,478,445 shares of VSP for ThCh$3,150,709. The capital gain that resulted from this acquisition amounted to ThCh$1,278,539 and was recognized directly in results</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On February 3, 2009, CCU Inversiones S.A. acquired 2,344,130 shares of Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>(4) Vi&#241;a San Pedro Tarapac&#225; S.A. and subsidiaries</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On August 28, 2008, CCU S.A. acquired 1,199,039,008 shares of Vi&#241;a San Pedro (VSP) for ThCh$4,456,924, thus increasing its share in VSP to 63.15%. This transaction generated negative goodwill of ThCh$753.472, recognized as credit to income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On December 3rd, 2008, at the Extraordinary Shareholders Meeting of Vi&#241;a San Pedro S.A. (VSP) and Vi&#241;a Tarapac&#225; Ex -Zavala (VT), the merger through absorption of Vi&#241;a Tarapac&#225; and Vi&#241;a San Pedro was approved, being the latter the one absorbing the former, with the approval of a capital increase of ThCh$30,193,541 divided into 15,987,878,653 shares</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (See Note 8)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The capital gain that resulted from this acquisition amounted to ThCh$1,133,054 and was recognized directly in results.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Between January 13 and 20, 2009, during the course of the company&#146;s re-organization, Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. sold VSPT shares to its subsidiary CCU Inversiones S.A., according to the following detail:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In a transaction dated January 13, 2009, CCU S.A. transferred and sold through IM Trust S.A. Corredores de Bolsa to CCU Inversiones S.A. 13,052,199,079 shares of VSPT valued at ThCh$48,293,137.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In a transaction date January 16, 2009, CCU S.A. contributed to Cervecera CCU Chile Ltda. 3,996,969,663 shares of VSPT, valued at ThCh$22,092,264.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In a transaction dated January 19, 2009, CCU S.A. transferred and sold to CCU Inversiones S.A. 2,091,181,381 shares of VSPT through IM Trust S.A. Corredores de Bolsa, which were valued at ThCh$7,737,371.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In a transaction dated January 19, 2009, CCU S.A. transferred and sold to CCU Inversiones S.A. 3,996,969,663 shares of VSPT through IM Trust S.A. Corredores de Bolsa, which were valued at ThCh$14,788,787.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a result of the above, as of December 31, 2009, CCU Inversiones S.A. is the owner of 50.01% of VSPT shares. The remaining shareholders are C&#237;a. Chilena de F&#243;sforos S.A. and minoritary shareholders with a 30.00% and a 19.19% respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=ES-CL>(5) Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. and&nbsp; subsidiaries</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 1st and June 10, 2008, subsidiary received irrevocable capital contributions from Inversiones Invex CCU Ltda. of US$70,000,000 and US$4,600,000 respectively, on the account of future capital increases. The first one was capitalized on June 3, 2008 and the second on June 26, 2008. These transactions generated a capital gain of thCh$949,528 which was recognized directly in results.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On May 30, 2008, CCU Cayman Branch transferred to Inversiones Invex CCU Ltda. 264,188,240 shares it held of Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A., equivalent to US$109,835,718.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">With the above, as of December 31, 2009, the shareholders of CCU Argentina S.A. are Inversiones Invex CCU Ltda. and Anheuser Busch Inc., with 95.96% and 4.04% interest, respectively.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 15</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_131"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x28.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In April, June and July, 2008, CICSA received capital contributions from CCU Argentina S.A. for US$573,000, US$85,000,000 and US$4,027,000 respectively, on the account of future capital increases, to finance the purchase of Inversora Cervecera S.A. (ICSA)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The sale, transfer of shares and price payment for ICSA by CICSA were subject to the approval by the antitrust authorities (currently the Domestic Trade Secretary) which was ratified on March 31, 2008. The operation was recorded for accounting purposes as from April 2008 and its payment was effected on April 2, 2008</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (See Note 8).</FONT></I></B></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>(6) Millahue S.A.</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB> </FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 3, 2009, the Company acquired from third parties 8,000 shares of Millahue S.A., increasing its share to 99.96%.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">At the Extraordinary Shareholders Meeting held on May 30, 2008, it was agreed to change the company&#146;s name to Millahue S.A.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A href="#_INDICE"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>(7) CCU Investments Limited</FONT></I></B></FONT></A></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On May 30, 2008, at the Board of Directors Meeting, the company increased its capital by US$109,835,718 with the issue of 109,835,718 shares, which were subscribed and paid-up by CCU Cayman Branch with the equity contribution of 264,188,240 shares of Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 2 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>&nbsp;Summary of significant accounting policies</FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Significant accounting policies adopted for the preparation of these consolidated financial statements are described below. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731493"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.1</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Bases of preparation</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The accompanying consolidated financial statements, have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB), which have been adopted in Chile under title: Financial Reporting Standard in Chile (NIFCH) and represents the wholesale adoption, explicity and without reservation of those international standards and applied uniformly to the periods presented.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The consolidated financial statements cover the following periods: Balance sheet as of January 1, 2008 and December 31, 2008 and 2009; Statement of Changes in Shareholders&#146; Equity, Income Statement and Statement of Cash Flows for the years ended December 31, 2009 and 2008.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The financial statements as of January 1 and December 31, 2008, as well as their notes, are shown comparative as indicated in the above paragraph. For comparison purposes, some minor reclassifications have been made to the 2008 financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The previous financial statements issued as of December 31, 2008 were prepared according to the generally accepted accounting principles in Chile (PCGA)&nbsp; and rules and instruction issued by the SVS.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The amounts shown in the attached financial statements are expressed in thousands of Chilean pesos, which is the Company&#146;s functional currency. All amounts have been rounded to thousand pesos, except when otherwise indicated.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit and loss.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain significant accounting critical estimates. It also requires that management use its professional judgment in the process of applying the Company&#146;s accounting policies. See </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">note 3</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> for disclosure of significant amounting estimates and judgments.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 16</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_132"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x29.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">At the date of presentation of these financial statements, amendments, improvements and interpretations to the existing standards have been published which are not yet valid and that the Company has not adopted in advance.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following standards are required to be applied as from the dates indicated below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="15%"></TD>
     <TD width="70%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Amendments, Improvements and Interpretations to existing standards</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Effective date</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRS 3 Revised</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Business combinations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRS 1 Revised</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>First time adoption</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRIC 17</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Distributions of non cash assets to owners</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRIC 18</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Transfer of assets from customers</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IAS 27 Revised</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Consolidated and separate financial statements</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRS 1 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>For additional exemptions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRS 2 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Share-based payments-Group cashsettled share-based payment transactions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IAS 39 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Financial instruments: recognition and measurement</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IAS 32 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Financial instruments: Presentation on classification of rights issues</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>February 1, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRIC 19</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Extinguinshing financial liabilities with equity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>July 1, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRIC 14 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Pre-payment of a Minimum Funding Requirement</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IAS 24 Amendment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Related party disclousures</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>IFRS 9</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=left><FONT size=1>Financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>January 1, 2013</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #003300" align=right>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The company estimates that the adoption of the aforedescribed Standards, Amendments and Interpretations shall not have a material impact on the consolidated financial statements of the group at their initial application. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.2</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Bases of consolidation
<A name="_Toc257731494"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Subsidiaries</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Subsidiaries are the entities over which the Company is empowered to direct financial and operational policies, which is generally the result of ownership of over half the voting rights. Subsidiaries are consolidated as from the date on which the control was transferred to the Company, and they are excluded from consolidation as of the date of termination of such control.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The purchase method is used for the accounting of acquisition of subsidiaries. The acquisition cost is the fair value of the assets delivered, of the equity instruments issued and of the liabilities incurred or assumed as of the exchange date, plus the costs directly attributable to the acquisition. The identifiable assets acquired, as well as the identifiable liabilities and contingencies assumed in a business combination are initially valued at their fair value on the acquisition date, independently from the scope of minority interests. The excess of the acquisition cost over the fair value of the Company&#146;s share of the net assets acquired is recognized as goodwill. If the acquisition cost is lower than the fair value of the acquired subsidiaries&#146; net assets, the difference is directly recognized in the statement of income as gain.
</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Inter-company transactions, balances and unrealized gains from transactions between the Group&#146;s entities are eliminated during consolidation. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Whenever necessary to ensure uniformity with the policies adopted by the Company, the subsidiaries&#146; accounting policies are amended.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The minority interest is presented in the Net Equity section of the Statement of Financial Position. The gain or loss attributable to minority interest is presented in the Consolidated Statement of Income after net income. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Joint Ventures </FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">A joint venture is a contractual agreement by which two or more parties carry out an economic activity that is subject to a joint control, and normally involves the establishment of a separate entity in which each party has a share, based on a shareholders&#146; agreement. The Company accounts for its participation in joint ventures by using the equity method. The </FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 17</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_133"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x31.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">financial statements of the joint ventures in which the Company participates are prepared for the same year, using accounting policies consistent with those of the Company. Adjustments are made to confirm any different accounting policy that may exist.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Whenever the Company contributes or sells assets to the companies under joint control, any part of the income or loss originated by the transaction is recognized on the basis of the transaction nature. Whenever the Company purchases assets of such companies, it does not recognize its share in the income or loss of the joint venture as regards such transaction until the asset is sold or realized. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.3</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Financial information as per operational segments
<A name="_Toc257731495"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s operating segments are formed by the assets and resources intended to supply products that are subject to risks and benefits different from those of other operating segments, and that normally correspond to operating companies that develop such business activities and which operating income is regularly reviewed by its respective Directors and by the Board of Directors, in order to make decisions on the resources to be allotted to the segments and to appraise their performance. When establishing the segments to be reported, some segments with similar economic characteristics have been grouped together. </FONT></FONT>
<A href="#_Business_Combinations"><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(See note 7)</FONT></I></B></FONT></A></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The segments performance is appraised according to several indicators, of which Operating Income, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization; equivalent to income from operations plus depreciation and amortization), EBITDA margin (EBITDA&#146;s % as compared to total income), the volume and Sales Income are the most important. Sales between segments are carried out at arm&#146;s length and the net sales information as per geographical location is based on the producing and selling entity location.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.4</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Foreign currency and unidad de fomento
<A name="_Toc257731496"></A>(Adjustable unit)</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company uses the Chilean peso as its functional currency and for the presentation of its financial statements. The functional currency has been determined considering the economic environment in which the Company carries out its operations and the currency in which the main cash flows are generated. The functional currency of the Argentine subsidiaries is the Argentine peso.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Transactions in foreign currency and adjustable units (&#147;Unidad de Fomento&#148; or &#147;UF&#148;) are recorded at the exchange rate of the corresponding currency or adjustable unit as of the date on which the transaction complies with the requirements for its initial acknowledgement. The Unidad de Fomento (UF) is a Chilean inflation-indexed, peso-denominated monetary unit. The UF rate is set daily in advance based on changes in the previous month&#146;s inflation rate. At the close of each Balance Sheet the monetary assets and liabilities denominated in foreign currencies and adjustable units are translated into Chilean pesos at the exchange rate of the corresponding currency or adjustable unit. The exchange difference arising, both from the liquidation of foreign currency operations, as well as from the valuation of foreign currency mon
etary assets and liabilities, is included in statement of Income, in the Exchange Rate Difference caption, while the difference arising from the changes in adjustable units are recorded in the Income as per Adjustable Units.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For consolidation purposes, the assets and liabilities of the subsidiaries which functional currency is different from the Chilean peso are translated into Chilean pesos by using the exchange rates valid as of the date of the financial statements, and the exchange differences originated by the translation of the assets and liabilities are recorded in the Equity Reserve item, under Currency Translation Reserves. The income and expense are translated at the monthly average exchange rate for the corresponding terms, since there have not been significant fluctuations in the exchange rate during each month.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The exchange rates of the main foreign currencies and adjustment units used in the preparation of the consolidated financial statements as of January 1, 2008, December 31, 2008 and December 31, 2009 are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 18</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_134></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x32.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center colSpan=2><B><FONT color=#ffffff size=1>Chilean Pesos as per unit of foreign currency or adjustable unit</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Ch$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Ch$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Ch$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #99cc00" align=left><B><FONT size=1>Foreign currencies</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>US Dollar</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>USD</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>496.89</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>636.45</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>507.10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Euro</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>EURO</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>730.94</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>898.81</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>726.82</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentine Peso</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>ARS</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>157.79</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>184.32</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>133.45</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Canadian Dollar</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>CAD</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>506.26</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>521.72</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>481.12</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Sterling Pound</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>GBP</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>989.43</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>918.27</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>814.49</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Swiss Franc</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>CHF</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>440.70</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>602.64</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>489.10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Australian Dollar</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>AUD</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>433.59</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>439.72</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>453.09</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Danish Krone</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>DKK</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>98.04</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>120.62</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>97.69</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Japanese Yen</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>JPY</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>4.41</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>7.05</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>5.48</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Brazilian Real</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>BRL</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>280.32</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>271.70</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>290.94</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Adjustment Units</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Unidad de fomento*</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>UF</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1>19,622.66</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>21,452.57</FONT>&nbsp;</TD>
     <TD align=center bgColor=#ccffcc><B><FONT size=1>20,942.88</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center bgColor=#ccffcc></TD></TR></TABLE> <H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.5</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Cash and cash equivalents
<A name=_Toc257731497></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Cash and cash equivalents includes cash available, bank balances, term deposits at financial entities, investments in mutual funds and financial facilities acquired under re-sale agreements, all of them short-term investments with a high liquidity, and an original maturity of three or less months.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.6</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Financial instruments
<A name=_Toc257731498></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Financial assets and liabilities</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company recognizes a financial asset or liability in its balance sheet when it becomes subject to the contractual stipulations of a financial instrument. A financial asset is eliminated from the financial statement when the rights to receive the cash flows from such financial asset expire, or if the Company transfers the financial asset to a third party without a substantial withholding of that asset is isks and benefits. A financial liability is eliminated when the Company&#146;s obligations specified in the agreement have been liquidated or have expired. The normal purchases or sales of financial assets are accounted for at the purchase or liquidation date, that is, on the date when the asset is acquired or delivered by the Company.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of the date of the initial recognition, Management classifies its financial assets (i) at fair value through income and (ii) collectible credits and accounts, depending on the purpose for which the financial assets were acquired. Financial assets are initially recognized at fair value. For those instruments not classified at fair value through income, any cost attributable to the transaction is recognized as part of the asset value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The fair value of the instruments that are actively quoted in formal markets is determined by the quoted price as of the financial statement closing date. For those investments without an active market the fair value is determined using valuation techniques, among them (i) the use of recent market transactions, (ii) references to the current market value of another financial instrument of similar characteristics, (iii) discounted cash flow, and (iv) other valuation models.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">After the initial recognition, the Company values the financial assets as described below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Financial assets at fair value through profit and loss</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">These assets are valued at fair value and the income or losses originated by the fair value variation are recognized in the Consolidated Statement of Income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The assets at fair value through income include financial assets held for trading, and financial assets classified as held for trading by the Company. Financial assets are classified as held for trading when acquired with the purpose of selling them within a short term. Derivative instruments are classified as held for trading unless they are classified as hedge instruments.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 19</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_135></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x34.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Accounts receivable</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">They correspond to those financial assets with fixed or determinable payments that are not traded in an active market. The trade receivable credits or accounts are recognized according to the invoice value, recording the corresponding accordance with there is objective evidence of payment risk by the client.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The estimated losses from bad debts are determined by applying differentiated percentages, taking into account maturity factors, until reaching a 100% in most of the debts older than 180 days, with the exception of those cases that in accordance with current policies, losses are estimated due to partial deterioration based on a case by case analysis.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The current trade receivable credits and accounts are not discounted. The Company has determined that the calculation of the amortized cost is not materiality different from the invoiced amount, because the transaction does not have significant&nbsp; associated costs.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Debts and financial liabilities that accrue interest</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Loans and financial obligations accruing interest are initially recognized at the fair value of the resources obtained, less costs incurred directly attributable to the transaction. After initial recognition, loans and obligations accruing interest are valued at their amortized cost. The difference between the net amount received and the value to be paid is recognized in the consolidated statement of Income during the term of the loan, using the effective interest method.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Interest paid and accrued related to debts and obligations used in the financing of its operations appear under financial expense.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Loans and obligations accruing interest with a maturity within the next twelve month period are classified as current liabilities, unless the Company has the unconditional right to defer the payment of the obligation for at least a twelve month period after the financial statement closing date. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Derivative Instruments</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">All derivative financial instruments are recognized as of the date of the agreement, and then revalued at their fair value as of the date of the financial statements. Income and losses resulting from the fair value measurement are recorded in the Statement of Income as income or losses due to financial instruments fair value, unless the derivative instrument qualifies, is classified and is effective as a hedge instrument.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In order to classify a derivative as a hedge instrument for accounting purposes, the Company certifies (i) as of the transaction date or at classification time, there is correlation in the relationship between the hedge instrument and the hedged item, as well as the risk management purposes and strategies, (ii) the assessment, both at subscription date as well as on a continuing basis, whether the instrument used is effective to offset changes in fair value or in the cash flow of the protected item.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">A hedge is considered effective when changes in the reasonable value or in the cash flow of the underlying directly attributable to the risk hedged are offset with the changes in fair value, or in the cash flow of the hedge instrument with effectiveness between 80% to 125%.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Derivative instruments classified as hedges are accounted for as cash flow hedges.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The effective portion of the change in the fair value of derivative instruments that are appointed and classified as cash flow hedges is initially recognized in Cash Flow Hedge Reserve, in a separate component of Equity. The income or loss related to the ineffective portion is immediately recognized in the Statement of Income. The amounts accumulated in Equity are reclassified in Income during the same period in which the corresponding exposure makes an impact on the Statement of Income. When a cash flow hedge ceases to comply with the hedge accounting criteria, any accumulated income or loss existing in Equity remains in Equity and is recognized when the expected transaction is finally recognized in the Statement of Income. When it is estimated that an expected transaction will not occur, the accumulated income or loss existing in Equity is i
mmediately recognized in the Statement of Income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"></H3></DIV>
<P style="TEXT-ALIGN: center">F - 20</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_136></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x35.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.7</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>&nbsp;Financial asset impairment
<A name=_Toc257731499></A></FONT></I></B></FONT></H3> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><B></B>&nbsp;</H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">At each financial statement date the Company assesses if a financial asset or financial group of assets is impaired.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">When there is objective evidence that a loss due to impairment has been incurred in the accounts receivable, the loss amount is recognized in the Consolidated Statement of Income, under the Administration Expense item.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company assesses impairment of accounts receivable collectively, grouping the financial assets according to similar risk characteristics, which indicate the debtors&#146; capacity to comply with their obligations under the conditions agreed upon. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In the event that during a later term the impairment loss amount decreases and such decrease may be objectively related to an event occurring after impairment recognition, the impairment loss previously recognized is reversed.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Any later reversion of an impairment loss is recognized in Income provided that the book value of the asset does not exceed its value as of the date the impairment was recognized.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.8</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Inventories
<A name=_Toc257731500></A></FONT></I></B></FONT></H3> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><B></B>&nbsp;</H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Inventories are valued at the lower cost between their acquisition or production cost and their net realizable value. The production cost of finished products and of products under processing includes raw material, direct labor, indirect manufacturing expenses based on a normal operational capacity and other costs incurred to grant the products with the locations and conditions necessary for sale, net of discounts attributable to inventories.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The net realizable value is the estimated sale price in the normal course of business, less marketing and distribution expenses. When market conditions cause the cost to be higher than its realization net realizable value, an allowance for asset&#146;s deterioration is registered for the difference in value. This allowance for asset&#146;s deterioration also includes amounts related to obsolete items due to a low turnover, technical obsolescence and products withdrawn from the market.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The inventories and cost of products sold is determined using the FIFO (First in First Out) method. The Company estimates that most of the inventories have a turnover of less than a year.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The materials and raw materials purchased from third parties are valued at their acquisition cost; once used, they are incorporated in finished products using the FIFO methodology.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name=_Toc257731501></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.9</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Prepaid expenses</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Prepaid expenses mainly include disbursements related to commercial advertising preparation that is in process but has not yet been shown, advances to property, plant and equipment suppliers and current and non-current advertising agreements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.10</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Property, plant and equipment
<A name=_Toc257731502></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Property, plant and equipment are recorded at their historic cost, less accumulated depreciation and impairment losses. The cost includes both the disbursements directly attributable to the asset acquisition or construction, as well as the financing interest directly or indirectly related to certain qualified assets. Regarding the latter, it is Company policy to capitalize such interest during the construction or acquisition period, as long as these assets qualify for these purposes considering the period for them becoming operative and the amounts invested. Disbursements after the purchase or acquisition are only capitalized when it is likely that the future economic benefits associated to the investment flow towards the Company, and costs may be reasonably measured. Later disbursements correspond to repairs and maintenance and they are recor
ded in Income when incurred.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Property, plant and equipment depreciation, including the assets under financial lease, is calculated on a straight line basis over the estimated useful life of the fixed assets, taking into account their estimated residual value. When an asset is </FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 21</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_137></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x36.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">formed by significant components with different useful lives, each part is separately depreciated. The Property, plant and equipment useful lives and residual values estimates are reviewed and adjusted if necessary, as of the financial statements closing date.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Property, plant and equipment estimated useful lives are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="82%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2>&nbsp;&nbsp;<STRONG><FONT color=#ffffff size=1>Type of Assets</FONT></STRONG></TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Number of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Years</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Land</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>Indefinitive</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Buildings and Construction</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>20 to 60</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Machinery and equipment</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>10 to 15</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bottles of glass</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>7 to 10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Furniture and accesories</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>5 to 10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bottles and container</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>4 to 16</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Sales assets (coolers and majolica)</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>3 to 5</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left></TD>
     <TD style="BACKGROUND-COLOR: #003300" align=center></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The income and losses that result from the sale of properties, plants and equipment, are calculated comparing their book value against the related sales proceeds and are included in the Consolidated Statement of Income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to IFRS 1 &#147;Adoption for the first time of the International Financial Reporting Standards&#148;, the Company has elected to use the fair value as attributed cost for land as of the IFRS transition date with the use of appraisals made by qualified independent experts. The rest of fixed assets were assigned the revalued cost as of January 1, 2008 as attributed cost, according to the Generally Accepted Accounting Principles in Chile, since it is comparable to its cost or depreciated cost according to the IFRS, as explained in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 4, letter (a)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FO
NT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">When the book value of an item of Property, plant and equipment exceeds its recoverable amount, it is immediately reduced to its recoverable amount</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (See Note 2.15).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.11</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Leases
<A name=_Toc257731503></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Lease agreements are classified as financial leases when the agreement transfers to the Company substantially all the risks and benefits inherent to the asset ownership, according to International Accounting Standard N&#186; 17 &#147;Leases&#148;. For those agreements that qualify as financial leases, at the initial date an asset and a liability are recognized at a value equivalent to the lower between the fair value the asset and the present value of future lease payments. Later, lease payments are allocated between the financial expense and the obligation reduction, so that a constant interest rate on the obligation balance is obtained.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Lease agreements that do not qualify as financial leases are classified as operating leases. Lease payments for operating leases are charged to income on a straight line basis over the lease.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.12</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>&nbsp;Investment property
<A name=_Toc257731504></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Investment property consists of land held by the Company with the purpose of generating appreciation, and not to be used in the normal course of business, and it is recorded at historic cost less impairment loss, if any.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to IFRS 1 &#147;Adoption for the first time of the International Financial Reporting Standards&#148;, the Company has elected to use the fair value as attributed cost for investment assets as of the IFRS transition date, by using appraisals made by qualified independent experts. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.13</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>&nbsp;Biological assets
<A name=_Toc257731505></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Biological assets held by Vi&#241;a San Pedro Tarapac&#225; (VSPT or the Company) and its subsidiaries consist in vines under formation and under production. The harvested grapes are used for the later production of wines.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 22</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name=page_138></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x38.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Vines under production are valued at the historic cost, less depreciation and any impairment loss. Agricultural production (grapes) resulting from the vines under production is valued at its cost value when harvested.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The costs associated with agricultural exploitation are deferred until harvesting date, when they are changed to the inventories under processing cost.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Depreciation of under production vines is recorded on a straight-line basis, and it is based on the 25-year stimated production useful life, which is periodically assessed. Vines under formation are not depreciated until they start production. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The costs incurred in the acquisition and plantation of new vines are capitalized. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company uses the amortized historical cost alternative to value its biological assets, for which management considers approximate to fair value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.14</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Intangible assets
<A name=_Toc257731506></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill and Impairment of Goodwill</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill represents the excess of cost of a business combination over the Company&#146; share in the fair value of identifiable assets, liabilities and contingent liabilities as of the acquisition date, and it is accounted for at its cost value less accumulated impairment losses. Goodwill related to joint venture acquisitions is included in the investment accounting value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For the purposes of impairment tests, goodwill is assigned to the Cash Generating Units (CGU) that are expected to benefit from the synergies of a business combination. Each unit or group of units (CGU - See </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">note 19)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> represents the lowest level inside the Company at which goodwill is monitored for internal administration purposes, and which is not larger than a business segment. The Cash generating units to which the goodwill is assigned are tested for impairment annually or with a higher frequency, when there are signs indicating that a cash generating unit co
uld experience impairment, or some of the significant market conditions have changed.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill in the acquisition of joint ventures is assessed for impairment as part of the investment, provided that there are signs indicating that the investment may be impaired.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">An impairment loss is recognized for the amount that the book value of the cash generating unit exceeds its recoverable value, the recoverable value being the highest between the fair value of the cash generating unit, less costs of sale and its value under use.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">An impairment loss is first assigned in goodwill to reduce its book value, and then to other assets in the cash generating unit. A recognized impairment loss is not reversed in the following years.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Commercial Trademarks</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s commercial trademarks correspond to intangible assets with an indefinite useful life that are presented at their historic cost, less any impairment loss. The Company believes that through marketing investments trademarks maintain their value, consequently they are considered as having an indefinite useful life and they are not amortizable. Such assets are subject to impairment tests on a yearly basis, or when factors exist indicating a likely loss of value </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(Note 2.15).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Software Programs</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Software programs licenses acquired are capitalized at the value of the costs incurred for their acquisition and preparation for the use of the specific programs. Such costs are amortized over their estimated useful lives (4 to 7 years). The maintenance costs of the software programs are recognized as expense of the year during which they are incurred.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Research and development Expense</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The research and development expense is recognized as an expense when incurred. The disbursements for these concepts during the years ended as of December 31, 2008 and 2009 were not significant.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 23</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_139"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x39.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Water Rights</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The water rights acquired by the Company correspond to the existing water use right at natural sources, and they were recorded at their cost attributed as of the transition date. Given that such rights are perpetual they are not amortizable, nevertheless they are annually subject to impairment assessment, or when factors exist that indicate a likely loss of value. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>2.15</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Impairment of non-financial assets other than goodwill
<A name="_Toc257731507"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company annually assesses the existence of impairment indicators on non-current assets. When indicators exist, the Company estimates the recoverable amount of the impaired asset. In case it is not possible to estimate the recoverable amount of the impaired asset at an individual level, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The recoverable amount is defined as the highest between the fair value, less costs of sales and the value in use. The use value is determined by estimating future cash flows associated with the asset or with the cash generating unit, discounted from its current value by using interest rates before taxes, which reflect the time value of &nbsp;money and the specific risks of the asset. In the event the asset book value exceeds its recoverable amount, the Company records an impairment loss in Income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company annually assesses if impairment indicators of non-current assets for which impairment losses were recorded during prior years have disappeared or decreased. In the event of such a situation, the recoverable amount of the specific asset is recalculated and its book value increased, if necessary. Such increase is recognized in Income as a reversal&nbsp; impairment losses. The increase in the value of the previously impaired asset is recognized only when it is originated by &nbsp;of changes in the assumptions used to calculate the recoverable amount. The asset amount increase resulting from the reversal of the impairment loss is limited to the amount that would have been recorded had impairment not occurred.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>2.16</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Income tax and deferred taxes
<A name="_Toc257731508"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Income tax is composed by the legal obligations and the deferred taxes recognized according to International Accounting Standard N&#186; 12 &#150; Income Tax. Income tax is recognized in the Statement of Income, except when it is related to entries directly recorded in Equity, in which case the tax effect is also recognized in Equity.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Income Tax Obligation</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Income tax obligations are recognized in the financial statements on the basis of the best estimates of the taxable profits as of the financial statement closing date, and the income tax rate valid as of that date in the countries where the Company operates, which are Chile and Argentina.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred Taxes</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred taxes are those the Company expects to pay or to recover in the future, due to temporary differences between the book value of assets and liabilities for the purposes of financial reporting, and the corresponding taxation basis of such assets and liabilities used to determine the profits subject to taxes. Deferred taxes assets and liabilities are generally recognized for all temporary differences, and they are calculated at the rates that will be valid on the date the liabilities are paid or the assets realized.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred taxes are recognized for temporary differences arising from investments in subsidiaries and associates, except in those cases where the Company is able to control the date on which temporary differences will be reversed, and it is likely that they will not be reverted in a foreseeable future. Deferred tax assets, including those originated by tax losses are recognized provided it is likely that in the future there are taxable profits against which deductible temporary differences may be charged, as well as unused tax losses.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The book value of deferred tax assets is reviewed as of the financial statement date, and it is reduced, by means of a valuation provision, if it is estimated that enough tax profits will not be available to allow the use of all or part of the deferred taxes assets.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 24</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_140"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x40.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred taxes assets and liabilities are offset when there exists a legal right to offset tax assets against tax liabilities, and the deferred tax is related to the same taxable entity and the same taxing authority.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.17</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Employees benefits
<A name="_Toc257731509"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Employees Vacation</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company accrues the expense associated with staff vacation when the employee earns the benefit.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Employees Bonuses</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company recognizes an asset and an expense for bonuses when contractually obligated, or when, given the Income as of a given date, it is estimated that they will be paid at the end of the year.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Severance Indemnity</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company records a liability for the payment of irrevocable severance indemnities, originated by the collective and individual agreements entered into with employees. Such obligation is determined by means of the current value of the cost accrued by the benefit, a method which considers several factors in the calculation, such as estimates of future continuance, mortality rates, future salary increases and discount rates. The determined value is presented at the current value by using the accrued benefits for years of service method. The discount rates are determined by reference to market interest rates curves, which were 7.6% and 7.7% for the years ended as of December 31, 2008 and 2009, respectively. The current losses and gains originated by the valuation of the liabilities subject to such plans are directly recorded in Income.</FONT></
FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731510"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.18</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Provisions</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Provisions are recognized when (i) the Company has a current obligation, legal or implicit, as a result of past events, (ii) it is probable that monetary resources will be required to settle the obligation and (iii) the amounts can be reasonably established. The amounts recognized as provisions are the best estimate of Management, as of the financial statements closing date, with the necessary disbursements to liquidate the obligation.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The concepts by which the Company establishes provisions against Income correspond to civil, labor and taxation proceedings that could affect the Company. Additionally, the liability generated by the bottles and containers deposits is considered as a provision </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(Note 26).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731511"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.19</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Deposits on bottles and containers</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The liability for deposits on bottles and containers (glass and plastic returnable bottle and craters) delivered to sales channels for selling and distributing products is determined by means of the outstanding bottles and containers estimated to be returned to the Company, based on yearly physical counts and historic experience, valued at the weighted average of the prior year deposits, plus the value of the deposits placed during the current year as per each kind of bottles and containers.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Such obligation is mainly disclosed in non-current liabilities because the history of containers placement in the market, recorded during an operation term, is higher than the returned ones during a similar term. Such liability is not discounted, since it is considered as payable on sight and it does not have adjustability clauses of any kind in its origin.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 6pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">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 delivered in bailment to customers.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731512"></A></H3></DIV>
<P style="TEXT-ALIGN: center">F - 25</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_141"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x41.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.20</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Revenue recognition</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Revenues are recognized when it is likely that economic benefits flow to the Company and can be measured reliably. Income is measured at the fair value of the economic benefits received or to be received, and they are presented net of valued added taxes, specific taxes, returns, discounts and rebates.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Sales of goods are recognized after the Company has transferred to buyer all the risks and benefits inherent in the ownership of such goods, and it does not hold the right to dispose of them or to keep an efficient control over them; in general, this means that sales are recorded at the transfer of risks and benefits to clients, pursuant to the terms agreed in the commercial agreements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Sale of products in the domestic market</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company obtains its revenues mainly from the sales, both in Chile and Argentina, of beers, soft drinks, mineral waters, purified water, nectars, wines and spirits, products that are distributed through retail establishments, wholesale distributors and supermarket chains. None of them act as commercial agents of the Company. Such sales income in the domestic markets, net of the value added tax, specific taxes, returns, discounts and rebates to clients, are recognized when products are delivered, together with the transfer of all risks and benefits related to them.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Wines and Spirits Exports</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In general, the Company&#146;s delivery conditions for exports sales are based on Incoterms 2000, which are the official rules for the interpretation of commercial terms issued by the International Chamber of Commerce.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The structure to recognize income is based on the Incoterms grouping, mainly in the following groups:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; " FOB (Free on Board) and similar", by which buyer organizes and pays for transportation, consequently the sales occur and revenue is recognized upon the delivery of merchandise to the transporter hired by buyer.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIF (Cost, Insurance &amp; Freight) and similar", by which the Company organizes and pays for external transportation and some other expenses, although CCU ceases being responsible for the merchandise after delivering it to the maritime or air company in accordance with the relevant term. The sales occur and revenue is recognized upon the delivery of the merchandise to the transporter hired for the transportation to the final destination.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In the event of discrepancies between the commercial agreements and the Incoterms defined for the operation, those established in the agreements shall prevail.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731513"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>2.21</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Commercial agreements with distributors and supermarket chains</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company enters into commercial agreements with its clients, distributors and supermarkets through which they establish (i) volume discounts and other client variables, (ii) promotional discounts that correspond to an additional rebate on the price of the products sold by reason of commercial initiatives development (temporary promotions), (iii) services payment and rendering of counter-services (advertising and promotion agreements, use of preferential spaces and others) and (iv) shared advertising, which corresponds to the Company&#146;s participation in advertising campaigns, promotion magazines and opening of new sales locations.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Volume discounts and promotional discounts are recognized as a reduction in the sales price of the products sold. Shared advertising contributions are recognized when the advertising activities agreed upon with the distributor have been carried out, and they are recorded as marketing expenses incurred.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The commitments with distributors or importers in the exports area are recognized when there is formal evidence of the agreement and its amount may be reliably estimated.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731514"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>2.22</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Cost of sales of products</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The costs of sales include the production cost of the products sold and other costs incurred to place the inventories in the locations and under the conditions necessary for the sale. Such costs include, principally, raw material costs, packing costs, production staff labor costs, production-related assets depreciation, returnable bottles depreciation, license payments and operational cost and plant and equipment maintenance costs.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 26</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_142"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x42.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>2.23</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>&nbsp;Marketing expenses (marketing and sales)
<A name="_Toc257731515"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Marketing costs consist mainly of advertising and promotion expenses, sales assets depreciation, marketing and sales expense, as well as marketing assets cost (sets, signs, neon signs at clients&#146; facilities) and marketing and sales staff remuneration and compensations.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.24</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>&nbsp;Distribution expenses
<A name="_Toc257731516"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Distribution costs include all the necessary costs to deliver products to clients.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify">
<A name="_Toc257731517"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.25</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Administration expenses</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Administration expense includes the support units staff remuneration and compensation, depreciation of offices, equipment, facilities and furniture used for these functions, non-current assets amortization and other general and administration expenses.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>2.26</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#003300><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Environment
<A name="_Toc257731518"></A></FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Disbursements associated with environmental protection are charged against Income when incurred, except those that may be capitalized under IFRS </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(See Note 32).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 3 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>Estimates and application of professional judgment</FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Financial statement preparation requires estimates and assumptions from Management affecting the amounts included in the consolidated financial statements and their related notes. The estimates made and the assumptions used by the Company are based on the historical experience, the changes in the industry and the information supplied by external qualified sources. Nevertheless, final results could differ from the estimates under certain conditions, and in some cases vary significantly.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Significant estimates and accounting policies are defined as those that are important to correctly reflect the Company&#146;s financial position and income, and/or those that require a high judgment level by Management.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main estimates and professional judgments are related to the following concepts:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset valuation and appreciation acquired (goodwill or trade funds) to determine the existence of losses due to their impairment </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;(Note 2.14 and Note 19).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The valuation of commercial trademarks to determine the existence of potential losses due to potential impairment</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 2.15 and Note 19).</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The assumptions used in the current calculation of liabilities and obligations to employees </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(Note 2.17 and Note 28)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Useful life of property, plant and equipment</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 2.10 and Note 20)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">, biological assets</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 2.13 and Note&nbsp; 22)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> and intangibles (software programs)</FONT></F
ONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 2.14 and Note 19)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The assumptions used for the calculation of financial instrument reasonable value </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;(Note 2.6 and Note 6)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal results of the Group&#146;s different companies, which shall be disclosed to the corresponding taxation authorities in the future, and that have served as a basis to record the different balances related to taxes on gain in the current consolidated financial statements</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 2.16, Note 23)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The occurrence likelihood and the liabilities amount in an uncertain or contingent manner </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;(Note 2.18 , Note 2.19, and Note 26)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Such estimates are made according to the best information available on the analyzed facts.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 27</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_143"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x43.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">However, it is possible that events that may occur in the future force their amendment during the next year, which would be done prospectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 4 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>Transition to International Financial Reporting Standards (IFRS)</FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Basis for the transition to IFRS</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IFRS 1 Application</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s current consolidated financial statements for year ended as of December 31, 2009, were prepared according to the International Reporting Financial Standards (IFRS). Through 2008, the Company presented its consolidated financial statements according to the Generally Accepted Accounting Principles in Chile. The figures included in the comparative consolidated financial statements for 2008, have been restated to be presented according to the same principles and criteria applied for 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As prescribed by IFRS 1, the Company&#146;s transition date is January 1, 2008, and the adoption date of the IFRS is as of January 1, 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">To prepare the aforementioned consolidated financial statements, the Company has applied as of the transition date all mandatory exceptions and some of the optional exemptions to the retroactive application of IFRS, according to the IFRS 1.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Exemptions to the retroactive application used by the Company</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Business Combinations</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company has applied the exemption granted by IFRS 1 as regards business combinations. Consequently, it has not restated the business combinations completed before the transition date.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Fair value or revaluation at deemed cost</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For the property, plant and equipment items (fixed assets), the Company has considered the corrected or revalued cost under the generally accepted accounting principles in Chile as deemed cost as of the transition date, since it is comparable to its cost or depreciated cost under IFRS, with the only exception being land, for which the fair value has been used as deemed cost as of January 1, 2008, and those plants included under property, plant and equipment which, analyzed jointly with the land, required a fair value adjustment.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total of revalued land and plants included under property, plant and equipment recorded at fair value as of the transition date amounts to ThCh$ 131,194,608, generating a ThCh$ 92,689,976 adjustment as compared to the book value of land and said plants previously recorded under the generally accepted accounting principles in Chile.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On the other hand, the total land included under investment assets recorded at fair value as of the transition date amounts to ThCh$ 15,801,327, resulting in an adjustment of ThCh$ 10,333,133 as compared to the book value previously recorded.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Cumulative translation difference </FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IFRS 1 allows to value at zero, as of the transition date, the balances of the differences accumulated due to the translation of financial statements of foreign subsidiaries with a functional currency different from that of the Parent Company.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Parent Company elected such exemption, which translated into transferring the accumulated balance of the equity account Translation Reserve to the retained earnings as of the transition date, this effect was in accumulated loss of ThCh$27,311,719.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation between IFRS and the Generally Accepted Accounting Principles in Chile</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The reconciliations presented below show a detail of the Company&#146;s quantification of the impact of the transition to the IFRS. The reconciliation provides the detail of the transition impact as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the Net Equity as of January 1, 2008, and December 31, 2008</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the Consolidated Statement of Income for the year ended as of December 31, 2008</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 28</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_144"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x44.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the Consolidated Statement of Cash Flow for the year ended as of December 31, 2008</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Consolidated Net Sales</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation of net equity</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" vAlign=center align=center rowSpan=2><B><FONT color=#ffffff size=1>Concepts</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Notes</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Total net equity attributable to parent company shareholders according to Chilean GAAP (*)</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1>401,795,860</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>496,245,795</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Property, plant and equipment</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>43,144,484</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>53,902,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investment property</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(b)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,333,133</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,333,133</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Dividend provision</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(c)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(24,629,973)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(26,345,717)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Price-level restatement elimination</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,159,054)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(48,107,708)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Fair value financial instruments</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=center><FONT size=1>(e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,805,527</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,437,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Severance indemnity provision</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,161,377)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,148,983)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investments abroad functional currency</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(33,480,491)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(40,762,033)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financing costs related to debt</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(h)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,568,028)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,951,045)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred taxes</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(i)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,308,609)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6,185,100)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority interest</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(j)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,069,228</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,847,622</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Negative goodwill</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>385,233</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,499,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>(1,303,097)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>1,098,336</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Effect of the transition to IFRS</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(20,873,024)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(52,381,231)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Total net equity according to IFRS</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>380,922,836</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>443,864,564</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">(*) In prior year 20F, and for comparative purposes only, the consolidated financial statements as of December 31st, 2007 were restated in terms of Chilean pesos of December 31st, 2008 purchasing power. This explains the difference between the amount reported in prior year 20F (ThCh$437,555,693) and the amount included within this table (ThCH$401,795,860). </P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation of consolidated income</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1><BR>
For the year ended as of</FONT></B><BR>
<B><FONT color=#ffffff size=1>December 31, 2008<BR>
</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2>&nbsp;<STRONG><FONT color=#ffffff size=1>Concepts</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Notes</FONT></B></TD></TR>
<TR height=20></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Income according to Chilean GAAP</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT size=1>82,630,703</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Property, plant and equipment depreciation</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(a)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,758,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Price-level restatement elimination</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(d)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,434,818)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Fair value financial instruments</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(e)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,523,741)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Severance indemnity provision</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(f)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,394</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investments abroad functional currency</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(g)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,887,155</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financing costs related to effective rate</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(h)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>616,984</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred taxes</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(i)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,000,049</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority interest</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(j)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,652,103)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financing cost capitalization</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(k)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,844,779</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Goodwill</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(l)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,672,173</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketing expense</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(m)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,557,683)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Commercial trademarks amortization</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(n)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,071,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Negative goodwill</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>(o)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,114,593</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>(25,931)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Effect of the transition to IFRS</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7,782,939</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid" align=left bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Income according to IFRS</FONT></B></TD>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>90,413,642</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation between IFRS and the generally accepted accounting principles in Chile</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main reconciling adjustments included in the tables above are described below. Notes (a) and (d) to (j) and (o) correspond to equity and income; Notes (b) and (c) correspond to equity and Notes (k) to (n) correspond to income:</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731521"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(a) Property, plant and equipment</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For the purposes of the first adoption, the Company revalued all the land and some plants included under Property, plant and equipment, which analyzed jointly with the land, required a fair value adjustment.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 29</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_145"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x47.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The revaluation effected was carried out for a single time according to IFRS 1, paragraph 16, electing the measurement of a Property, plant and equipment entry at its fair value, and such value is used as the attributed cost as from the transition date. The fair value of the revalued assets has been determined through appraisals carried out, as of the transition date, by independent specialists regarding land, and by internal specialists regarding such plants. According to the Chilean GAAP, the revaluation of these assets at fair value was not accepted.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company also reviewed and conformed the useful lives and residual value estimates made as part of the analysis of Property, plant and equipment at individual component levels. The resulting effects of introducing the above indicated concepts generated a lower charge to income due to depreciation</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">All of the above meant the following:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Revaluation of land and some plants (*) included in Property, plant and equipment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>92,689,976</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Conformity of useful lives and adjustment of Property, plant and equipment residual values</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>(49,545,492)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Net effect on Property, plant and equipment</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>43,144,484</FONT></B>&nbsp;</TD></TR></TABLE> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731522"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(b) Investment property</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For the purposes of first adoption, the Company revalued the land included in investment property. The revaluation effected was carried out for a single time according to IFRS 1, and the new value corresponds to the asset initial cost as from the transition date. The fair value of the revalued assets has been determined with appraisals carried out, as of the transition date, by independent specialists. Under Chilean GAAP land revaluation at fair value was not accepted.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731523"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(c) Dividend provision</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to the stipulations of Article N&#186; 79 of the Law on Stock Companies in Chile and the Company&#146;s by-laws, except otherwise agreed at the Company&#146;s Shareholders Meeting by the unanimous vote of the issued shares, the Company must annually distribute as a dividend to its shareholders at least 30% of the net profit of each year, after previous absorption of the accumulated losses, if any. The dividend policy explained by the Board of Directors during the last Shareholders Meeting as of April 20, 2009 consists in distributing as dividend at least 50% of the distributable net profit. Under IFRS, the Company has recorded the obligation on an accrued basis, net of interim dividends agreed upon as of the closing date. Under Chilean GAAP, this obligation is accounted for only as from the moment the dividend is declared. </FONT></F
ONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731524"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(d) Price-level restatement elimination</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Chile and Argentina, the countries in which the Company operates, are not considered as economies with a hyper-inflation pursuant to the stipulations of IAS 29. Consequently, the application of inflation accounting is not accepted. As a result, the Company has eliminated the accumulated price-level restatement effect of the non-monetary items of the Balance Sheet, such as inventories and equity reserves, except for the Property, plant and equipment, Investment property and intangible assets items in which its corrected accounting value was considered as deemed cost at the transition date, and the revaluation of the paid-up capital, which has been maintained until the adoption date due to the fact of being considered as capital increases approved by the Company&#146; shareholders. Given that the amount of these assets was close to their fair va
lue, the Company used the exception of the attributed cost.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731525"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(e) Fair value financial instruments</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IAS 39 requires that the financial investments classified under the categories &#147;at fair value with effect on income&#148;, and &#147;derivative facilities&#148; be measured at fair value as of each date of the statement of financial position, recording the changes in fair value in the comprehensive statement of income in the case of the facilities classified as &#147;at fair value with effect on results&#148; and derivative facilities. The Chilean GAAP did not require the periodic measurement, both of the financial investments as well as the derivative facilities at fair value. The reconciliation adjustment consists in the valuation of the financial investments and derivative facilities at their fair value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731526"></A></H3></DIV>
<P style="TEXT-ALIGN: center">F - 30</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_146"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x49.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(f) Severance indemnities provision</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to IFRS, the determination of the Company&#146; severance indemnity provision, for the cases in which there has been an irrevocable commitment, is determined as the current value of the benefit&#146;s accrued cost (see detail of accounting policy in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.17</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">), which requires making estimates such as the future continuance of the benefit holders, mortality rates, future salary increases and discount rates, among others. Under Chilean GAAP, such severance indemnities were recorded using the current value method, which only reflects the cost of granting
 the benefit discounted at a pre-determined rate. In the case of the severance indemnity costs generated, as a result of the amendments to the collective bargain agreements effected between years 2005 and 2006, that included an enhancement to the agreed benefits, the corresponding effects generated a deferred charge which was being amortized over the employee&#146;s expected average future employment term. The reconciliation adjustment adjusts the current value of the provision to its current value and as compared to the above described asset, eliminating the deferral.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731527"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(g) Investments abroad functional currency </FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Under IFRS financial statements are prepared taking into account the functional currency of each of the subsidiaries included in consolidation, which in the case of the Argentine subsidiaries is the Argentine peso. Under Chilean GAAP, pursuant to the provisions of Bulletin N&#176; 64 of the Chilean Accountants Association, the Argentine subsidiaries non-monetary assets and liabilities were controlled in historical US dollars.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The effect of this change of functional currency generated a lower charge to income due to depreciation.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731528"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(h) Debt related financing costs</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Under Chilean GAAP the bonds and loans capitalized, non amortized financing costs, as well as the pre-payment costs and other related are deferred as part of the financing costs of the new bonds and loans. IAS 39 requires that the difference between the book value of a repaid financial liability, including the non amortized financing costs and the paid-up counter-service, must be recognized during the year in which the obligation is terminated. The above meant, at first adoption, to recognize in income those items that although deferred, did not qualify according to the provisions of IAS 39.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On the other hand, the costs incurred to obtain financing are deferred and amortized on a straight &#150; line basis the term of the corresponding obligation. Under IAS 39 such costs are part of the effective interest rate determination, consequently they are recognized in income through the interest method.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731529"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(i) Deferred taxes</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The reconciliation adjustment of deferred taxes consists in 1) the elimination of deferred taxes supplementary accounts and 2) the recognition of deferred taxes originated by the reconciliation adjustments to IFRS creating temporary differences between the Company&#146;s financial and taxation bases. The variation of the temporary differences between Chilean GAAP and IFRS generated a credit for deferred taxes in the statement of income mainly related to the elimination of price-level restatement on Property, plant and equipment.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731530"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(j) Minority interest</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Under IFRS the Company&#146;s net equity is formed by the parent company shareholder share, as well as by that of the minority interest holders of its associates. Under Chilean GAAP, minority interest was classified on a line between the long term liability and net equity. </FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731531"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(k) Capitalization of financing cost</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IAS 23 requires that the financing cost originated by loans, either directly or indirectly related to the construction of qualified assets, is capitalized as part of the asset (See detail on accounting policy in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.10</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">). Under Chilean GAAP, financing cost capitalization was optional in the cases of loans not directly related to the construction of the qualified asset. The reconciliation adjustment consists in 1) capitalization of the financing cost incurred, as from the transition year to IFRS, for the construction of qualified assets originated by non-direc
tly related loans, and 2) the corresponding increase in the depreciation of the related asset.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 31</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_147"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x50.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731532"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(l) Goodwill</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IFRS 3 establishes that goodwill must not be amortized, (see accounting policy in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.14</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">). Under Chilean GAAP goodwill was amortized on a straight &#150; line basis over the expected life, up to a maximum 20 years. The reconciliation adjustment replaces goodwill amortization under Chilean GAAP as from the transition date, since for IFRS purposes amortization does not apply.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731533"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(m) Marketing expenses</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to Chilean GAAP, merchandising material was capitalized and was charged to income when consumed, and the cost incurred for commercials production was amortized during their exhibition term. According to IAS 38, both are charged to income, the first when incurred and the second after the first exhibition.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731534"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(n) Commercial trademarks amortization</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">IAS 38 establishes that commercial trademarks are of definite and indefinite amortization (see accounting policy detail in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.14</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">). Under Chilean GAAP, commercial trademarks were amortized on a straight &#150; line basis over the allowed useful life, up to a maximum 20 years. The reconciliation adjustment replaces commercial trademarks amortization under Chilean GAAP as from the transition date, since they correspond to indefinite life intangible assets.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731535"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>(o) Negative goodwill</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As established in IFRS 3, the excess share of the acquiring entity in the reasonable value of the identifiable assets and liabilities of the acquired one over cost was immediately recognized in income. Under Chilean GAAP, the goodwill is recognized as a lower asset amortized during a 20-year term, as indicated in</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> Note 2.2.</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation of the Consolidated Statement of Cash Flow for the year ended as of December 31, 2008.</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main differences between Chilean GAAP and IFRS in the preparation of cash flow statements is related to the classification of financial leasing installments (included as investment activities according to Chilean GAAP and as financing activities according to IFRS), and interests (included as operating activities under Chilean GAAP and as financing activities under IFRS).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Reconciliation of the Consolidated Net Sales</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following are the main adjustments and reclassifications affecting the net sales component.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1><BR>
For the years ended as of</FONT></B><BR>
<B><FONT color=#ffffff size=1>December 31, 2008<BR>
</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Concepts</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Net Sales according to Chilean GAAP</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>781,789,468</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Distributors and supermarket chains commercial agreements expense (rebate)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(19,838,997)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Price-level restatement elimination</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(24,985,669)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Change of funtional currency in Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>(26,775,532)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Net Sales according to IFRS</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>710,189,270</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 32</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_148"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x52.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 5 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;Risk Administration </FONT></B></FONT></A></H1> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731537"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Risk administration</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In those companies without a significant minority interest, the Company&#146;s Administration and Finance Officer provides a centralized service for the group&#146;s companies to obtain financing and administration of exchange rate, interest rate, liquidity, inflation, raw material and loan risks. Such activity operates according to a policies and procedures framework, which is regularly reviewed to comply with the purpose of administrating the risk originated by the business needs.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In those companies with a significant minority interest (VSPT, CPCH, Aguas CCU Nestl&#233;, CCU Argentina and Cervecera Kunstmann) each Administration and Finance Officer exercises such responsibility. When necessary, the Board of Directors has the final responsibility for the established and reviewing the risk administration structure, as well as for the review of the significant changes made to the risk administration policies, receiving information related to their activities.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to the financial risk policies, the Company uses derivative instruments only with the purpose of covering exposures to the interest rate and exchange rate risks originated by the Company&#146;s operations and its financing sources. The Company does not acquire derivative facilities with speculative or investment purposes nevertheless, some derivatives are not treated as hedge for accounting purposes because they do not qualify as such. Transactions with derivative instruments are exclusively carried out by staff under the Administration and Finance Officer and the internal audit department regularly reviews the control environment of this function. The relationship with risk classifiers and the monitoring of financial restrictions (covenants) are also administered by this Officer.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s main risk exposure is related to the exchange rates, interest rates, inflation and raw material prices (commodities), clients accounts receivable and liquidity. With the purpose of administering the risk originated by such exposures, several financial instruments are used.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A name="_Toc257731538"></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Exchange rate risk</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is exposed to exchange rate risks originated by: a) its net exposure to foreign currency assets and liabilities, b) exports sales, c) the purchase of raw material, products and capital investments effected in foreign currencies, or indexed in such currencies, and d) the net investment of subsidiaries in Argentina. The Company&#146;s greatest exchange rate exposure is the variation of the Chilean peso as compared to the US dollar, euro, sterling pound and Argentine peso.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company maintained in Chile foreign currency obligations amounting to Ch$&nbsp; 55,898 million, mostly denominated in US dollars. Foreign currency obligations accruing variable interest (Ch$ 40,309 million) represent 18% of the total of such obligations. The remaining 82% is denominated in inflation-indexed Chilean pesos (see inflation risk section). The Ch$ 55,898 million foreign currency obligations include loans for US$ 70 million (Ch$ 35,526 million) which are hedged by currency and interest rate hedge agreements, converting such debts in fixed interest rate inflation-adjusted obligations in Chilean pesos. In addition, the Company maintains foreign currency assets for Ch$ 27,364 million that mainly correspond to exports accounts receivable.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Regarding the Argentine subsidiaries operations, the liability net exposure in US dollars and other currencies amounts to Ch$ 4,175 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">To protect the value of the foreign currency assets and liabilities net position of its Chilean operations, the Company enters into derivative agreements (currency forwards) to ease any variation in the Chilean peso as compared to other currencies.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company&#146;s assets (liabilities) net exposure in foreign currencies, after the use of derivative instruments, amounted to Ch$ 1,150 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Of the Company&#146;s total sales, both in Chile and Argentina, 11% corresponds to export sales made in foreign currencies, mainly US dollars, euro, pound sterling, and of the total costs, 63% corresponds to raw material and products purchases in foreign currencies, or indexed to such currencies. The Company does not actively hedge the eventual variations in the expected cash flows from such transactions.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 33</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_149"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x53.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On the other hand, the Company is exposed to the exchange rate movements related to the conversion from Argentine pesos to Chilean pesos of the income, assets and liabilities of its subsidiaries in Argentina. The Company does not actively hedge the risks related to the subsidiaries conversion, which effects are recorded in Equity.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the net investment in Argentine subsidiaries amounted to Ch$ 88,847 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Exchange rate sensitivity analysis</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The exchange rate differences effect recognized in the Consolidated Statement of Income for the&nbsp; year ended as of December 31, 2009, related to the foreign currency denominated assets and liabilities, was a loss of Ch$ 1,390 million (a loss of Ch$ 866 million in 2008). Considering the exposure as of December 31, 2009, and assuming a 10% increase or decrease in the exchange rate, and maintaining constant all the rest of the variables, such as interest rates, it is estimated that the effect over the Company&#146;s income would be income (loss) after taxes of Ch$ 95 million (income (loss) of Ch$ 198 million in 2008).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Considering that approximately 11% of the Company&#146; sales relates to export sales carried out in Chile, in currencies different from the Chilean peso, and that in Chile approximately 60% of the costs are indexed to the US dollar, and assuming that the Chilean peso will be appreciated or (depreciated) by 10% as compared to the set of foreign currencies, when maintaining constant the rest of the variables the hypothetical effect on the Company&#146;s income would be income (loss) after taxes of Ch$ 5,507 million (income (loss) from Ch$ 6,265 million in 2008).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The net investment maintained in subsidiaries that operate in Argentina amounts to Ch$ 88,847 million as of December 31, 2009, (Ch$ 108,315 million as of December 31, 2008). Assuming a 10% increase or decrease in the Argentine peso exchange rate as compared to the Chilean peso, and maintaining constant all the rest of the variables, the aforesaid increase (decrease) would hypothetically result in income (loss) of Ch$ 8,885 million (income (loss) Ch$ 10,831 million in 2008) recorded as a credit (charge) against net equity. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Interest rates risk</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The interest rate risk is mainly originated by the Company&#146;s financing sources. The main exposure is related to LIBOR and 30-day TAB variable interest rate indexed obligations. As of December 31, 2009, the Company had a total Ch$ 40,309 million in debt indexed to LIBOR (Ch$ 108,570 million as of December 31, 2008), and it does not&nbsp; have obligations indexed to TAB 30 interest rate (Ch$ 30,466 million, as of December, 2008). Consequently, as of December 31, 2009, the company&#146;s financing structure is made up (without considering the effects of cross currency swaps effect) of approximately&nbsp; 18% debt with variable interest rates, and 82% debt with fixed interest rates.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">To administer the interest rate risk, the Company has an interest rate administration policy that intends to reduce the volatility of its financial expense, and to maintain an ideal percentage of its debt in fixed rates instruments. The financial position is mainly set by the use of short-term and long-term debt, as well as derivative instruments such as cross currency interest rate swaps.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, after considering the effect of interest rates and currency swaps, approximately 98% of the Company&#146;s long-term debt has fixed interest rates.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The terms and conditions of the Company&#146;s obligations as of December 31, 2009, including exchange rates, interest rates, maturities and effective interest rates are detailed in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 24 </FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Debts and financial liabilities that accrue interest.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Interest rates sensitivity analysis</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total financial expense recognized in the Consolidated Statement of Income for the twelve month ended as of December 31, 2009, related to short-term and long-term debts amounted to Ch$ 12,443 million (Ch$ 8,892 million in 2008). Considering that only 2% of the total debt (net of cross currency swaps) is subject to variable interest rates, assuming an interest rate increase or decrease in Chilean pesos and US dollars of approximately 100 base points, and maintaining constant all the rest of the variables, such as the exchange rate, the aforementioned increase (decrease) would hypothetically result in a loss (income) of Ch$ 48 million (Ch$ 305 million in 2008) in the Consolidated Statement of Income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The sensitivity analyses described in the paragraphs above are only for illustrative purposes, since in fact the sensitive variables rarely change without affecting one another, and without affecting other factors that were considered as constant and that also affect the Company&#146;s financial position and income.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 34</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_150"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x54.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"><BR>
Inflation risk</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company maintains a series of Unidad de Fomento* (UF) indexed agreements with third parties, as well as UF indexed financial debt, which means that the Company is exposed to the UF fluctuations, generating increases in the value of the agreements and inflation adjustable liabilities, in the event it experiences growth. This risk is mitigated by the fact that the Company&#146;s policy is to maintain its unit income in UF constant, according to the conditions allowed by the market.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">* The Unidad de Fomento (UF) is a Chilean inflation-indexed, peso-denominated monetary unit. The UF rate is set daily in advance based on changes in the previous month&#180;s inflation rate. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Inflation sensitivity analysis</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The income for total adjustment unit recognized in the comprehensive consolidated statement of income for the year ended as of December 31, 2009, related to UF indexed short-term and long-term debt, and resulted in a profit Ch$ 4,190 million (a loss Ch$ 15,626 million in 2008). Assuming a reasonably possible increase (decrease) of the Unidad de Fomento by approximately 3% and maintaining constant all the rest of the variables, such as interest rates, the aforementioned increase (decrease) would hypothetically result in a loss (income) of Ch$ 6,661 million (Ch$ 5,930 million in 2008) in the Consolidated Statement of Income.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Raw material price risk</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main exposure to the raw material price variation is related to the barley and malt supply for the production of beer, concentrates, sugar and plastic bottles used in the production of soft drinks, bulk wine and grapes for the manufacturing of wine.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Barley and malt</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In Chile the Company obtains its barley and malt supply from local producers and from the international market. Long-term supply agreements are entered into with local producers, where the barley price is set annually according to the market prices, which is used to determine the malt price according to the agreements. The purchases and commitments made expose the Company to a raw material price fluctuation risk. During 2009 the Company purchased 36,767 tons of barley and 33,678 tons of malt. On the other hand, CCU Argentina acquires the whole demand of malt from local producers. Such raw material represents approximately 30% of the beer direct cost in Chile and 38% of the beer direct cost in Argentina. The Company does not maintain hedge activities over such purchases of raw material.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Concentrates, Sugar and plastic bottles</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main raw materials used in the production of non-alcoholic beverages are concentrates, which are mainly acquired from licensees, sugar and plastic resin for the manufacturing of plastic bottles and containers. The company is exposed to these raw material price fluctuation risks, which jointly represent 61% of the direct cost of non-alcoholic beverages. The Company does not carry out hedge activities over these raw material purchases.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Grapes and wine</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main raw materials used by the subsidiary VSPT for wine production are its own production grapes and third-party grapes and wine. Approximately 50% of the export wine supply comes from its own vineyards, thus reducing the effect of price volatility and ensuring the products quality consistence. Approximately 95% of the wine or grape supply for the wine for local market is acquired from third parties. During 2009, the Company acquired 60% of the necessary grapes and wine from third parties through fixed price agreements. In addition, it also occasionally effects spot price (or cash price) transactions, depending on its needs. During 2009 and 2008 the Company purchased grapes and wine for a total Ch$ 14,844 million and Ch$ 14,025 million respectively, and it does not carry out hedge activities over such transactions.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Raw material price sensitivity Analysis</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total direct cost in the consolidated statement of income for 2009 amounts to Ch$ 254,700 million (Ch$ 231,144 million in 2008). Assuming a reasonably possible increase (decrease) in the direct cost of each segment of 8% and maintaining constant all the rest of the variables, such as exchange rates, the aforesaid increase (decrease) would hypothetically result </FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 35</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_151"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x55.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">into a loss (income) of Ch$ 5,920 million (Ch$ 5,414 million in 2008) for Beer Chile, Ch$ 3,222 million (Ch$ 3,072 million in 2008) for Beer Argentina, Ch$ 6,104 million (Ch$ 5,488 million in 2008) for non-alcoholic beverages, Ch$ 5,100 million (Ch$ 3,625 million in 2008) for Wines and Ch$ 1,283 million (Ch$ 1,279 million in 2008) for Spirits.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Credit risk</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The credit risk to which the Company is exposed is mainly originated by a) the commercial accounts receivable maintained with retail clients, wholesale distributors and supermarket chains of domestic markets; b) accounts receivable from exports; and c) financial facilities maintained with Banks and financial institutions, such as sight deposits, mutual funds investments, facilities acquired under resale commitment and derivative financial facilities.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Domestic market</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The credit risk related to commercial collectible accounts of domestic markets is administered by the Loan and Collection Administration Officer, and it is monitored by the Loan Committee of each business unit. The Company has a wide client base that is subject to the policies, procedures and controls established by the Company. The loan limits are established for all clients on the basis of an internal qualification and payment performance. The pending for payment commercial accounts receivable are regularly monitored. In addition, the Company acquires loan insurances covering 90% of the individually significant accounts receivable balances, a coverage that as of December 31, 2009, amounts to 79% (77% as of December 31, 2008) of the total accounts receivable.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Overdue but not impaired commercial accounts receivable correspond to clients that show delays of less than 17.4 days.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company had approximately 145 clients (104 clients as of December 31, 2008) indebted in over Ch$ 5 million each, that together represent approximately 86% of the total commercial accounts receivable. There were 36 clients (23 clients as of December 31, 2008) with balances over $ 30 million each, representing approximately 71% (59% in 2008) of the total accounts receivable. 85% of such accounts receivable are covered by the aforesaid loan insurance, or by mortgage guarantees.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Exports market</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The loan risk related to accounts receivable for exports is administered by VSPT Head of Loan and Collection, and it is monitored by VSPT Administration and Finance Officer. The Company has a large client base, in over eighty countries, which are subject to the policies, procedures and controls established by the Company. In addition, the Company acquires loan insurance covering 89% of the individually significant accounts receivable, a coverage that as of December 31, 2009, amounts to 66% (67% as of December 31, 2008) of the total accounts receivable. Payment pending commercial accounts receivable are regularly monitored. Apart from the loan insurance, the fact of having diversified sales in different countries and in the main economically developed countries decreases the loan risk.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Commercial accounts receivable overdue but not impaired related to clients with delays of an average less than 15 days.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, there were 65 clients (66 clients as of December 31, 2008) indebted for over Ch$ 65 million each, which represent 85% (85% as of December 31, 2008) of the total accounts receivable.&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company estimates that no loan risk provisions are necessary in addition to the individual and collective provisions determined as of December 31, 2009. See analysis of accounts receivable maturities and losses due to impairment of accounts receivable (</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 14</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company has policies limiting the counterparty loan risk exposure as regards financial institutions, and such exposures are frequently monitored. Consequently, the Company does not have loan risk concentrations with financial institutions that should be considered significant as of December 31, 2009.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Liquidity risk</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company administers liquidity risk at a consolidated level, the cash flows originated by its operational activities being the main liquidity source. In addition, the Company issues debt and equity facilities in the capital market, maintains unused financing lines, as well as cash and cash equivalent available in order to fulfill its short &#150;term and long-term obligations.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 36</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_152"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x56.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company bases its estimated cash flows for a 12-month following to administer short-term liquidity. As of December 31, 2009, the Company had unused loan credit lines totalling Ch$ 238,132 million and cash and cash equivalents of Ch$ 137,354 million to administer short-term liquidity needs.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Based on the current operational performance and its liquidity position, the Company estimates that the cash flows originated by operating activities and the cash available shall be sufficient to finance working capital, capital investments, interest payments, dividend payments and debt payment requirements for the next 12-month period and the foreseeable future.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">A summary of the Company&#146;s financial liabilities and financial liabilities originated by derivatives with their maturities as of December 31, 2008, and December 31, 2008, based on the non discounted contractual cash flows appears below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="45%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><STRONG><FONT color=#ffffff size=1>As of December 31, 2008</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Book</FONT></B><BR>
<B><FONT color=#ffffff size=1>Value</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4>&nbsp;<STRONG><FONT color=#ffffff size=1>Contractual flows maturities</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Less than 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Between 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>More than</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>and 5 years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>5 years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Financial liabilities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bank borrowings</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>169,523,616</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>85,523,735</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>97,846,224</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>183,369,959</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,285,126</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,633,579</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>32,473,231</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>72,971,298</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>114,078,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial leases obligations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,228,635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,321,593</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,449,906</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>31,414,943</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>38,186,442</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>246,037,377</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,478,907</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>135,769,361</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>104,386,241</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>335,634,509</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Derivative financial liabilities</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cross currency interest rate swaps</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,892,876</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,892,876</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foreign currency forwards</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>10,581,982</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,329,500</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,329,500</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>256,619,359</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>109,808,407</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>135,769,361</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>104,386,241</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>349,964,009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4>&nbsp;<STRONG><FONT color=#ffffff size=1>As of December 31, 2009</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Book</FONT></B><BR>
<B><FONT color=#ffffff size=1>Value</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4><B><FONT color=#ffffff size=1>Contractual flows maturities</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Less than 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Between 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>More than</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>and 5 years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>5 years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Financial Liabilities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bank borrowings</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>53,172,707</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,080,021</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>41,243,179</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>56,323,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>160,479,362</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>11,859,785</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>114,143,960</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,933,922</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>242,937,667</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial leases obligations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,875,725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,458,498</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,352,486</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>29,763,641</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>36,574,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>229,527,794</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>28,398,304</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>160,739,625</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>146,697,563</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>335,835,492</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Derivative financial liabilities</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD>
     <TD align=right bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cross currency interest rate swaps</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,175,691</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,746,070</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,746,070</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foreign currency forwards</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>2,614,731</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,185,110</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,185,110</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>232,142,525</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>32,583,414</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>160,739,625</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>146,697,563</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>340,020,602</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 37</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_153"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x59.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 6 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Financial Instruments</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>Financial instruments categories</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following are the book values of each financial instrument category at the closing of each period: </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="13%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 rowSpan=3></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Non current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Non current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Current</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Non current</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>137,353,669</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with changes in income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>852,712</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>19,743</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,535,652</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>39,212</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>1,330,478</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>14,012</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable &#150; trade and other (net)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>134,503,176</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,733,556</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>284,457</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,902,504</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>295,382</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>8,021,709</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>273,475</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total financial assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>244,515,400</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>304,200</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>213,226,750</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,900,851</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>281,209,032</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>287,487</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,351,351</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>108,247,223</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>82,061,889</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>103,690,362</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>14,650,780</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>54,397,652</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,844,803</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>54,604,683</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,182,438</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>56,102,688</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>5,129,698</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>155,349,664</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable &#150; trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>125,351,446</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,443,606</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>610,093</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,966,618</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>610,093</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>4,263,311</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>610,093</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Financial liabilities measured at amortized cost</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>120,163,496</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>163,461,999</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>227,409,464</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>160,403,143</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>149,395,235</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>210,357,409</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial liabilities at fair value with change in Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>439,040</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>83,907</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>2,091,784</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total financial liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>121,138,457</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>181,976,877</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>237,991,446</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>160,403,143</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>149,918,182</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>212,449,193</FONT></B>&nbsp;</TD></TR></TABLE> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Financial instruments fair value</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following tables show the fair values, based on the financial instrument categories, as compared to the book value included in the consolidated statements of financial position:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Composition of financial assets and liabilities:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="38%"></TD>
     <TD width="14%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 rowSpan=3></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fair Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fair Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>137,353,669</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>137,353,669</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with changes in income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>872,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>872,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,574,863</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,574,863</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>1,344,490</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>1,344,490</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable &#150; trade and other (net)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>134,503,176</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>134,503,176</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,018,013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,018,013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,197,886</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,197,886</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>8,295,184</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>8,295,184</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total financial assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>244,819,600</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>244,819,600</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>223,127,600</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>223,127,600</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>281,496,519</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>281,496,519</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>114,598,575</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,578,172</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>185,752,251</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>178,665,142</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>69,048,432</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>55,822,879</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>58,449,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,450,384</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,285,126</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>51,543,602</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>160,479,362</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>147,142,795</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable &#150; trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>125,351,446</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>125,351,446</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,053,699</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,053,699</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,576,711</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,576,711</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>4,873,404</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>4,873,404</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Financial liabilities measured at amortized cost</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>283,625,495</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>277,605,991</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>387,812,607</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>371,983,974</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>359,752,644</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>333,190,524</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial liabilities at fair value with change in Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>439,040</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>439,040</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>2,175,691</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><B><FONT size=1>2,175,691</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total financial liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>303,115,334</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>297,095,830</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>398,394,589</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>382,565,956</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>362,367,375</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>335,805,255</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The book value of current accounts receivable, cash and cash equivalent and other financial assets and liabilities approximate fair value due to the short-term nature of such facilities, and in the case of accounts receivable, due to the fact that any collection loss is already reflected in the impairment loss provisions.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The fair value of non derivative financial assets and liabilities that are not quoted in active markets is estimated through the use of discounted cash flows calculated on market variables observed as of the date of the financial statements. The fair value of derivative facilities assets and liabilities is estimated through the discount of future cash flows, determined according to information observed in the market, or to variables and prices obtained from third parties.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 38</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_154"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x62.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Financial instruments as per category:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Loans and</FONT></B><BR>
<B><FONT color=#ffffff size=1>accounts</FONT></B><BR>
<B><FONT color=#ffffff size=1>receivable</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>284,917</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>398,678</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>587,538</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>587,538</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable - trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>121,112,748</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,018,013</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,018,013</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalent</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>116,702,623</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>872,455</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>243,833,384</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>113,761</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>244,819,600</FONT></B>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Other financial</FONT></B><BR>
<B><FONT color=#ffffff size=1>liabilities</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>M$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>173,048,060</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>173,048,060</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable - trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,053,699</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,053,699</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>19,489,839</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>974,961</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>18,514,878</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>283,625,495</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>303,115,334</FONT></B>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=5><FONT style="BACKGROUND-COLOR: #003300"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Loans and</FONT></B><BR>
<B><FONT color=#ffffff size=1>accounts</FONT></B><BR>
<B><FONT color=#ffffff size=1>receivable</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,149,101</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>13,715,358</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>425,762</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>425,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable - trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>147,488,609</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,197,886</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,197,886</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalent</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55,299,985</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,574,863</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>208,986,480</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,566,257</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>223,127,600</FONT></B>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5>&nbsp;<STRONG><FONT color=#ffffff size=1>As of December 31, 2008</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Other financial</FONT></B><BR>
<B><FONT color=#ffffff size=1>liabilities</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>246,037,377</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>246,037,377</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable - trade and other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,576,711</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,576,711</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,581,982</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,436,624</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,145,358</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>387,812,607</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>398,394,589</FONT></B>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=5><FONT style="BACKGROUND-COLOR: #003300"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><STRONG><FONT color=#ffffff size=1>As of December 31, 2009</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Loans and</FONT></B><BR>
<B><FONT color=#ffffff size=1>accounts</FONT></B><BR>
<B><FONT color=#ffffff size=1>receivable</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<STRONG><FONT color=#ffffff size=1>derivatives</FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>564,273</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>564,273</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>780,217</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>780,217</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trade and other accounts receivable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>134,503,176</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>134,503,176</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable from related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,295,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,295,184</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and chash equivalent</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>137,353,669</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>137,353,669</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,344,490</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>280,152,029</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><FONT color=#ffffff size=1>-</FONT>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>281,496,519</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 39</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_155"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x68.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value with</FONT></B><BR>
<B><FONT color=#ffffff size=1>changes in</FONT></B><BR>
<B><FONT color=#ffffff size=1>income</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Hedge</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Other</FONT></B><BR>
<B><FONT color=#ffffff size=1>derivatives</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts that accrue interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>229,527,794</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>229,527,794</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trade and other accounts payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>125,351,446</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>125,351,446</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>accounts payable to related companies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,873,404</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,873,404</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,175,691</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,614,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>439,040</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>2,175,691</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>359,752,644</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>362,367,375</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Derivative Instruments</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of maturities, number of derivative agreements, contracted nominal amounts, fair values and the classification of such derivative instruments as per type of agreement at the closing of each year is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300 rowSpan=3></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Number</FONT></B><BR>
<B><FONT color=#ffffff size=1>Agreements</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Nominal</FONT></B><BR>
<B><FONT color=#ffffff size=1>thousand&nbsp;</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Asset</FONT></B><BR>
<STRONG><FONT color=#ffffff size=1>ThCh$</FONT></STRONG><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Liability</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Number</FONT></B><BR>
<B><FONT color=#ffffff size=1>Agreements </FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Nominal</FONT></B><BR>
<STRONG><FONT color=#ffffff size=1>thousand</FONT></STRONG><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Asset</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Liability</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Number</FONT></B><BR>
<B><FONT color=#ffffff size=1>Agreements </FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Nominal</FONT></B><BR>
<STRONG><FONT color=#ffffff size=1>thousand</FONT></STRONG><FONT color=#ffffff>&nbsp;&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Asset</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Liability</FONT></B><BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom></TR>
<TR>
     <TD vAlign=top colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><B><FONT size=1>Cross currency interest rate </FONT></B><B><FONT size=1>swaps USD</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>171,133</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>113,761</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>18,514,878</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>170,587</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>9,566,257</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>9,145,358</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>70,056</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#99cc00><B><FONT size=1>2,175,690</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Less than a year</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1,133</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>100,587</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>56</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>83,906</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Between 1 and 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>2</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>170,000</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>70,000</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>70,000</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>2,091,784</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>More than 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><B><FONT size=1>Forwards USD</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>33</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(84,874)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>284,917</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>974,961</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>59</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(43,057)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>4,260,295</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>1,119,951</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>30</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>49,508</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>39,512</FONT></B>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#99cc00><B><FONT size=1>373,969</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Less than a year</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>33</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(84,874)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>284,917</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>59</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(43,057)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>4,260,295</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1,119,951</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>29</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>43,758</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>39,512</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>343,128</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Between 1 and 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>5,750</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>30,841</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>More than 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><B><FONT size=1>Forwards Euro</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>19</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(9,095)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>429,545</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>12</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(6,731)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>315,174</FONT></B>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Less than a year</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>19</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(9,095)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>429,545</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>12</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(6,731)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>315,174</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Between 1 and 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>More than 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><B><FONT size=1>Forwards CAD</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(770)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>9,323</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(1,400)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#99cc00><B><FONT size=1>8,488</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Less than a year</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(770)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>9,323</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>7</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(1,400)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>8,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Between 1 and 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>More than 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><B><FONT size=1>Forwards GBP</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(1,180)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>11,001</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>(2,490)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>153,003</FONT></B>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#99cc00><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Less than a year</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>1</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(1,180)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>11,001</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>5</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>(2,490)</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>153,003</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Between 1 and 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>More than 5 years</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD vAlign=top align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=left bgColor=#99cc00><FONT size=1><STRONG>Total investment derivative </STRONG><STRONG>instrument</STRONG></FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>35</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>86,259</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>398,678</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>19,489,839</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>82</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>116,485</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>13,837,553</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>10,704,177</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>55</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>108,943</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>507,689</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=right bgColor=#99cc00><B><FONT size=1>2,558,147</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=left bgColor=#003300><STRONG><FONT color=#ffffff size=1>Efecto Neto Derivados</FONT></STRONG>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>19,091,161</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,133,376</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD vAlign=top align=right bgColor=#003300><B><FONT color=#ffffff size=1>2,050,458</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Such derivative agreements have been entered into as a hedge of exchange rate risk exposure. In the case of forwards, the Company does not comply with the formal requirements for them to be classified as hedge instruments, consequently their effects are recorded in Income, in Other gain (loss), separately from the hedged item.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In the case of Cross Currency Interest Rate Swaps, these qualify as cash flow hedges of the flows related to the liability of the syndicated loan from JP Morgan Chase and BBVA S.A. New York Branch, disclosed in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 24</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 40</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_156"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x71.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="18%"></TD>
     <TD width="31%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="8%"></TD>
     <TD width="11%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=8><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Entity</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Nature of risks covered</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Rights</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Obligations</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value of net</FONT></B><BR>
<B><FONT color=#ffffff size=1>asset</FONT></B><BR>
<B><FONT color=#ffffff size=1>(liabilities)</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Maturity</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Interest rate flow and exchange rate in bank loans</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>34,970,508</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>36,410,741</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23.05.2012</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco JP Morgan Chase Bank</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Interest rate flow and exchange rate in bank loans</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>50,063,745</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>69,535,574</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>(18,514,878)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>09.11.2009</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left colSpan=8>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=8><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Entity</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Nature of risks covered</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Rights</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Obligations</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value of net</FONT></B><BR>
<B><FONT color=#ffffff size=1>asset</FONT></B><BR>
<B><FONT color=#ffffff size=1>(liabilities)</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Maturity</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Interest rate flow and exchange rate in bank loans</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>44,680,339</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>39,803,191</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23.05.2012</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco JP Morgan Chase Bank</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Interest rate flow and exchange rate in bank loans</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>63,889,569</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>76,012,881</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1>(9,145,358)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>09.11.2009</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left colSpan=8>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 colSpan=8><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Entity</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Nature of risks covered</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Rights</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2 rowSpan=4><B><FONT color=#ffffff size=1>Obligations</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Fair value of net</FONT></B><BR>
<B><FONT color=#ffffff size=1>asset</FONT></B><BR>
<B><FONT color=#ffffff size=1>(liabilities)</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Maturity</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Interest rate flow and exchange rate in bank loans</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>35,525,570</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>38,860,469</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,175,691</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>23.05.2012</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left colSpan=8>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Consolidated Statement of Other Comprehensive Income includes under the caption cash flow hedge, for the years ended 31 December, 2008 and 2009, a credit and a debit after income taxes of ThCh$5,156,120 and ThCh$6,507,854 respectively, relating to the fair value of the Cross Currency Swap derivative instruments.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Fair value hierarchies</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The financial instruments recorded at fair value in the Statement of Financial Position are classified as follows, depending on the method to obtain their fair value:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Level 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value obtained through direct reference to quoted prices, without any adjustment.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 70.5pt; TEXT-INDENT: -70.5pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Level 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value obtained through the use of valuation models accepted in the market and based on prices different from those of Level 1, which may be directly or indirectly observed as of the measurement date (adjusted prices).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 70.5pt; TEXT-INDENT: -70.5pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Level 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value obtained through internally developed models or methodologies that use information which may not be observed, or which is illiquid.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">At the closing of each period, the Company determined the fair value for its financial facilities recorded at fair value in the Statement of Financial Position, as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 41</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_157"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x73.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Recorded Fair Value</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=3 rowSpan=2><B><FONT color=#ffffff size=1>Fair Value Hierarchy</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 3</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Fair value financial assets</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>986,216</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px" align=right bgColor=#99cc00><B><FONT size=1>587,538</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>398,678</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>587,538</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px" align=right><FONT size=1>587,538</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>284,917</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>284,917</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>113,761</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fair value financial liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>19,489,839</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>19,489,839</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>18,514,878</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial liabilities at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>974,961</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR height=5>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Recorded Fair Value</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=3 rowSpan=2><B><FONT color=#ffffff size=1>Fair Value Hierarchy</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 2</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 3</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fair value financial assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,141,120</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 4px" align=right bgColor=#99cc00><B><FONT size=1>425,762</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>13,715,358</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>425,762</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px" align=right><FONT size=1>425,762</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,149,101</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,149,101</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,566,257</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fair value financial liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>10,581,982</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>10,581,982</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,145,358</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial liabilities at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,436,624</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR style="HEIGHT: 5pt">
     <TD align=left></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Recorded Fair Value</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 10px" vAlign=top align=center bgColor=#003300 colSpan=3 rowSpan=2><B><FONT color=#ffffff size=1>Fair Value Hierarchy</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 2</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Level 3</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fair value financial assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,344,490</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 4px" align=right bgColor=#99cc00><B><FONT size=1>780,217</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>564,273</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial assets at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>780,217</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px" align=right><FONT size=1>780,217</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>564,273</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>564,273</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fair value financial liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>2,614,731</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>2,614,731</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative hedge liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,175,691</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,175,691</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial liabilities at fair value with change to Income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>439,040</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During year ended as of December 31, 2009, the Company has not made any significant instrument transfer between hierarchies 1 and 2.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB>Credit Quality of financial assets</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company uses two credit assessment systems for its clients: a) clients with loan insurance are assessed according to the external risk criteria (trade reports, non-compliance and protested documents that are available in the local market), payment capability and equity situation required by the insurance company to grant a loan coverage; b) the rest of the clients are assessed through an ABC risk model, which considers internal risk (non-compliance and protested documents), external risk (trade reports, non-compliance and protested documents that&nbsp; are available in the local market) and payment capacity and equity situation. The uncollectible rate during the last two years has not been significant.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 7 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>Financial Information as per operating segments</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s operations are presented in five operating segments. The corporate expense is presented separately. The accounting policies used for each segment are the same as those used in the Consolidated Financial Statements described in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 42</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_158"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x75.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Segment</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Operations included in the Segment</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Cervecera CCU Chile and C&#237;a.Cervecera Kunstmann</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>CCU Argentina</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Embotelladoras Chilenas Unidas and Aguas CCU Nestl&#233;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Vi&#241;a San Pedro Tarapac&#225;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Pisquera de Chile</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1>UES and UAC</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #003300" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s operations are carried out in Chile and Argentina exclusively for the beer and wine segments, the rest of the segments operate only in Chile.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company does not have clients representing more than 10% of consolidated revenues.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The segments&#146; evaluations are made based on operational results, EBITDA level. For this purpose, the Consolidated Statement of Income information showing such information by segment is included below.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 43</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_159"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x77.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Information as per operating segments for the years ended as of December 31, 2008 and 2009</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300 rowSpan=3></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Beer Chile</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Beer Argentina</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Non alcoholic</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Wines</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Spirits</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Others</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; TEXT-INDENT: 1px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Sales revenue</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>268,038,655</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>275,870,166</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>115,268,179</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>137,223,776</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>182,530,764</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>198,377,566</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>92,670,303</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>124,703,206</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>38,479,584</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>38,286,110</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>13,201,785</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>2,083,371</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>710,189,270</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>776,544,195</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interco sales revenie</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,019,775</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>2,299,537</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>(80,744)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>71,989</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>4,540,641</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>3,134,026</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>561</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>22,674</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>319,742</FONT>&nbsp;</TD>
     <TD align=right><B><FONT color=#003300 size=1>543,508</FONT></B>&nbsp;</TD>
     <TD align=right><FONT size=1>(6,799,975)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6,071,734)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net sales</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>270,058,430</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>278,169,703</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>115,187,435</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>137,295,765</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>187,071,405</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>201,511,592</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>92,670,864</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>124,725,880</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>38,799,326</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>38,829,618</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,401,810</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(3,988,363)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>710,189,270</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>776,544,195</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cost of Sales</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(111,191,030)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(114,107,969)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(55,622,993)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(61,153,726)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(93,993,459)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(101,075,448)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(53,891,350)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(77,855,019)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(20,501,708)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(20,602,427)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(378,283)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,696,218</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(335,578,823)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(365,098,371)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Gross Margin</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>158,867,400</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>164,061,734</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>59,564,442</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>76,142,039</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>93,077,946</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>100,436,144</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>38,779,514</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>46,870,861</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>18,297,618</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>18,227,191</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,023,527</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,707,855</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>374,610,447</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>411,445,824</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketing and selling, distribution and</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>administrave costs</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(83,434,098)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(86,071,964)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(49,297,035)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(58,814,012)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(71,465,825)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(75,502,932)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(28,939,067)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(35,054,774)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,053,411)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(11,802,296)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,902,540)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6,344,883)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(251,091,976)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(273,590,861)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other operating income (expenses)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(537,437)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(798,416)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>359,104</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>97</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>21,115</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(246,917)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>463,240</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>403,511</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(228,234)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,288)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>394,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>173,051</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>471,813</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(472,962)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Operating Result</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>74,895,865</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>77,191,354</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>10,626,511</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>17,328,124</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>21,633,236</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>24,686,295</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>10,303,687</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>12,219,598</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,015,973</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,420,607</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>515,012</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(463,977)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>123,990,284</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>137,382,001</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Net financial expense</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,797,440)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(10,366,890)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Results as per adjustment units</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(15,626,490)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>4,190,023</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foreign currency exchange differences</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(865,556)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(1,390,070)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Equity and income of joint venture</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>1,563,872</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,349,144</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other income (loss)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>1,562,817</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>21,924,632</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Income before taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>105,827,487</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>153,088,840</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income taxes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(10,524,247)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(11,723,673)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Income of year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Minority interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,889,598)</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(13,327,694)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Income attributable to equity holders of </FONT></B><B><FONT color=#ffffff size=1>the parent</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>90,413,642</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>128,037,473</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Depreciation and Amortization</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,973,847</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,946,151</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,144,171</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,615,108</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>9,028,324</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>9,688,911</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,270,309</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,880,886</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,757,534</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,800,489</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>4,747,720</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>6,199,604</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>39,921,905</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>44,131,149</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>EBITDA (1)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>89,869,711</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>92,137,504</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,770,681</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>21,943,232</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>30,661,561</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>34,375,206</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,573,995</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>19,100,484</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>7,773,507</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>8,221,096</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,262,734</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,735,628</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>163,912,189</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#99cc00><B><FONT size=1>181,513,150</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Earnings Before Interest, Taxes, Depreciation and Amortization.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 44</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_160"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x79.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Net Sales as per geographical location</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=2 rowSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31<BR>
</FONT></B></TD></TR>
<TR height=20></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>587,170,614</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>627,135,185</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>123,018,656</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>149,409,010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>710,189,270</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>776,544,195</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2>See distribution as per domestic and exports revenues in </FONT><B><I><FONT color=#339966 size=2>Note 9</FONT></I></B><FONT size=2>.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Property, plant and equipment depreciation and amortization of software</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=2 rowSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31<BR>
</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>14,973,847</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>14,946,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,144,171</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>4,615,108</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,028,324</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>9,688,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,270,309</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>6,880,886</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,757,534</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>1,800,489</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,747,720</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>6,199,604</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>39,921,905</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>44,131,149</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300 rowSpan=5><B><FONT color=#ffffff size=1>Capital expenditures (property, plant and equipment and software additions)</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=2 rowSpan=3><B><FONT color=#ffffff size=1>For the years ended as of December 31<BR>
</FONT></B></TD></TR>
<TR height=20></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>21,571,949</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>22,554,263</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,174,805</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>8,566,565</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>21,049,648</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>11,466,838</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,887,182</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>3,703,568</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,277,772</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>1,294,402</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,723,266</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>10,306,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>60,684,622</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>57,892,476</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(1) Other includes the capital investments corresponding to the Corporate Support Units.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=left bgColor=#003300 rowSpan=4><B><FONT color=#ffffff size=1>Assets as per segment</FONT></B></TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=top align=center bgColor=#003300 colSpan=2 rowSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31<BR>
</FONT></B></TD></TR>
<TR height=20></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>243,410,754</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>254,652,482</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>151,965,854</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>118,363,310</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>114,907,466</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>183,526,011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>261,962,414</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>262,370,573</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>51,397,700</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>50,239,782</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other (2)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>258,058,614</FONT>&nbsp;</TD>
     <TD align=right bgColor=#ccffcc><FONT size=1>234,620,735</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,081,702,802</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,103,772,893</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(2) Other include goodwill and the assets corresponding to the Corporate Support Units.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 45</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_161"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 57.9pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 57.9pt" vAlign=top width="61%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 57.9pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x84.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Assets as per geographical location</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Chile</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 11px" align=right><FONT size=1>909,948,518</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>967,863,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 11px" align=right><FONT size=1>171,754,284</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>135,909,159</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,081,702,802</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,103,772,893</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Se</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">gments&#146; additional information</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Consolidated Statement of Income &nbsp;classified according to the Company&#146;s operations management is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''Times New Roman''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="13%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>CONSOLIDATED STATEMENT OF INCOME</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Notes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the year ended as of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Net Sales</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>9</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>710,189,270</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>776,544,195</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Cost of Sales</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(335,578,823)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(365,098,371)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Gross Margin</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>374,610,447</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>411,445,824</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Other operational income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>2,485,542</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>2,362,077</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Marketing expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(99,164,910)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(106,015,907)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Distribution expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(75,309,895)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(89,354,339)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Administrative expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(76,617,171)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(78,220,615)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Other operational expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(2,013,729)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(2,835,039)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Operating results</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>123,990,284</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>137,382,001</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Net financial expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(4,797,440)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(10,366,890)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Equity and income of joint venture</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>19</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>1,563,872</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>1,349,144</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Foreign currency exchange differences</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(865,556)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(1,390,070)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Result as per adjustment units</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>11</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(15,626,490)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>4,190,023</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Immediately recognized negative goodwill</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>4,148,509</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>9,215</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Other gains (losses) net</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>12</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(2,585,692)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>21,915,417</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Income before taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>105,827,487</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>153,088,840</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Income taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center><FONT size=1>24</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>(10,524,247)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(11,723,673)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Income from continued activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Income (loss) from discontinued activities, after taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income of year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Net income attributable to</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Equity holders of the parent Company</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>90,413,642</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>128,037,473</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left><FONT size=1>Minority interest</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right><FONT size=1>4,889,598</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT color=#003300 size=1>13,327,694</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income of year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>95,303,240</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>141,365,167</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Net income per share (pesos)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>283.87</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>402.00</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><FONT size=1>Basic and Diluted income (loss) per share from continued activities (pesos)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>283.87</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>402.00</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><FONT size=1>Basic and diluted income (loss) per share from discontinued activities (pesos)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Depreciation and Amortization</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>39,921,905</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>44,131,149</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>EBITDA (1)</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>163,912,189</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>181,513,150</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Earnings Before Interest, Taxes, Depreciation and Amortization.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The operational segment results do not include other items that do not represent cash flows different from depreciation and amortization.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 46</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_162"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x87.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Information as per segments of joint ventures</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s Management reviews the financial position and the operating results of all its joint ventures described in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 8</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">. The information that appears below relates to 100% joint ventures: Valles de Chile S.A. (wine segment), Cervecer&#237;a Austral S.A. (beer segment), Foods S.A. and Promarca S.A. (other segment), represents the figures that have not been consolidated in the Company&#146;s financial statements, since joint ventures are accounted for under the equity method, as explained in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-
serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.2</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Information as per Joint Venture segments</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The figures for each entity are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="16%"></TD>
     <TD width="13%"></TD>
     <TD width="10%"></TD>
     <TD width="12%"></TD>
     <TD width="13%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Valles de Chile</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Cerveceria Austral</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Foods S.A.and</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Valles de Chile</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Cerveceria Austral</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Foods S.A.and</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>S.A.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>S.A.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Promarca S.A.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>S.A.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>S.A.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Promarca S.A.</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Net sales</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,014,665</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,126,582</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>15,010,587</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>4,604,576</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>5,206,879</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>20,596,495</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Operating results</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(233,226)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>428,326</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,960,512</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(191,417)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>248,974</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>3,052,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income of year</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(35,691)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>492,708</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,072,825</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(124,803)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>200,320</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,620,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Capital expenditures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,574,209</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>496,142</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,794,337</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>687,598</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>295,362</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>977,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation and amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(251,611)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(168,201)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(469,683)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(426,263)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(251,325)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(531,004)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,541,335</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,194,569</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,179,069</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>5,854,126</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>3,346,631</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>9,090,226</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-current assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,001,487</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,738,950</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>40,016,217</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>13,000,582</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,774,576</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>42,583,581</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,498,278</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>858,965</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,166,233</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,818,974</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>865,205</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>8,114,932</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-current liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>421,228</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>149,572</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>33,504</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>537,222</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>130,540</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>423,955</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#003300 colSpan=7>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 8 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Business Combinations </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Year 2009 Acquisitions</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company has not entered into significant business combinations.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><FONT lang=ES style="FONT-SIZE: 9pt" face="'Times New Roman'">Year 2008 Acquisitions</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><FONT lang=ES style="FONT-SIZE: 9pt" face="'Times New Roman'">Vi&#241;a Tarapac&#225; Ex-Zavala</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On December 3, 2008 and with effect as of October 1, 2008, the Extraordinary Shareholders Meeting of Vi&#241;a San Pedro S.A. (VSP) and Vi&#241;a Tarapac&#225; Ex Zavala (VT) unanimously approved the merger of VT and VSP, being the latter the successor entity, by means of a capital increase amounting to ThCh$30,193,541 divided into 15,987,878,653 shares.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a consequence, VSPT&#146;s capital is expressed in the amount of 39,969,696,632 shares.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The swap ratio of the new issue to be delivered to VT shareholders was 1,480.30828321 shares of VSP for each VT share.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The merger was based on the plan to comply with the Company&#146; strategic purposes; In the medium term, Vi&#241;a Tarapac&#225; maintained highly renowned brands, with an important share in price segments with a higher growth and lower cost volatility.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The synergies supporting this operation were mainly based on the improvement of the domestic and exports market coverage, savings associated with distribution, administration and sales expense, as well as lower material and package costs due to higher purchase volumes.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 47</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_163"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x89.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Also, a by-laws amendment was approved regarding the change of the company&#146;s name, replacing it by Vi&#241;a San Pedro Tarapac&#225; S.A. (VSPT)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Before the merger, Vi&#241;a Tarapac&#225; Ex-Zavala was ranked the fourth wine exporting group in Chile, with sales of 1.4 million boxes, equivalent to 3.5% market share. It was also ranked fourth in the domestic market, with 2.7% market share, and third in fine wine, with 15% market share.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">VT was the majority shareholder of five vineyards located in Chile and Argentina. </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">In Chile, Vi&#241;a Misiones de Rengo S.A.; Vitivin&#237;cola del Maipo S.A.; Vi&#241;a del Mar Casablanca S.A.; Transportes y Log&#237;stica Sursol S.A., and in Argentina, Bodega Tamar&#237; since 2003.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following is a detail of the fair value and the book value of Vi&#241;a Tarapac&#225; Ex Zavala identifiable assets and liabilities immediately before the acquisition, as well as the identified intangible assets and the goodwill generated with the acquisition:&nbsp;</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalent</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,375,664</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,375,664</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable, trade and other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>13,147,893</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,320,893</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Inventories</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,735,170</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>13,986,637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Property, plant and equipment</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>29,271,205</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>37,348,559</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Biological assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,919,082</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,979,279</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Intangible assets - Trademarks</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,821,814</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,625,824</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Intangible assets &#150; water rights</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>324,575</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>324,575</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>655,639</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>655,639</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Total Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>68,251,042</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>84,617,070</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,520,968</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,520,968</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable, trade and other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,565,875</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,565,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Provisions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,590,336</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,992,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Employees benefits obligations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>294,539</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,027,978</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,118,167</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,397,563</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>24,089,885</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>24,505,120</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Total acquired net assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>60,111,950</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Goodwill (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>23,556,206</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total net assets and goodwill</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>83,668,156</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(*) The effects that resulted from the Business combination, in the initial records correspond to the best estimate at that date. During 2008 and 2009 and in accordance with NIIF No. 3, this goodwill was adjusted by ThCh$5,292,062, as indicated in Note 19.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total acquisition cost amounted to ThCh$22,399,380 and it was paid-up in cash. The total acquisition cost includes ThCh$307,116 for costs directly associated to the acquisition.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Inversora Cervecera S.A. (ICSA)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 2, 2008, the subsidiary Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA) took over Inversora Cervecera S.A. (ICSA) through the acquisition of 100% its voting rights shares. After the acquisition, and as a result of the synergies to be reached, the Board of Directors of both companies decided to merge both companies, with CICSA being the continuing entity.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">ICSA was a company with an approximately 5.8% share of the Argentine beer market, with the Palermo, Imperial and Bieckert beer brands. The annual productive capacity of ICSA was approximately 2.7 million hectoliters, manufactured at its only plant located in Luj&#225;n (Buenos Aires province). Imperial is a traditional Argentine brand belonging to the domestic premium segment. It was re-launched in October, 2008, with the purpose of repositioning it as the preferred &#147;special beer&#148; by the Argentines. Palermo and Bieckert are domestic brands that make CCU Argentina the leader of the price segment.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">It is expected that ICSA&#146;s acquisition allows the subsidiary CICSA to increase its productive capacity, through the enhancement of its productive assets, a higher market share, through the different marketed brands and ICSA&#146;s participation in the domestic and foreign markets, as well as with operational improvements resulting from the synergies obtained in the operational and administrative functions.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 48</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_164"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x91.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following is a detail of the fair value and book value of ICSA&#146;s identifiable assets and liabilities immediately before the acquisition, as well as of the identified intangible assets and the resulting goodwill:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fair Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 2px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalent</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>115,322</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>115,322</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable, trade and other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,824,843</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,824,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Inventories</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,095,561</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,082,291</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Property, plant and equipment</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,547,628</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>13,856,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Intangible assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,595,305</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,670,582</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,115,761</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,913,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Total Assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>29,294,420</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>34,463,043</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Debts and financial liabilities that accrue interest</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,832,471</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,832,471</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts payable, trade and other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,203,840</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,203,840</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Provisions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>969,242</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>969,242</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Otros Liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,486,172</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,370,766</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 4px solid" align=left bgColor=#99cc00><B><FONT size=1>Total Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 4px solid" align=right bgColor=#99cc00><B><FONT size=1>30,491,725</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 4px solid" align=right bgColor=#99cc00><B><FONT size=1>32,376,319</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Total acquired net assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>2,086,724</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Goodwill</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>19,156,299</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Amount paid in cash</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>21,243,023</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill results mainly from the expectations of synergies that could be achieved as a result of the integration of productive and marketing activities, cost reduction and simplification of the operational areas. Such goodwill was assigned to the Argentina cash generating unit and it shall be tested as indicated in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 19</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total cost of the acquisition amounted to ThCh$ 21,243,023 and it was paid entirely in cash. The total cost of the acquisition includes ThCh$ 157,353 for costs directly associated with the acquisition.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The transaction also resulted in the payment of an obligation to Quilmes by ICSA amounting to ThCh$28,762,999.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of the acquisition date, the net cash movement resulting from the acquisition was as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Acquisition cost:</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Paid-up cash</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>21.085.670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Costs associated with the acquisition</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>157.353</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>21.243.023</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other costs paid in cash</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>28.920.352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Paid-up cash</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>21.085.670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Net cash disbursement</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>50.006.022</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a consequence of these acquisitions and the merger of the operations of CICSA with ICSA and Vi&#241;a San Pedro with Vi&#241;a Tarapac&#225;, it is not possible to determine the contributions to net income made by ICSA and Vi&#241;a Tarapaca, subsequent to these mergers becoming effective.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 49</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_165"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x94.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 9 Net Sales</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Net sales distributed between domestic and export are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Sales to domestic clients</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>646,544,174</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>687,040,509</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Exports sales</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>63,645,096</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>89,503,686</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>710,189,270</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>776,544,195</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Sales are net of rebate expense (commercial agreements with distributors and supermarket chains) that were previously reflected as marketing and commercialization expense </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(See Note 4 Reconciliation of consolidated net sales)</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 10 Nature of the costs and expenses</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Operational costs and expenses grouped by natural classification:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 5px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Raw material cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>231,143,588</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>254,699,552</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Materials and mantains</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,476,520</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>23,545,492</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Salaries (staff expenses)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>85,642,246</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>93,967,170</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Transportation and distribution</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>81,072,176</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>89,986,572</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Advertising and promotion expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>57,080,593</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>57,815,012</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Lease expense</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,910,320</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>6,030,822</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Energy expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>19,693,630</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>18,375,332</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation and amortizations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>39,921,906</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>44,131,149</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(Income) loss for assets sales</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,146,962)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(833,186)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other expense</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>45,404,969</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>51,444,279</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>586,198,986</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>639,162,194</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 11 Financial Results</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The financial income composition for the years ended as of December 31, 2008 and 2009, is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Financial Results</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(8,891,801)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(12,442,847)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial income</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,094,361</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,075,957</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Net financial expenses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(4,797,440)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(10,366,890)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Result as per adjustment units</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(15,626,490)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>4,190,023</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foreign currency exchange differences</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(865,556)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(1,390,070)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(21,289,486)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(7,566,937)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 50</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_166"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x98.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 12 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>Other Gain and Loss </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of other gain (loss) items is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT color=#ffffff size=1>Other Income (loss)</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Result from sale of interest in subsidiary (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>24,439,025</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivative agreements results</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(2,352,432)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(2,845,237)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Marketable securities</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(233,260)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>321,629</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(2,585,692)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>21,915,417</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">(*) As mentioned in note 1, number 1, a profit was recognized for the sale of 29.9% of the shares of Aguas CCU &#150;Nestl&#233; Chile S.A.</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 13 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;Cash and cash equivalent</FONT></B></FONT><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>s</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Cash and cash equivalent balances were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,869,629</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,262,357</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,310,763</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Overnight deposits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>45,252,766</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,119,941</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>367,965</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bank balances</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,739,894</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,144,050</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>14,470,651</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Time deposits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,349,529</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,900,130</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>21,821,105</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investments in mutual funds</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>301,117</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,529,215</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>16,021,218</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Securities purchased under resale agreements</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>26,189,688</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>19,344,292</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>73,361,967</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>116,702,623</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>55,299,985</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>137,353,669</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total accumulated cash flow accrued by business combinations as of December 31, 2008, amounts to:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Total business combinations according to IFRS 3</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 6px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1><B><FONT color=#ffffff size=1>As of December 31,</FONT></B> 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><FONT size=1>Total paid for business acquisitions</FONT>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amount paid in cash and cash equivalent for business acquisitions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(72,405,402)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Addition of cash and cash equivalents in entities acquired</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,490,986</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(70,914,416)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During 2008 and as part of the purchase process of Vi&#241;a Tarapac&#225;, CCU and its subsidiary CCU Inversiones S.A. acquired shares of Vi&#241;a San Pedro in the local stock market of M$7,607,633. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During year 2009, no business combinations were made. As of July 2009, the Company received ThCh$29,874,428 as payment in cash for the sale of 29.9% of shares of Aguas CCU-Nestl&#233; Chile S.A. </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(See Note ,1 number 2)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 51</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_167"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x102.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 14 Accounts receivables &#150; Trade and other </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The accounts receivable trade and other balances were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>28,562,393</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,725,758</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>27,731,135</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,297,855</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,288,433</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>13,206,733</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>23,202,339</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>20,816,163</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>21,687,909</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>24,038,737</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>36,083,948</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>32,881,403</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,558,611</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,403,789</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>7,903,018</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,885,976</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,286,593</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>25,782,161</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other accounts receivable</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>18,166,250</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>20,383,440</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>9,222,374</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Impairment loss estimate</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,599,413)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,499,515)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(3,911,557)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>121,112,748</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>147,488,609</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>134,503,176</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s accounts receivable are denominated in the following currencies:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Chilean peso</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>93,098,541</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>105,414,476</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>96,818,174</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentine peso</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,427,850</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>17,537,045</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>14,977,301</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>US Dollar</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,890,937</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>18,285,785</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>13,433,986</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Euro</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,513,213</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,772,407</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>6,248,625</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other Currencies</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,182,207</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,478,896</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>3,025,090</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>121,112,748</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>147,488,609</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>134,503,176</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the accounts receivable maturities as of December 31, 2009, is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="45%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Total</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Valid Balances</FONT></B><FONT color=#ffffff>&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>Overdue Balances</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>0 to 3 months</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>3 to 6 month</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>6 to 12 month</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivables</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Beer Chile</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>27,731,135</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>24,259,239</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,523,448</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>200,877</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>747,571</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>13,206,733</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,831,714</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,207,719</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>715,685</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,451,616</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>21,687,909</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>18,188,375</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,449,439</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>161,697</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>888,398</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>W ine</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>32,881,403</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,285,734</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,274,908</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>246,190</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,074,571</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,903,018</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,067,229</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>534,252</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>39,156</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>262,381</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Others (1)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,782,161</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>21,686,112</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,832,903</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>371,071</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>892,075</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" align=left><FONT size=1>Other accounts receivable</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,222,374</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,182,763</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,526</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>36,085</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Subtotal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>138,414,733</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>115,501,166</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,826,195</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,770,761</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,316,612</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Impairment loss estimate</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,911,557)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(199,833)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(358,661)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,353,063)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>134,503,176</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>115,501,166</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,626,362</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,412,100</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,963,549</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company markets its products through retail, wholesale clients, chains and supermarkets.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the accounts receivable from the three most important supermarket chains in Chile and Argentina represent 35.5% of the total accounts receivable.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As indicated in the Risk Management note</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> (Note 5)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">, for Credit Risk purposes, the Company acquires credit insurance policies to cover approximately 90% of the accounts receivable balances. For this reason, management estimates that it does not require establishing allowances for further deterioration, in addition to those already constituted based on an aging analysis of these balances.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Regarding amounts aged more than 6 months and for which no allowances have been constituted, they correspond mainly to amounts already covered by the credit insurance policies.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 52</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_168"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x106.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In addition, there are amounts overdue in this range for which, in accordance with current policies are only partially provided for based on an individual case by case analysis.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The movement of the impairment losses provision for accounts receivable is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Balance at the beginning</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,599,413</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>4,499,515</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Impairment estimate for accounts receivable</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>400,155</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>722,545</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Uncollectible accounts</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(490,076)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(771,784)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Estimates resulting from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>827,000</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(225,354)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Effect of translation into presentation currency</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>163,023</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(313,365)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Final Balance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,499,515</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,911,557</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 15 Accounts and transactions with related companies</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Transactions between the Company and its subsidiaries related to standard operations as regards purpose and conditions. Such transactions have been eliminated during the consolidation process and they are not detailed in this note.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The amounts indicated as transactions in the following table related to trade operations with related companies, which are effected at arm&#146;s length as regards price and payment conditions. There are neither uncollectible estimates decreasing accounts receivable, nor guarantees related to the same.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Conditions of the balances and transactions with related companies:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) &nbsp;They related to business operations agreed upon in Chilean pesos, of those companies not under a current trade account agreement, that do not accrue interest and which payment condition is, generally, 30 days.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(2) &nbsp;They related to business operations agreed upon in Chilean pesos. The remaining balance accrues interest at 90-day active bank rate (TAB) plus an annual spread. Such interests shall be paid or charged against the trade current account.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(3) &nbsp;They related to business operations in foreign currency, not covered by a current trade account, that do not accrue interest and which payment condition is, generally, 30 days and are presented at the closing exchange rate.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(4) &nbsp;It relates to an agreement between the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. with Cooperativa Agr&#237;cola Control Pisquero de Elqui and Limar&#237; Ltda. due to differences resulting from the contributions made by the latter. It establishes a 3% annual interest over capital, with annual payments to be made in eight real and successive installments of UF1,124 each. Maturities correspond to February 28 of each year, as from 2007 and a UF9,995 bullet with maturity on February 28, 2014.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(5) &nbsp;It relates to an advanced payment of the price received for the future purchase and sale of part of the industrial facility under development. The balance is not subject to interest.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The transaction schedule includes all the transactions made with related parties for amounts higher than 5% of net income or individual transactions higher than 0.5% of the net income of each period.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Accounts receivable from related companies</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The current trade accounts with related companies are presented according to the following detail, valued according to the terms defined in the current trade account agreements subscribed, if any.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the accounts receivable and payable from related companies as of January 1, 2008, December 31, 2008 and 2009 is as follows:</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0pt 3pt; TEXT-ALIGN: justify"></H3></DIV>
<P style="TEXT-ALIGN: center">F - 53</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_169"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x108.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0pt 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB>Accounts receivable form related parties</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Current:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="26%"></TD>
     <TD width="4%"></TD>
     <TD width="14%"></TD>
     <TD width="15%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Rut</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Company</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Ref.</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Relationship</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Transaction</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Currency</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of Januay 1,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December&nbsp;31, 2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>31, 2009</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ANHEUSER BUSC H INTERNATIONAL, INC</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,123,974</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">2,486,394</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>1,646,535</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN SUPPLY CHAIN</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">3,792</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>98,541</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LATINC ERM EX</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">746</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN INTERN ATIONAL</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">94,903</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>580</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN BROUW ERIJEN B.V</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>258,181</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN NEDERLAND SUPPLY</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>78,167</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">76736010-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PROMARCA S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICEN SE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">439,195</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">301,861</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>832,569</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77051330-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECERIA KUNSTMANN LIMITADA</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">35,455</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">46,625</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>129,454</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77755610-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COMER CIAL PATAGONA LTDA</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;<FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY OF JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT style="FONT-SIZE: 7pt" face="Times New Roman">62,724</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT style="FONT-SIZE: 7pt" face="Times New Roman">163,657</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>136,917</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77755610-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COMER CIAL PATAGONA LTDA</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY OF JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CRANE LEASE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>679</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">79903690-4</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SOCIEDAD AGRICOLA Y GANADERA RIO NEGRO LTDA.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">12,210</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">10,822</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>12,686</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81805700-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COOP.AGR. CONTROL PISQUERO DE ELQUI Y LIMARI LTDA .</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(4)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE ADVANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">39,751</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">39,500</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>37,752</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81981500-3</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">TERCIADO Y ELEBORACI&#211;N DE MADER AS S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">2,859</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>452</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">84833100-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CIA. AGRICOLA Y FORESTAL EL ALAMO LTDA.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,613</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">90081000-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CIA. CHILEN A DE FOSFOROS S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>66,390</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">91021000-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">MADECO S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">269</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>575</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">91705000-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">QUI&#209;ENCO S.A</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">431</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>1,222</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">96427000-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">INVERSIONES Y RENTA S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">5,287</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>5,287</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">96919980-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECER&#205;A AUSTRAL S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">46,990</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">65,206</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>242,440</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">97004000-5</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">BANCO DE CHILE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PAREN COMPANY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">7,746</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">31,303</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>9,392</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99531920-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VI&#209;A VALLES DE CHILE S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">75,838</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">89,991</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>142,482</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">153,570</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">386,838</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>154,086</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">INTER EST</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>20,205</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">REBATE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">280,639</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">DELIVERIES PAID</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">3,636,662</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,789,209</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>3,584,978</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">TRAN SPOR TATION SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">200,000</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>307,683</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALES SER VICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>139,290</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">C&#205;A. CERVECERA DEL TR&#211;PICO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALE OF PRODU CTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>115,166</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Total</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>5,733,556</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>5,902,504</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>8,021,709</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">F - 54</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_170"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 54.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="74%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.05pt" vAlign=top width="26%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x110.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Non Current:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="27%"></TD>
     <TD width="4%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Rut</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Company</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Ref.</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Relationship</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Transaction</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Currency</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of Januay 1,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>December 31,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>December 31,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2009</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81805700-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COOP.AGR. CONTROL PISQUERO DE ELQUI Y LIMARI LTDA .</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(4)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE ADVANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">284,457</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">295,382</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">273,475</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Total</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>284,457</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>295,382</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>273,475</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0pt 3pt; TEXT-ALIGN: justify"></H3></DIV>
<P style="TEXT-ALIGN: center">F - 55</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_171"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="48%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x112.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0pt 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB>Accounts payable from&nbsp;&nbsp;related parties</FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Current:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''Times New Roman''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="8%"></TD>
     <TD></TD>
     <TD width="4%"></TD>
     <TD width="14%"></TD>
     <TD width="17%"></TD>
     <TD width="6%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Rut</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Company</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Ref.</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Relationship</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Transaction</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Currency</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of Januay 1,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December 31, 2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>31, 2009</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ANHEUSER LATIN AMERICA DEVELOPMENT CORPORATION</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICEN SES AND TECHNICAL ASSISTANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ARG</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">484,080</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">792,845</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>781,328</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ANHEUSER BUSC H INTERNATIONAL, INC</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>69,349</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">C&#205;A. CERVECERA DEL TR&#211;PICO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>43,680</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN NEDER LAND SUPPLY</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPAN Y SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>583,034</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN BROUW ERIJEN B.V.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPAN Y SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICEN SES AND TECHNICAL ASSISTANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">EURO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,307,548</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,333,694</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>449,508</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECER&#205;A MODELO S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(3)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">USD</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">250,329</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">144,777</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>41,826</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">76736010-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PROMARCA S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICEN SE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">810,034</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">914,371</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>848,860</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77051330-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECER&#205;A KUNSTM ANN LIMITADA.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">6,143</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>10,235</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77755610-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COMER CIAL PATAGONA LIMITADA</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY OF JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">17,286</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">37,463</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>26,109</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81805700-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COOP. AGR. CONTROL PISQU ERO DE ELQUI Y LIMARI LTDA .</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">8,901</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">348,457</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>60,985</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">90081000-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CIA. CHILEN A DE F&#211;SFOROS S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>263</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">90299000-3</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CIA NACIONAL DE TEL&#201;FONOS TELEF&#211;NICA DEL SUR S.A</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPAN Y SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">TELEPHONE SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">830</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,266</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">96908430-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">TELEF&#211;NICA DEL SUR SERVICIOS INTERMEDIOS S. A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPAN Y SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">TELEPHONE SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">354</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>1,861</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">96919980-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECER&#205;A AUSTRAL S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">243,530</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">61,113</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>271,906</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">97004000-5</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">BANCO DE CHILE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPAN Y SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">5,175</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>948</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99531920-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VI&#209;A VALLES DE CHILE S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">690</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">36,958</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>2,723</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SIGNS DISCOUNT</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>71,576</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">309,060</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">764,320</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>530,630</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CONSIGNATION SALES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">531,000</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>459,508</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(2)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">REMITTANCE RECEIVED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#003300>8,982</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Total</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>3,443,606</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>4,966,618</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>4,263,311</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 56</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_172"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="48%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x114.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Non Current:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD width="23%"></TD>
     <TD width="7%"></TD>
     <TD width="13%"></TD>
     <TD width="16%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Rut</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Company</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Ref.</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Relationship</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Transaction</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Currency</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of Januay 1,</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December 31, 2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>31, 2009</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99542980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A D E ALIMENTOS CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=center><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(5)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENT URE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF LAND</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">Ch$</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">610,093</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">610,093</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">610,093</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Total</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left bgColor=#003300><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>610,093</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>610,093</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>610,093</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 57</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_173"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="48%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x116.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Most significant transactions and effects on results:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following are the most significant transactions with related entities not included in consolidation and their effect on the Statement of Comprehensive Income:</FONT></FONT></P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="5%"></TD>
     <TD></TD>
     <TD width="15%"></TD>
     <TD width="20%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Rut</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Company</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Relationship</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 rowSpan=3><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Transaction</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December 31, 2008</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300 colSpan=2><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>As of December 31, 2009</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Amounts</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>(Charges)/Credits (Effect</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>on Income)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>Amounts</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>(Charges)/Credits (Effect</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>on Income)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman" color=#ffffff>ThCh$</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN BROUWERIJEN B.V.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALES OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">615,664</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">142,896</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">677,341</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">265,946</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">HEINEKEN BROUWERIJEN B.V.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICENSE AND TECHNICAL ASSISTANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,177,013</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1,177,013)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,710,108</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1,710,108)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E </FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CIA CERVECERA DEL TROPICO</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COMMON SHAREHOLDERS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,482,607</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">2,291,434</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E </FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ANHEUSER BUSH LAD CORPORATION</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICENSE &amp; TECHNICAL ASSISTANCE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">2,179,880</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(2,179,880)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">2,598,574</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(2,598,574)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">0-E </FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">ANHEUSER BUSH INTERNATIONAL,INC</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALES OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">6,638,060</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,569,761</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">4,234,646</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,706,857</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">76.736.010-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PROMARCA S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LICENSE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,100,506</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1,100,506)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,195,439</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(1,195,439)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">77.755.610-K</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COMERCIAL PATAGONA LTDA.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY OF JOINT</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SALES OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">911,857</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">376,152</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">702,648</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">289,851</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">79.740.770-4</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SERV. DE TRANSPORTE INTEGRAL LTDA</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PAID SERVICES</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">850,122</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(850,122)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">8,826</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(8,826)</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81.805.700-8</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">COOP.AGR.CONTROL PISQUERO DE ELQUI Y</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">LIMARY LTDA.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">SUBSIDIARY SHAREHOLDER</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">GRAPE ACQUISITION</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">4,586,864</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">4,660,216</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">96.919.980-7</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CERVECER&#205;A AUSTRAL S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">708,466</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">97.004.000-5</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">BANCO DE CHILE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PARENT COMPANY RELATED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">DERIVATIVE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">5,659,392</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">(51,333)</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,586,430</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">81,863</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99.531.920-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VI&#209;A VALLES DE CHILE S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">REMITTANCE RECEIVED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">605,595</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,409,800</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99.531.920-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VI&#209;A VALLES DE CHILE S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">REMITTANCE PAID</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">615,537</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">1,372,762</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99.531.920-9</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">VI&#209;A VALLES DE CHILE S.A.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">CAPITAL INCREASE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">4,244,005</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99.542.980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU.S.A</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">PURCHASE OF PRODUCTS</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">6,547,667</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">5,497,440</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">99.542.980-2</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">FOODS COMPA&#209;&#205;A DE ALIMENTOS CCU.S.A</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">JOINT VENTURE</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 7pt" face="Times New Roman">REMITTANCE RECEIVED</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">3,584,978</FONT></B><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT style="FONT-SIZE: 7pt" face="Times New Roman">-</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR height=20>
     <TD align=right bgColor=#003300 colSpan=8><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp; </FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">F - 58</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_174"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="48%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x118.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;Remuneration of the Management key employees</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is managed by a Board of Directors with 9 members, who are in office for a 3-year term, and they may be re-elected.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Board was appointed at the General Shareholders Meeting held on April 20, 2009. The Chairman and the Vice Chairman, as well as the members of the Directors Committee, the Audit Committee and the Business Committee were appointed at a Board meeting.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As agreed at the General Shareholders Meeting held on April 20, 2009, the directors&#146; remuneration consists in a per diem for their attendance at each meeting of UF100 per director, and twice that amount for the Chairman, plus a total share equivalent to 3% the distributable dividends for each director. In case the distributed dividends exceed 50% the net profits, the Board of Directors&#146; share shall be calculated over a maximum 50% of such profits. In addition, those directors that are members of the Directors Committee and the Business Committee receive a per diem of UF25 and UF17 respectively, for each session they attend. The directors that are members of the Audit Committee receive a monthly per diem of UF25.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">According to the above, as of December 31, 2009, the directors received ThCh$ 1,698 in per diems and shares. In addition, ThCh$103 were paid in compensation for gains sharing to the main executives of the Parent Company.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following is the total remuneration received by the top officers of the parent company during the year ended as of December 31, 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Salaries and remuneration</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>4,266,267</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Employee's short term benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>2,360,013</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Severance indemnity benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>101,586</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>6,727,866</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The remuneration received during the year ended as of December 31, 2009, by the top officers of the parent company amounted to MM$6,626 gross. The Company grants annual bonuses, voluntary and variable, to the top officers, which are not subject to an agreement and are decided on the basis of the compliance with individual and corporate goals, and depending on the year results.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During the year ended as of December 31, 2009 MM$ 102 were paid as severance indemnities to officers.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 16 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Inventories</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The inventory balances were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of Decemeber 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Finished products</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>15,572,975</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>32,394,527</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>27,018,356</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>In process products</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,832,848</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,179,290</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>2,518,463</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>In agricultural explotation process products</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,430,588</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,457,610</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>5,812,712</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Raw material</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>47,903,459</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>80,102,968</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>66,893,566</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>In transit raw material</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,036,235</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,639,457</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,652,383</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Materials and products</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,989,504</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,889,406</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,800,433</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Realizable net value estimate and obsolescence (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(987,994)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,067,563)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(1,626,278)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>72,777,615</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>124,595,695</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>108,069,635</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company wrote down a total ThCh$ 920,337 and ThCh$ 616,716 relating to inventory shrinkage and obsolescence for the years ended December 31, 2008 and 2009, respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of January 1, 2008, December 31, 2008 and December 31, 2009, the Company does not have any inventory pledged to guarantee financial obligations.</FONT></FONT></P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 59</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_175"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="48%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="52%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x121.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 17 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;Prepaid Expenses</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company maintained the following prepaid expenses:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"> </P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of Decemeber 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Insurance</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>755,693</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>910,920</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>1,042,546</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Advertising</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,887,705</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,513,114</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>6,034,543</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Suppliers</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,076,557</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,192,971</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,426,302</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Advance on production agreement (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,953,887</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,653,317</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>516,333</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>855,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,327,159</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,133,338</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>10,358,543</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,720,758</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,643,249</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>8,921,387</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,606,401</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,490,089</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>1,437,156</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,327,159</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,133,338</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>10,358,543</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(*) During 2006 the subsidiary CISA signed a contract with ICSA to reserve beer production capacity for a 10 years period. As a result of the merger between CICSA and ICSA the contract is voided.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 18 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=EN-GB>Investments in Joint ventures </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of January 1, 2008, December 31, 2008 and 2009, the Company had a direct interest of 50% in Cervecer&#237;a Austral S.A., Foods Compa&#241;&#237;a de Alimentos CCU S.A., Vi&#241;a Valles de Chile S.A. and Promarca S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The share value of the investments in joint ventures was as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1><B><FONT color=#ffffff size=1>As of December 31,</FONT></B> 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1><B><FONT color=#ffffff size=1>As of December 31,</FONT></B> 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,107,867</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,354,614</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>4,457,501</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,331,473</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,268,439</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>13,394,987</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,829,503</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,811,658</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>7,749,256</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Promarca S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>17,544,791</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>17,906,337</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>17,683,016</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>32,813,634</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>42,341,048</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>43,284,760</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The aforementioned values include the goodwill generated through the acquisition of the following joint ventures, which are presented net of any impairment loss:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,894,770</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right><FONT size=1>1,894,770</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#ccffcc><B><FONT size=1>1,894,770</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Promarca S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,423,584</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right><FONT size=1>1,556,340</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#ccffcc><B><FONT size=1>1,519,364</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,318,354</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,451,110</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,414,134</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 60</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_176"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x125.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The results accrued in joint ventures are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>238,091</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>103,311</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>282,827</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>51,364</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vi&#241;a Valles de Chile S.A</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(17,845)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(62,403)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Promarca S.A</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,060,799</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,256,872</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,563,872</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,349,144</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The changes of the investment in joint ventures during such periods were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Balance at the beginning</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>32,813,634</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>42,341,048</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Investments in joint ventures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,963,674</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,036,500</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Share in the results of joint ventures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,563,872</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,349,144</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Dividends received</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(832,009)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(1,444,566)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other variations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(168,123)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>2,634</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Final balance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>42,341,048</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>43,284,760</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Following are significant matters regarding the investments in related companies:</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=ES>Vi&#241;a Valles de Chile S.A. </FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Closed stock company, devoted to the joint exploitation of vineyards Tabal&#237; and Leyda, for the production of Premium wines.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">During May and June 2008, the capital increase approved at the Extraordinary Shareholders Meeting on May 12, 2008, amounting to ThCh$8,000,000 was subscribed and paid with the issue of 200,000 ordinary nominative shares, without face value. The subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. subscribed 100,000 shares that allowed it to maintain its share in this company (50%).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Regarding contingent liabilities, Vi&#241;a San Pedro Tarapac&#225; S.A. granted a &#147;Comfort Letter&#148; in favor of the creditors of Vi&#241;a Valles de Chile, for UF 169,000 and ThCh$3,500,000.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A href="#_INDICE"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=ES-CL>Foods Compa&#241;&#237;a de Alimentos CCU S.A</FONT></I></B></FONT></A><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=ES-CL>. </FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Closed stock company devoted to the production and marketing of food products, among them all types of sweets, ice-cream, juice, soft drinks, snacks, dairy products and their derivates.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On December 23, 2008, the Sixth Extraordinary Shareholders Meeting agreed to increase the company&#146;s capital to the amount of ThCh$31,936,337. For such purpose, a proposal was made to increase the capital by ThCh$2,073,000, with the issue of 2,073,000 shares, which should be entirely subscribed and paid-up in cash within a maximum 3-year term as from the date of the Shareholders Meeting. Such subscription was entirely paid-up in January 2009, and each shareholder maintained its share percentage (50% each).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On October 26, 2007, an Extraordinary Shareholders Meeting was held, where it was agreed to amend the company&#146;s by-laws and to increase the company&#146;s capital. As a consequence of the above, it was agreed to increase the company&#146;s capital to the amount of ThCh$ 27,763,946. For such purpose, it was suggested to increase the capital by ThCh$ 13,205,146, with the issue of 13,205,146 shares, which shall be entirely subscribed and paid-up in cash, within a maximum one-year term as from the date of this Shareholders Meeting. Such subscription was entirely paid-up in December 2007 and January 2008, with ThCh$ 3,277,798 and ThCh$ 9,927,348 respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 61</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_177"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x128.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the company sold its products directly, nevertheless during the term 2008 an unrealized profit for ThCh$338.886, generated by the sales of the subsidiary ECUSA S.A. products, was included in its proportionate equity value.</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify">
<A href="#_INDICE"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>Promarca S.A.</FONT></I></B></FONT></A></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Closed stock company with its main activity bring the acquisition, development and administration of trademarks and their corresponding licenses to their operators.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As per an agreement between New Ecusa S.A. and Watt's S.A. dated December 22, 2006, a clause was agreed establishing that if the products manufactured with the trademarks acquired increase their percentage of income during a three year term, New Ecusa S.A. shall pay an additional price for the rights of the acquired trademarks. New Ecusa S.A. estimated that the payment of the additional price is likely, thus recorded a provision to such end (short-term provision in 2009 and long-term in 2008).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Considering that the payment of the contingent additional price corresponds to a part of the trademarks acquired by New Ecusa S.A. value, such liability was recognized as an increase in the investment value in related companies.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><I><FONT lang=EN-GB>Cervecer&#237;a Austral S.A. </FONT></I></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Closed stock company that operates a beer manufacturing facility in the southern end of Chile, being the southern most brewery in the world.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">These companies are jointly controlled entities as a consequence of a controlling agreement between the investors and the Company. The Controlling agreement establishes the terms and conditions for the joint action of the different participating investors, as regards obtaining and maintaining the control, and to the agreements adopted at these companies Shareholders Meetings and Board of Directors.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Consequently, the company recorded this investment under the equity method under the item &#147;Investments in joint ventures&#148; in the statement of financial position.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The summarized financial information of the main items in the financial statements of the aforesaid companies as of December 31, 2009, appears in detail in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 7 &#150; Financial Information as per segments</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company does not have contingent liabilities related to joint ventures Foods Compa&#241;&#237;a de Alimentos CCU S.A., Cervecer&#237;a Austral S.A. and Promarca S.A. as of December 31, 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 62</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_178"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x129.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 19 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;Intangible Assets</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The intangible assets movement during the years ended as of December 31, 2008, and December 31 2009, was as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="45%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Goodwill</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Trademarks</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Software<BR>
<B><FONT color=#ffffff size=1>programs</FONT></B></FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Water rights</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00 colSpan=6><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>23,131,160</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,401,874</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,901,753</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>278,559</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>40,713,346</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(8,949,076)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(8,949,076)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>23,131,160</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>7,401,874</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>952,677</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>278,559</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>31,764,270</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 3px solid" align=left bgColor=#99cc00 colSpan=6><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,270</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>454,572</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,874,219</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>2,339,061</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>43,088,319</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>23,296,406</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>324,575</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>66,709,300</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Divestitures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(88,223)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(88,223)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(788,408)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(788,408)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,789,336</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,651,673</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(298,109)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>10,142,900</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>73,019,085</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>34,804,525</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,740,379</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>514,911</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>110,078,900</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 3px solid" align=left bgColor=#99cc00 colSpan=6><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>73,019,085</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>34,804,525</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>11,477,863</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>514,911</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>119,816,384</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(9,737,484)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(9,737,484)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>73,019,085</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>34,804,525</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,740,379</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>514,911</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>110,078,900</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 3px solid" align=left bgColor=#99cc00 colSpan=6><B><FONT size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,496,071</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>88,255</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>1,584,326</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,916,248</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>4,916,248</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,028,021)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(1,028,021)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(7,765,215)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,090,983)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(219,686)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(12,075,884)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>70,170,118</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>30,713,542</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,988,743</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>603,166</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>103,475,569</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 3px solid" align=left bgColor=#99cc00 colSpan=6><B><FONT size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>70,170,118</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>30,713,542</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,754,248</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>603,166</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>114,241,074</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(10,765,505)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(10,765,505)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>70,170,118</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>30,713,542</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,988,743</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>603,166</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>103,475,569</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company does not maintain any pledge or restriction on intangible assets. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill recognized in 2008 and 2009, corresponds to the acquisition of Vi&#241;a Tarapac&#225; and Inversora Cervecera S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Pursuant to IFRS N&#176;3, during years 2008 and 2009 the cost of the business combination generated by the merger for incorporation of subsidiary Vi&#241;a San Pedro S.A. with Vi&#241;a Tarapac&#225; Ex Zavala S.A. was adjusted by ThCh$5,292,062, which corresponds to ThCh$375,814 between October 1 and December 31, 2008 and ThCh$4,916,248 during 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Goodwill from investments acquired in business combinations is assigned as of the acquisition date to the Cash Generating Units (CGU), or group of CGUs that it is expected will benefit from the business combination synergies. The book value of the goodwill of the investments assigned to the CGUs inside the Company segments are:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 63</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_179"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x131.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>Segment</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>Cash Generating Unit</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>As of January 1,</FONT>&nbsp;<FONT color=#ffffff size=1>2008</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>As of January 31,</FONT>&nbsp;<FONT color=#ffffff size=1>2008</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>As of January 31,</FONT>&nbsp;<FONT color=#ffffff size=1>2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>(CGU)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>ThCh$</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>ThCh$</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><FONT color=#ffffff size=1>ThCh$</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Beer Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left><FONT size=1>CCU Argentina S.A. y filiales</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,215,854</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>28,162,116</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>20,396,901</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non alcoholic</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left><FONT size=1>Embotelladora Chilenas Unidas S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,563,763</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,563,763</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>7,563,763</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Wine</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left><FONT size=1>Vi&#241;a San Pedro Tarapaca S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,542,356</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>27,484,018</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>32,400,266</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Spirits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left><FONT size=1>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,808,549</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,808,549</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>9,808,549</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>638</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>639</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>639</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>23,131,160</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>73,019,085</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>70,170,118</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">G</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">oodwill assigned to the CGU is submitted to impairment tests annually or with a higher frequency in case there are indications that any of the CGU could experience impairment. The recoverable amount of each CGU is determined as the higher of value in use or fair value less costs to sell. To determine the value in use, the Company has used cash flow projections over a 5-year span, based on the budgets and projections reviewed by the Top Management for the same term. The rates used to discount the projected cash flows reflect the market assessment of the specific risks related to the corresponding CGU. The discount rates have been estimated on the basis of the weighted average cost of capital (WACC).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Management has not seen any evidence of impairment of Intangible assets in 2009 and 2008.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the trademarks appears below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center bgColor=#003300 rowSpan=2><B><FONT color=#ffffff size=1>Trademarks</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trademarks Beer Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>486,466</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,812,014</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,723,991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trademarks Beer Chile</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>286,518</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>286,518</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>286,518</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trademarks Spirits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>585,298</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,039,870</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,039,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Trademarks Wine</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,043,592</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>18,666,122</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>18,663,163</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7,401,874</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>34,804,524</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>30,713,542</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 64</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_180"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x134.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 20 Property, plant and equipment</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The movement of Property, plant and equipment as of December 31, 2008 and 2009, is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="12%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Land, buildings and</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>contruction</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Machinery and</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>equipment</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Bottles and</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>containers</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Promotional</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>assets</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Assets under</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>contruction</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Furniture, accesories and</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>vehicles</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 2px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 2px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=center align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00 colSpan=8><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>276,337,689</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>229,906,539</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>152,044,975</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>70,582,923</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>77,634,476</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,216,700</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>828,723,302</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(81,157,009)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(155,451,974)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(109,684,431)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(58,833,510)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(20,090,301)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(425,217,225)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>195,180,680</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>74,454,565</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>42,360,544</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,749,413</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>77,634,476</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>2,126,399</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>403,506,077</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00 colSpan=8><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Adittions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>68,717,139</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>68,717,139</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions historic cost from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>43,874,414</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>11,693,160</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,434,685</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>20,750</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>75,240</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,626,490</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>65,724,739</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions accumulated depreciation from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,522,054)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,500,945)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,681,151)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(2,247)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,812,878)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(14,519,275)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect historic cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,766,966</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,756,612</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,990,043</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,366,942</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>111,393</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>314,472</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>15,306,428</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Transfers</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>25,311,189</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>23,730,895</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>15,764,976</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,583,089</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(73,231,529)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,841,380</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Divestitures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(15,158)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(47,509)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,298)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(25,696)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(105,106)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(194,767)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(7,200,821)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(14,893,686)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(9,878,643)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(5,033,129)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(2,127,218)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(39,133,497)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(306,829)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,911,493)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(939,314)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,115,405)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(194,176)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(4,467,217)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00 colSpan=8><B><FONT size=1>Year ended as fo December 31, 2008</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>351,275,100</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>271,039,697</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>177,233,381</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>77,528,008</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>73,306,719</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>27,893,936</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>978,276,841</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(93,186,713)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(175,758,098)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(125,183,539)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(64,984,291)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(24,224,573)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(483,337,214)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>258,088,387</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,281,599</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>52,049,842</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,543,717</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>73,306,719</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,669,363</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>494,939,627</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00 colSpan=8><B><FONT size=1>Year ended as fo December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Adittions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>59,209,448</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>59,209,448</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect historic cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(8,068,308)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(11,898,925)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(5,118,378)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(3,048,588)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(626,483)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(500,851)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(29,261,533)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Transfers</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,671,454</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>20,156,145</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>17,828,728</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,248,581</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(75,440,262)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,535,354</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Divestitures</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(768,228)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(90,088)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(917)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(70,270)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(75,877)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(1,005,380)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(9,398,565)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(12,408,315)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(10,666,484)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,973,415)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(5,656,349)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(43,103,128)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>758,103</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,592,663</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,215,413</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,357,696</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>418,649</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>10,342,524</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>263,282,843</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,633,079</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>56,308,204</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,057,721</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>56,449,422</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7,390,289</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>491,121,558</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #ffffff 2px solid" align=left bgColor=#99cc00 colSpan=8><B><FONT size=1>Year ended as fo December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>365,110,018</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>279,206,829</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>189,942,814</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>79,657,731</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>56,449,422</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>36,852,562</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>1,007,219,376</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(101,827,175)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(183,573,750)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(133,634,610)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(67,600,010)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(29,462,273)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><B><FONT size=1>(516,097,818)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>263,282,843</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,633,079</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>56,308,204</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,057,721</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>56,449,422</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7,390,289</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>491,121,558</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0pt 0pt; TEXT-ALIGN: justify"></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 65</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_181"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="66%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.15pt" vAlign=top width="34%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x136.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The cost for capitalized interest as of December 31, 2009 amount to ThCh$1,887,422 (1,937,568 as of December 31, 2008)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Due to the nature of the Company&#146;s businesses, the asset values do not consider an estimate for the cost of dismantling, withdrawal or rehabilitation.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company does not maintain pledges or restrictions over property, plant and equipment items, except for the land and building under financial lease.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Management has not seen any evidence of impairment of Property, plant and equipment in 2009 and 2008.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Assets under financial lease:</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The book value of land and buildings relates to financial lease agreements for the parent company and subsidiaries. Such assets will not be owned by the Company until the corresponding purchase options are exercised.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 6px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Land</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>322,903</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>723,222</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>723,222</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Buildings</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>11,198,315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>11,063,187</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,948,783</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Machinery and equipment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>791,143</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>784,393</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,136,945</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,312,361</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,570,802</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>12,808,950</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 24</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">, </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">letter b)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> includes the detail of the lease agreements, and it also reconciles the total amount of the future minimum lease payments and their current value as regards such assets, the purchase options originated at Compa&#241;&#237;a Cervecera Kunstmann S.A. and CCU S.A</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 21&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>&nbsp;Investment Property </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Changes in the movement of the investment property during the years ended of December 31, 2008 and 2009, is as follows</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Land</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Building</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,801,327</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,801,327</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,801,327</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,801,327</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>701,715</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>701,715</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,503,042</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,503,042</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,503,042</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,503,042</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,503,042</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,503,042</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(133)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(133)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,271,601)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,271,601)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,231,441</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>59,867</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,291,308</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT color=#003300 size=1>As of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,231,441</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>60,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,291,441</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(133)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(133)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,231,441</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>59,867</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,291,308</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Twenty two lands properties are included in Investment property, which are maintained for appreciation purposes, with three of them being leased and generating ThCh$ 3,778 revenue during year 2009. On the other hand, two pieces of land in Argentina are included, which are leased and generated a income for ThCh$45,574 for year 2009. In addition, the expenses associated with such investment properties amount to ThCh$145,741 for the year ended as of December 31, 2009.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 66</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_182"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 0pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 56.55pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 56.55pt" vAlign=top width="65%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 56.55pt" vAlign=top width="35%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x139.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The values associated to the investment properties maintained by the Company as of December 31, 2009 are valued within the market value for properties with the same characteristics.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Management has not seen any evidence of impairment of Investment property in 2009 and 2008.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company does not maintain any pledge or restriction over investment property items.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 22 Biological Assets</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company, through its subsidiaries Vi&#241;a San Pedro Tarapac&#225; S.A., has biological assets corresponding to vines that produce grapes. The vines are segmented into those under formation and those under production, and they are grown both in leased and owned land.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The grapes harvested from these vines are used in the manufacturing of wine under the Company&#180;s own brands, which is marketed both in the domestic market and abroad.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the Company maintained approximately 3,505 and 3,468 hectares respectively of vine cultures, corresponding 100% of them to productive vines. From the total hectares befote mentioned, approximately 90% correspond to owned lands, while the remaining 10% correspond to leased lands.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The vines under formation are recorded at historic cost, and only start being depreciated when they are transferred to the production phase, which occurs three years after plantation, when they start producing grapes commercially (in volumes that justify their production-oriented handling and later harvest).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the vine cultures under production resulted in a harvest an approximate total of 39.4 million kilos and 47.4 million kilos of grapes, respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As part of the risk administration activities, the subsidiaries use insurance agreements for the damage caused by nature or other to their biological assets. In addition, either productive or under formation vines are not affected by title restrictions of any kind, nor have they been pledged as a guarantee for financial liabilities.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Under production vines depreciation is carried out on a linear basis and it is based on the 25-year estimated production useful life, which is periodically assessed. Vines under formation are not depreciated until they start production. The costs incurred for acquiring and planting new vines are capitalized.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company uses the amortized historical cost alternative to value its biological assets, for which management considers approximate to fair value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">There is no evidence of impairment on the biological assets held by the Company.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 67</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_183"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x140.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The movement of biological assets during the years ended December 31, 2008 and 2009, is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Under Production</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>BIOLOGICAL ASSETS</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Vines</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,913,205</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(4,989,603)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>11,923,602</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Additions historic cost from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>7,555,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Addition accumulated depreciation from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(1,575,761)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(814,673)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>197,783</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>17,285,991</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>24,666,029</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(7,380,038)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>17,285,991</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of Decemeber 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(896,916)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(358,688)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,030,387</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>As of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Historic Cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>24,307,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accumulated depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(8,276,953)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Book Value</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>16,030,387</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 23 Income taxes and deferred taxes</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><B><FONT lang=EN-GB>Tax accounts receivable</FONT></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the taxes receivables is the following:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of Decemeber 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Refundable tax from previous year</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>44,938</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,057</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>718,763</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Taxes under claim</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>750,462</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>500,357</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,295,620</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Credits for Argentine taxes</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>524,533</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>557,527</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,698,356</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Monthly provisional payments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>932,783</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>7,937,234</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,243,020</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Monthly provisional payments - originated for joint venture</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,070,749</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Payment of absorbed profit provision</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,423,257</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,065,412</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other credits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,000,686</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,006,355</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,031,863</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,253,402</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>17,497,536</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,053,034</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"></H3></DIV>
<P style="TEXT-ALIGN: center">F - 68</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_184"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x143.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><B><FONT lang=EN-GB>Taxes accounts payable</FONT></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of taxes payable taxes is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>First category tax</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,251,731</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,462,593</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>7,320,528</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Article N&#186;21 unique tax</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>47,471</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>103,850</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>59,902</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Estimated minimum gain Argentine subsidiaries tax</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>325,539</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>161,647</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>273,562</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>393,845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>393,845</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>394,485</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7,018,586</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,121,935</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>8,048,477</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Tax expense</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail of the income tax and deferred tax expense for the years ended as of December 31, 2008 and 2009, is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the year ended as of December</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>31</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 5px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Expense (income) as per deferred tax related to the origin and reversal of temporary differences</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(2,253,665)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(3,007,001)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Benefit originated by tax losses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,150,543</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>8,605,661</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Income from deferred taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>3,896,878</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,598,660</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current tax expense</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(13,629,567)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(17,019,939)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Adjustments as regards prior period</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(791,558)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(302,394)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Income (Expense) from income tax</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(10,524,247)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(11,723,673)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The deferred taxes related to items charged or credited directly to Consolidated Statements of Other Comprehensive Income are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the year ended as of December</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>31</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Net income from cash flow hedge</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 6px" align=right><FONT size=1>(876,541)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,106,335</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Charge (credit) to equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 7px" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(876,541)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,106,335</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Effective Rate</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s income tax expense as of December 31, 2008 and 2009, represents 9.9% and 7.7% respectively of income before taxes. The following is a reconciliation between such effective tax rate and the statutory tax rate valid in Chile.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="12%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4><B><FONT color=#ffffff size=1>For the years ended of December 31</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>2008</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>%</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income before taxes</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>105,827,487</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>153,088,840</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income tax using the statutory rate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(17,990,673)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(26,025,103)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Adjustments to reach the effective rate</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Tax effects of reorganizations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,070,926</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-8.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,123,491</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-6.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-taxable income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>774,030</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-0.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>7,309,642</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-4.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Valuation over tax loss provision</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(178,873)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(67,090)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Effect of tax rates in Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,408,099)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,762,219)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Adjustments as regards prior term</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(791,558)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(302,394)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>0.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Income tax, as reported</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(10,524,247)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(11,723,673)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>7.7</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 69</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_185"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x148.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred taxes</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Deferred tax assets and liabilities included in the Balance Sheet were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-TOP: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Deferred tax assets</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Accounts receivable impairment provision</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>568,438</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>566,828</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>576,944</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Provisions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,539,598</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,976,395</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>5,751,917</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Inventory impairment provision</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>150,227</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>160,584</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>237,977</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Severance indemnity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,721,576</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,385,223</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,257,170</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Inventory valuation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>655,433</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>708,364</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>479,406</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivatives agreement</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,740,133</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>752,038</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>365,397</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Advertising</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>483,318</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>578,306</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>128,255</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Amortization of intangible</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>503,502</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>720,668</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>681,982</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,510,589</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>7,260,681</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,631,409</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Tax loss carryforwards</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,481,725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,165,913</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,838,922</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Valuation allowances</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(465,719)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,221,547)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(950,269)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total assets from deferred taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>16,888,820</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>21,053,453</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>23,999,110</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Deferred taxes liabilities</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Fixed assets depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>25,970,782</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>34,220,074</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>34,909,947</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deposit for Bottles and containers</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,169,593</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,199,990</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,336,996</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Capitalized software expense</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>500,542</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>637,222</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>328,147</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Agricultural operation expense</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,698,836</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,596,484</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,999,451</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Derivatives agreements</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>494,636</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,284,712</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>16,819</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Manufacturing indirect activation costs</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>681,807</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,645,641</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,784,439</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonuses placing deferred interest and expense</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>281,891</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>271,983</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>331,418</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Intangible</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,842,091</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Lands</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,804,989</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,118,429</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,287,357</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>4,317,971</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Total liabilities from deferred taxes</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>38,916,516</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>51,143,463</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>50,672,268</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(22,027,696)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(30,090,010)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(26,673,158)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">No deferred taxes have been recorded for the temporary differences between the tax and accounting value generated by investments in subsidiaries, consequently a deferred tax is neither recognized for the Translation Adjustments or investments in Joint Ventures.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In accordance with current tax laws in Chile, taxable losses do not expire and can be applied indefinitely. Regarding Argentina, taxable losses expire after 5 years.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Whenever the Company estimates that there is no probability for the total recovery of integral tax loss carryforwards, &nbsp;&nbsp;valuation allowance is created.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 70</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_186"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x150.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Deferred Taxes</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Analysis of the deferred tax movement during the periods</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(22,027,696)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred taxes from business combinations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(4,692,070)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred taxes from tax loss carryforwards absorption</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(6,424,807)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Convertion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(264,610)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income from deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>3,896,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Effect in equity from deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(876,540)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other movements of deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>298,833</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fiscal year movement</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>(8,062,314)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(30,090,010)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deferred taxes from business combination</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>(3,456,803)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income from deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>5,598,660</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Convertion effect</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>50,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Effect in equity from deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>1,106,335</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other movements of deferred taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT color=#003300 size=1>117,702</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Fiscal year movement</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>3,416,852</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(26,673,158)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 24 Debts and Financial Liabilities that Accrue Interest </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Debts and financial liabilities that accrue interest, classified as per type of obligation and their classification in the consolidated balance sheet were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD align=center width="64%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="12%"></TD>
     <TD align=center width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 5px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2009</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bank loans</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>99,978,861</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>169,523,616</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>53,172,707</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bond Obligations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>58,449,485</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>60,285,126</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>160,479,362</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Financial leases obligations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,619,714</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,228,635</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>15,875,725</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>173,048,060</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>246,037,377</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>229,527,794</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,196,154</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>86,244,327</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>19,780,477</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>162,851,906</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>159,793,050</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>209,747,317</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>173,048,060</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>246,037,377</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>229,527,794</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 71</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_187"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x153.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The maturities and interest rates of such obligations were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="26%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Current portion</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>Non current portion</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Interest Rate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Currency</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Less than one</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Between 1 and 5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Over 5 years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>years</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 23px" align=left bgColor=#99cc00><B><FONT size=1>Bank Borrowings</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>JP Morgan Chase Manhatan (1)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>50,251,953</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>63,889,560</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>BBVA S.A. New York Branch (1)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>0.76%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>34,782,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>44,680,339</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>28,570</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>35,497,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>35,525,570</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Cr&#233;dito e Inversiones</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>3.60%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,442,136</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,572,216</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,165,261</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>10,165,261</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Santander Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>CLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>32,722,529</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco de Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>CLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>273,850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,418,003</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Estado de Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>CLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,682,371</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Estado de Chile</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>185,724</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Estado de Chile</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>EUR</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>156,413</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>156,413</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BICE</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>4.43%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,204,072</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,422,925</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>4,626,997</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Corp Banca</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,027,181</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Corp Banca</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>CLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,936,095</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>3.50%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>CLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>387,181</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>385,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>445,019</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>445,019</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Santander Rio Arg</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>5.80%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>65,154</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>88,946</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>88,946</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA Argentina</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>5.40%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,028,677</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>608,712</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>92,588</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>92,588</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco BBVA Argentina</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>ARG</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>66,653</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Patagonia</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>7.50%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>245,714</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,133,545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>778,578</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>778,578</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Patagonia</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>18.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>ARG</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>212,749</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>212,749</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco San Juan</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>928,001</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>772,501</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>772,501</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco San Juan</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>17.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>ARG</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>205,509</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>205,509</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bank Boston N.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>686,399</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Citibank N.A.</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12,323</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,289,186</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Nacional de Valores</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,801,675</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Regional de Cuyo</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>6.50%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>102,576</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>102,576</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Subtotal</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>99,978,861</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>169,523,616</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,252,782</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>38,919,925</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>53,172,707</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#99cc00><B><FONT size=1>Bonds Payable</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonos Serie A</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>3.80%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>26,224,078</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>27,068,973</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,979,079</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>7,781,305</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>15,095,730</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>24,856,114</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonos Serie E</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>4.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>32,225,407</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>33,216,153</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,076,908</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,913,653</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17,844,576</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>29,835,137</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonos Serie H</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>4.25%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>520,701</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>41,885,760</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>42,406,461</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonos Serie I</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>3.00%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>553,010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>62,828,640</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>63,381,650</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>58,449,485</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>60,285,126</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>5,129,698</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>80,523,598</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>74,826,066</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>160,479,362</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#99cc00><B><FONT size=1>Financial Leases Obligations</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Consorcio Nacional de Seguros S.A.</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>7.07%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>13,483,033</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>14,689,590</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>56,858</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>766,761</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>13,463,864</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>14,287,482</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco de Chile</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>5.80%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,136,681</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,539,045</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>566,602</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>680,189</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,246,791</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Santander Chile</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>7.20%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>UF</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>341,140</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>312</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><B><FONT size=1>341,452</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Sub-total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,619,714</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>16,228,635</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>397,998</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,333,675</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>14,144,053</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>15,875,725</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>173,048,060</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>246,037,377</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>19,780,478</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>120,777,198</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>88,970,119</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>229,527,794</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 6)</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">See detail of bank borrowings, financial leases obligations and bonds payable fair value in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 6 &#150; Financial Instruments</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The effective rates of bond obligations as of December 31, 2009, were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 50%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD align=center width="70%"></TD>
     <TD align=center width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds Serie A</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3.96%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds Serie E</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4.52%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds Serie H</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4.26%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonds Serie I</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3.18%</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 72</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_188"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x157.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The debts and financial liabilities are stated in several currencies and they accrue fixed and variable interest rates. The details of such obligations classified as per currency and interest type (excluding the effect of cross currency interest rate swap agreements) are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fixed Interest</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Variable Interest</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Fixed Interest</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Variable Interest</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 6px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 6px; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Rate</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 4px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 3px" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>United States dollar</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,210,322</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>108,569,899</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,835,189</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>40,152,567</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Chilean pesos</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>13,678,340</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>30,465,657</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>445,019</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Argentine pesos</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>418,258</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Unidades de fomento</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>89,113,159</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>186,520,348</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>156,413</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>107,001,821</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>139,035,556</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>189,218,814</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>40,308,980</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The terms and conditions of the interest accruing obligations as of December 31, 2009, were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">a)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" face="'Times New Roman'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Bank Borrowings</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">BBVA New York &#150; Bank Loans</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On November 23, 2007, the Company obtained, through its Cayman Islands agency, a bank loan from the Cayman Islands branch of BBVA bank, for a total 70 million United States dollars at a 4.5 year term, with maturity on May 23, 2012.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This loan accrues interest at a compound floating rate 3-year dollar Libor plus a fixed margin of 0.27%. The Company amortizes interest semi-annually, and the capital amortization consists of a single payment at the end of the established term.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The exchange rate and the interest rate risk to which the Company is exposed as a result of this syndicated loan is mitigated by the use of currency swap and USD-CLP rates (Cross Currency Swap) agreements. For a detail of the Company&#146;s hedge strategies see </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 5 &#150; Administration of financial risks and Note 6 &#150; Hedge Assets and Liabilities.</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Such credit obliges the Company to comply with the following financial indexes covenants (1) and specific requirements:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a consolidated interest hedge higher or equal to 3 for Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. consolidated, measured as of the end of each quarter and considering the last 12 months.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a consolidated indebtedness ratio lower or equal to 3, for Compa&#241;&#237;a Cervecer&#237;as</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unidas S.A. consolidated.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a consolidated equity of at least UF 15 million at the end of each quarter at Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In addition, this loan obliges the Company to comply with some affirmative nature restrictions, such as maintaining insurance, etc. and to comply with certain restrictions, such as not granting pledges, except those authorized by the agreement, not to merge, except as allowed, and not to divest fixed assets, except under the terms established by the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, December 31 and January 1, 2008, the Company was in compliance with the financial convenants and specific requirements for this bank loan.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) The covenants were determined on the basis of the Chilean accounting standards, and they shall be adapted to the IFRS, if necessary.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 73</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_189"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x159.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Banco Cr&#233;dito e Inversiones &#150; Syndicated Loan</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On August 22, 2005, the subsidiary Pisquera de Chile S.A. renegotiated a syndicated loan with banks BCI, BBVA and Raboinvestment for a total UF 468,982 at a 5-year term, with maturity on August 12, 2010.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This syndicated loan accrues interest at an annual fixed rate of 3.6%. The Company amortizes interests and capital semi-annually.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a consequence of this obligation, the subsidiary must comply with certain information obligations, apart from complying with the following financial covenants (1):</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a financial expense hedge net of subordinate debt during the entire validity of the agreement, not lower than 3 times, as from June 30, 2007, onwards. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To continuously maintain an indebtedness ratio during the entire validity of the agreement, not higher than 1.5, excluding the subordinate debt added to equity.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain an equity higher than UF700,000 as of December 31, 2006, and to maintain an equity higher than UF800,000 as from the financial statements of December 31, 2007.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In addition, this loan obliges Compa&#241;&#237;a Pisquera de Chile to comply with certain restrictions of affirmative nature, such as to maintain insurance, to maintain the ownership of essential assets, and also to comply with certain restrictions, such as not to merge or split, etc. except as allowed, and not to pledge, mortgage or grant any kind of encumbrance or real right over any fixed asset with an individual accounting value higher than UF10,000, except under the terms established by the agreement, among other.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, December 31 and January 1, 2008, the Company was in compliance with the financial covenants and specific requirements of this syndicated loan.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Banco BICE &#150; Bank loan</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On May 14, 2009, Vi&#241;a San Pedro Tarapac&#225; subsidiaries, Vi&#241;a Misiones de Rengo S.A., Vi&#241;a del Mar de Casablanca S.A., and Vi&#241;a Santa Helena S.A., each subscribed a bank loan with Banco BICE for a total 3 million United States dollars, at a 4-year term with maturity on May 15, 2013.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This loan accrues interest at a floating rate formed by the 3-year dollar Libor rate, plus a fixed margin of 4.5%. The Company amortizes interest semi-annually, and capital amortization consists of a simple payment at the end of the term established.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This loan does not require the compliance with financial measures covenants, nor compliance with other specific requirements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Banco Estado &#150; Bank loan</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 6, 2009, Vi&#241;a San Pedro Tarapac&#225; subsidiary subscribed a bank loan with Banco Estado for a total 5 million United States dollar at a 3-year term with maturity on April 6, 2012.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This loan accrues interest at a floating rate formed by a 3-year dollar Libor plus a 4.5% fixed margin. The Company amortizes interest semi-annually and the capital amortization consists of a single payment at the end of the established term.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This loan does not require compliance with financial covenants, nor compliance with other specific requirements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Covenants were determined based on the Chilean accounting standards and they will be adapted to IFRS, if necessary.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 74</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_190"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x160.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">b)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" face="'Times New Roman'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Financial Lease Obligations</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The most significant financial lease agreements are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">CCU S.A.</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">In December, 2004, the Company sold a piece of land previously classified as investment property. As part of the transaction, the Company leased eleven floors of a building under construction on the mentioned piece of land.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The building was completed during 2007, and on June 28, 2007, the Company entered into a 25-year lease agreement with Compa&#241;&#237;a de Seguros de Vida Consorcio Nacional de Seguros S.A., for a total amount of UF 688,635.63, with an annual interest rate of 7.07%. The current value of the agreement amounted to ThCh$ 10,403,632 as of December 31, 2007.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The agreement also grants CCU the right or option to acquire the assets contained in the agreement (real estate, furniture and facilities) as from month 68 of the lease. The lease rentals committed are according to the conditions prevailing in the market.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">For Chilean GAAP purposes, in 2004 the Company recognized a ThCh$ 3,108,950 gain for the building portion not leased by the Company, and a ThCh$ 2,260,851 liability deferred through completion of the building, when the Company recorded the transaction as financial lease.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Compa&#241;&#237;a Cervecera Kunstmann S.A</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 19, 2005, the subsidiary Compa&#241;&#237;a Cervecera Kunstmann S.A. acquired a brewery and a restaurant through a lease agreement with a purchase option entered into with Banco de Chile, in the amount of UF 20,489, payable in 168 installments with a yearly interest of 9.1%. At the maturity of the agreement the Company is entitled to purchase the asset with the payment of UF 32.09 plus VAT, which shall be paid within 30 days after maturity of the last lease installment contained in the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On June 26, 2007, the Company purchased a piece of land of 35,581 square meters, located at Bayo, Valdivia district through a lease agreement with a purchase option entered into with Banco de Chile, in the amount of UF 7716.56 payable in 121 installments accruing a yearly interest rate of 5.8%. At the maturity of the agreement the Company is entitled to purchase the asset on the termination date, with the payment of UF 84.66 plus the expenses originated with the purchase and sale, amount that shall be paid together with the last lease installment of the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On August 31, 2008, the Company acquired a Kaspar Schul kernel cooker for beer production, through a lease agreement with a purchase option entered into with Banco de Chile, in the amount of UF 43,969 payable in 61 installments accruing a 4.13% interest. At the maturity of the agreement the Company is entitled to purchase the asset with the payment of UF 800.28 plus VAT and any expense, right or tax originated by the purchase and sale, amount to be paid together with the last lease installment of this agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following is a detail of future payments and the current value of the financial lease obligations as of December 31, 2009</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300 colSpan=3><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Lease Minimum Future Payments</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Gross Amount</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Interest</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Current Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Less than one year</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,458,498</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,060,500</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>397,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Between one and five year</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,352,486</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,018,811</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,333,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1>Over five years</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>29,763,641</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>15,619,588</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,144,053</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>36,574,625</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>20,698,899</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>15,875,726</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 75</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_191"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x162.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt 9pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">c)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" face="'Times New Roman'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Bonds Payable</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Series A Bonds &#150; Subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. </FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On June 13, 2005, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. recorded in the Securities Record a bond issue for a total UF1,500,000 at a 20-year term with maturity on July 15, 2025. Such issue was placed in the local market on July 20, 2005, with a premium amounting to ThCh$227,378.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This obligation accrues interest at a fixed annual rate of 3.8% and amortizes interest and capital semi-annually.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a result of this public obligation, the subsidiary has undertaken the commitment of complying with some financial covenants (1), calculated over its consolidated or individual Balance Sheet, and according to conditions detailed below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control over subsidiaries representing at least 30% of the issuer VSPT consolidated EBITDA.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not to enter into investments in facilities issued by related parties different from its subsidiaries.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither sell nor transfer essential assets that jeopardize the continuance of its current purpose.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintain at the end of each quarter an indebtedness ratio measured over the consolidated financial statements not higher than 1.2.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintain a financial expense coverage related to EBITDA established at the end of each quarter and retroactively for 12-month periods, measured over the individual and consolidated financial statements, of no less than 3.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintain at the end of each quarter a minimum equity of UF 4 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, December 31 and January 1, 2008, the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Covenants were determined based on the Chilean accounting standards and they will be adapted to IFRS, if necessary.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 76</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_192"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x163.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Series E Bonds</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On October 18, 2004, the Company recorded in the Securities Record the issue of 20-year term public bonds for a total UF2,000,000 with maturity on December 1, 2024. This issue was placed in the local market on December 1, 2004, with a discount amounting to ThCh$897,857.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">This obligation accrues interests at a fixed annual rate of 4.0%, and it amortizes interest and capital semi-annually.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As a result of this public obligation, the Company has assumed the commitment of complying with determined financial covenants (1), calculated over its consolidated or individual Balance Sheet, and the conditions detailed below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To permanently maintain an indebtedness ratio, measured over the consolidated financial statements not higher than 1.5.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To permanently maintain an indebtedness ratio, measured over the individual financial statements not higher than 1.7.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a financial expense coverage established at the end of each quarter and considering the 4 last consecutive quarters delivered, measured over the individual or consolidated financial statements, of no less than 3.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain assets free of liens for an amount equal to, at least, 1.2 its unguaranteed payable liabilities, calculated and measured quarterly over the individual and consolidated financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain, either directly or indirectly, ownership over more than 50% of the subscribed and paid-up shares and over the voting rights of the following companies: Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A. and Vi&#241;a San Pedro Tarapaca S.A., except in the cases and under the terms established in the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain, either directly or through a subsidiary, ownership of the trademark "CRISTAL", denominative for beer class 32 of the international classifier, and not to transfer its use, except to its subsidiaries. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain an equity, both at individual and consolidated level, for an amount at least equal to UF 15 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither sell nor transfer assets from the issuer and its subsidiaries representing over 25% of the assets total value in the issuer&#146;s last audited consolidated financial statements.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not to make investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, December 31, and January 1, 2008, the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) The covenants were determined on the basis of the Chilean accounting standards, and they shall be adapted to the IFRS, if necessary.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 77</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_193"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x164.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Series H and I Bonds</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On March 15, 2009, the Company recorded in the Securities Record the issue of 20-year term bonds Series H and I for a total UF2,000,000 and UF 3,000,000, respectively. Such issue was placed in the local market on April 2nd, 2009, with a discount amounting to ThCh$156,952 and ThCh$413,181, respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Such obligation accrues interest at an annual fixed rate of 4.25% for Series H and 3.0% for Series I. Both Series amortize interest semi-annually. The capital is semi-annually amortized for Series H and bullet for Series I.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The current issue was subscribed with Banco Santander Chile as representative of the bond holders and as paying bank, and it requires that the Company complies with the following financial indicators (covenants (1)) and specific requirements:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a consolidated indebtedness ratio, measured over the consolidated financial statements, not higher than 1.5.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain a consolidated financial expense coverage of no less than 3.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain an equity, at a consolidated level as reflected in each consolidated quarterly, for an amount of at least UF 15 million.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain assets free of any liens in an amount equal to, at least, 1.2 the unpaid amount of the unguaranteed financial debt. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain, either directly or indirectly, the ownership over more than 50% of the social rights and of the subscribed and paid-up shares respectively of Cervecera CCU Chile Limitada and Embotelladoras Chilenas Unidas S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither sell, nor allowing the sale or the ownership transfer, and neither transfer and/or in any way divest, either through one transaction or a series of transactions, either directly or indirectly, of assets owned by the Company or its subsidiaries that are necessary to maintain in Chile, either directly and/or through one or more subsidiaries, a nominal installed capacity for the manufacturing of beer and soft drinks, equal or higher altogether than 15.9 million hectoliters a year, except in the cases and under the terms established in such bonds issue agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To maintain, either directly or through a subsidiary, the ownership of the trademark "CRISTAL", denominative or word for beer class 32 of the international classifier of products and services for the registration of trademarks, and not to transfer its use, except to its subsidiaries.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not to carry out investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) The covenants were determined based on the Chilean accounting standards and they will be adapted to IFRS, if necessary.</FONT></FONT></P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"></H1></DIV>
<P style="TEXT-ALIGN: center">F - 78</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_194"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x165.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB>Note 25 Accounts payable &#150; Trade and other</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 30,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Suppliers</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>103,421,080</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>136,123,573</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>125,245,336</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Documents payable</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,102,656</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>74,946</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>106,110</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>106,523,736</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>136,198,519</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>125,351,446</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>106,523,736</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>136,198,519</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>125,351,446</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>106,523,736</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>136,198,519</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>125,351,446</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 26 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Provisions </FONT></B></FONT></A></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of January 1, 2008, December 31, 2008 and December 31, 2009, the total provisions recorded in the consolidated statement of financial position were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp; </TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Litigation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,479,493</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,061,110</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>981,662</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Deposit for bottles</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,896,790</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,537,644</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>9,704,826</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,730,760</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,788,963</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,717,436</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>13,107,043</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,387,717</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,403,924</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,311,025</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,262,026</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,747,286</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non.current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>11,796,018</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,125,691</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>10,656,638</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>13,107,043</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,387,717</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,403,924</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following was the change in provisions during the year ended December 31, 2008, and year ended December 31, 2009:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Litigation</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>Deposit for Bottles</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Other</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>1,479,493</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>8,896,790</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>2,730,760</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>13,107,043</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Incorporated</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>481,343</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,296,125</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,338,964</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,116,432</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Used</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(692,409)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,655,272)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,280,760)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(7,628,441)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Released</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(375,481)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(375,481)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>168,164</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>168,164</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,061,110</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,537,643</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,788,964</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,387,717</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Incorporated</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>228,709</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6,015,850</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2,167,433</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8,411,992</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Used</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(192,524)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,848,668)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,238,960)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(8,280,152)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion effect</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(115,633)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(115,633)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>981,662</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,704,825</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,717,437</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,403,924</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 79</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_195"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x169.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'">The maturities of provisions at December 31, 2009, were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Litigation</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Deposit for Bottles (1)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Other</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Less than one year</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>29,850</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,717,436</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,747,286</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Between one and five years</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>951,812</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>951,812</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Over five years</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,704,826</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,704,826</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>981,662</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>9,704,826</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>3,717,436</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,403,924</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(1) Given the nature of the risks covered by such provisions, it is not possible to determine a reasonable payment calendar.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Litigation</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The detail on the main litigation proceedings to which the Company is exposed at a consolidated level is described in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 31.</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Management believes that according to the development of such proceedings up to this date, the provisions established over the background on a case by basis adequately cover the eventual adverse effects that could arise from the mentioned proceedings.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 27 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Other liabilities</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Parent dividend provisioned by the Board</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,969,635</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,969,635</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>19,110,172</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Parent dividend provisioned according to policy</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>24,629,973</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>26,345,717</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>44,908,565</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Uncollected parent dividends</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>644,562</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>653,935</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>722,519</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Subsidiaries dividends according to policy</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>694,983</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,123,560</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>8,731,981</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Obligation for Employee Benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>17,976,391</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>22,516,979</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>21,582,149</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,270</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>82,902</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>18,946</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>58,929,814</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>65,692,728</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,074,332</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>49,050,738</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>53,411,170</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>83,673,738</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,879,076</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,281,558</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,400,594</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>58,929,814</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>65,692,728</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>95,074,332</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 28 Employee Benefits</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company grants short term, and employment termination benefits as part of its compensation policies. </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The parent company and its subsidiaries maintain collective agreements with their employees, which establish the compensation and/or short&#150;term and long-term benefits for their staff, the main features of which are described below:</FONT></FONT></P>
<H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><B><FONT lang=EN-GB>Short-term Benefits</FONT></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The short-term benefits include mainly remuneration, vacation and compensation through annuities. Such benefits are recorded when the obligation is accrued, and they are usually paid during the following twelve month period. Consequently they are not discounted.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">i. Short-term benefits are, in general, based on combined plans or agreements, such as covering disablement and death risks of the staff retained.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">ii. Long-term benefits are plans or agreements mainly intended to cover the post-employment benefits generated at the end of the labor relationship.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: center">F - 80</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_196"></A>&nbsp;
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 45.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="61%">
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; LETTER-SPACING: 0.25pt" face=Arial,sans-serif color=#003300><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 45.35pt" vAlign=top width="39%">
<P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x54.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif>The cost of such benefits is charged against income, in the &#147;Staff Expense&#148; item.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif>As of January 1, 2008, December 31, 2008 and 2009, the total staff benefits recorded in the consolidated statement of financial position are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Employees&#146; Benefits</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Short term benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>6,446,388</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,476,596</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>8,492,967</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Employment termination benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>11,530,003</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>14,040,383</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>13,089,182</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>17,976,391</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>22,516,979</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>21,582,149</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,097,314</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,235,216</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>10,181,347</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non.current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,879,077</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,281,763</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,400,802</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>17,976,391</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>22,516,979</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>21,582,149</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif>The following is a detail of the short-term and employment termination benefits.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966>Employees&#146; Bonuses </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT face=Arial color=#339966></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif>Short-term benefits are mainly comprised of recorded vacation (on accruals basis) and bonuses and share compensation. Such benefits are recorded when the obligation is accrued, and they are usually paid within a 12-month period, consequently they are not discounted. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=Arial,sans-serif>As of January 1, 2008, December 31, 2008 and 2009, the provisions recorded as a result of services granted and unpaid are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Short-Term Employees&#146; Benefits</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vacation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 8px" align=right><FONT size=1>3,556,250</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,425,710</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#ccffcc><B><FONT size=1>4,749,363</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Bonus and compensation</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 8px" align=right><FONT size=1>2,890,138</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,050,886</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#ccffcc><B><FONT size=1>3,743,604</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 8px" align=right bgColor=#003300><B><FONT color=#ffffff size=1>6,446,388</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>8,476,596</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 10px" align=right bgColor=#003300><B><FONT color=#ffffff size=1>8,492,967</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The book value of current accounts receivable, cash and cash equivalent and other financial assets and liabilities approximate fair value due to the short-term nature of such facilities, and in the case of accounts receivable, due to the fact that any collection loss is already reflected in the impairment loss provisions.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The fair value of non derivative financial assets and liabilities that are not quoted in active markets is estimated through the use of discounted cash flows calculated on market variables observed as of the date of the financial statements. The fair value of derivative facilities assets and liabilities is estimated through the discount of future cash flows, determined according to information observed in the market, or to variables and prices obtained from third parties.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Staff Expense</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Salaries</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>62,051,130</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>68,771,618</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Employees&#146; short-term benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>8,946,833</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>9,534,606</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Employments termination benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,437,893</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>4,085,491</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other staff expense</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>10,206,390</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,575,455</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>85,642,246</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>93,967,170</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 81</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_197"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x176.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV> <H3 style="MARGIN: 12pt 0in 3pt; TEXT-ALIGN: justify"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-STYLE: normal" face=Arial,sans-serif color=#339966><B><FONT lang=EN-GB>Severance Indemnity</FONT></B></FONT></H3>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The company records a liability for the payment of an irrevocable severance indemnity, originated by collective and individual agreements entered into with some groups of employees. Such obligation is determined by means of the current value of the benefit accrued cost, a method that considers several factors for the calculation, such as estimates of future continuance, mortality rates, future salary increases and discount rates. The so-determined value is presented at the current value by using the severance benefits accrued method. The discount rates are determined by reference to market interest rates curves for high quality entrepreneurial bonds, with an average duration equivalent to the estimated terms for the payment of such severance, plus the Central Bank estimated inflation, and the margin applicable to companies with a rating equiva
lent to AA or higher. The discount rate was 7.6% for the year ended as of December 31, 2008 and 7.7% for year ended as of December 31, 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of January 1, 2008, December 31, 2008 and 2009, the benefits recorded for employment termination are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Severance Indemnity</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,650,927</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,758,619</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,688,380</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-current</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>9,879,076</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>12,281,764</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>11,400,802</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,530,003</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,040,383</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>13,089,182</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The change in the employment termination obligations during the year ended as of December 31, 2008 and 2009 was as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="82%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Severance Indemnity</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Employment Termination Benefits</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#99cc00><B><FONT size=1>Initial Balance</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#99cc00><B><FONT size=1>11,530,003</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Balance as of January 1, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,530,003</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current cost of service</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>508,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interest cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>872,521</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Actuarial (Gain) loss</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,037,633</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Paid-up benefits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,057,513)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Past service cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>85,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Originated by business combinations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,027,978</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>36,118</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>14,040,383</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#99cc00><B><FONT size=1>Year ended as of December 30, 2009</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#99cc00>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current cost of service</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>522,041</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interest cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,073,826</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Actuarial (Gain) loss</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,679,151)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Paid-up benefits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,010,298)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Past service cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>78,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>64,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Year ended as of December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>13,089,183</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 82</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_198"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x179.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The figures recorded in the consolidated statement of comprehensive income as of December 31, 2008 and 2009, were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=2><B><FONT color=#ffffff size=1>For the years ended as of December 31</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Expense recognized for employment termination benefits</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 1px solid" align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=center bgColor=#003300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Current cost of service</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>508,238</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>522,041</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Interest cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>872,521</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,073,826</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Past service cost</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>85,405</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>78,038</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Actuarial (Gain) loss</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,037,633</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(1,226,522)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Non-provided paid benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,117,746</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>3,277,025</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(183,650)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>361,083</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total expense recognized in consolidated statement of income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,437,893</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,085,491</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></I></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Actuarial Assumptions </FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As mentioned in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Note 2.17</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> &#150; Employees&#146; Benefits, the severance payment obligation is recorded at its actuarial value. The main actuarial assumptions used for the calculation of the severance indemnity obligation as of December 31, 2008 and 2009, were as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="45%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Actuarial Hypothesis</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Mortality table</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1>RV-2004</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>RV-2004</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>RV-2004</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Annual interest rate</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1>7.7%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>7.6%</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>7.7%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Voluntary retirement rotation rate</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1>1.0%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>1.0%</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>1.0%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Company&#146;s needs rotation rate</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1>0.5%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>0.5%</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>0.5%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Salary increase</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1>3.7%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>3.7%</FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1>3.7%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><FONT color=#ffffff size=1>Officers</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>60</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>60</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>60</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left bgColor=#003300><FONT color=#ffffff size=1>Estimated retirement age for</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><FONT color=#ffffff size=1>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=left bgColor=#003300><FONT color=#ffffff size=1>Male</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>65</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>65</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>65</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=left bgColor=#003300><FONT color=#ffffff size=1>Female</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>60</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><FONT color=#ffffff size=1>60</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>60</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Sensitivity Analysis</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Following is an sensitivity analysis based on increased (decreased) in 1 percent in the discount rate:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Sensitivity Analysis</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>1% increase in the Discount Rate (Gain)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,313,130</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>1,229,575</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>1% decrease in the Discount Rate (Loss)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,622,376)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>(1,446,067)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#003300 colSpan=3>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 83</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_199"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x183.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 29 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Minority Interests</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="14%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of January 1,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #003300" align=center><B><FONT color=#ffffff size=1>Equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2007</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>38,695,865</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>90,789,752</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>91,812,160</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,410,979</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,140,115</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>9,443,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,123,342</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,532,582</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>3,862,106</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,545,047</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,442,037</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>3,504,707</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,637,707</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,821,399</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>2,102,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>321,210</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>371,921</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>252,164</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>49,734,150</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>104,097,806</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 3px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>110,976,972</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Income</FONT></B></TD>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,203,890</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>5,245,563</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,264,635</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>6,091,256</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>649,686</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>961,369</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>227,457</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>398,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>448,711</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>555,671</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Others</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>95,219</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><FONT size=1>75,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>4,889,598</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>13,327,694</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 30 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Common Shareholders&#146; Equity</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Subscribed and paid-up Capital</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the Company&#146;s capital shows a balance of ThCh$215,540,419, consisting of a total 318,502,872 shares without face value, entirely subscribed and paid-up. The Company has issued only one series of common shares, without any preemptive rights. Such common shares are registered for trading at the Santiago and Chile Stock Exchanges, and at the New York Stock Exchange /NYSE), evidenced by ADS (&#147;American Depositary Shares&#148;), with an equivalence of five shares per ADS.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company has not issued any shares or convertible instruments during the period, thus changing the number of outstanding shares as of December 31, 2008 and 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Capital Management</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The main purpose, when managing shareholders&#146; capital, is to maintain an adequate credit risk profile and a healthy capital ratio, allowing the access of the Company to the capitals market for the development of its medium and long term purposes and, at the same time, to maximize shareholders&#146; return.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Consolidated Statement of Other Comprehensive Income</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the detail of the other comprehensive income and expense of the term is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 84</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_200"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x185.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left bgColor=#003300><B><FONT color=#ffffff size=1>Other Income and expense charged or credited against net equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Gross Balance<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Tax<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Net Balance</FONT></B>&nbsp;<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash flow hedge</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>5,156,120</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(876,541)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,279,579</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,866,352</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>16,866,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total other comprehensive income for the year ended December 31, 2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>22,022,472</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(876,541)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>21,145,931</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BACKGROUND-COLOR: #ffffff" align=center bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BACKGROUND-COLOR: #ffffff" align=center bgColor=#003300></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BACKGROUND-COLOR: #ffffff" align=center bgColor=#003300></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left bgColor=#003300><B><FONT color=#ffffff size=1>Other Income and expense charged or credited against net equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Gross Balance<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Tax</FONT></B>&nbsp;<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Net Balance<BR>
<B><FONT color=#ffffff size=1>ThCh$</FONT></B></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Cash flow hedge</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(6,507,854)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>1,106,335</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(5,401,519)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(34,738,643)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>(34,738,643)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total other comprehensive income for the year ended December 31, 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(41,246,497)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>1,106,335</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>(40,140,162)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Income per share</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The basic income per share is calculated as the ratio between the net income (loss) of the term corresponding to shares holders and the weighted average number of valid outstanding shares during such term.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the information used for the calculation of the income as per each basic and diluted share is as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31,</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Income per share</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2008</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Income attributable to share holders (ThChS)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>90,413,642</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>128,037,473</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Weighted average number of shares</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>318,502,872</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#ccffcc><B><FONT size=1>318,502,872</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Basic and diluted income per share (in Chilean pesos)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>283.87</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>402.00</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the Company has not issued any convertible or other kind of instruments creating diluting effects.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Distributable net Income</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Regarding Circular No 1945 from the SVS on 4 November 2009 the Board of Directors agreed that the net distributable profit for the year 2009 will be that reflected in the financial statements attributable to equity holders of the parents,</FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> </FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'">without adjusting it</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;Dividends </FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company&#146;s dividend policy consists in annually distributing at least 50% of the net distributable profit of the period.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the Company has distributed the following dividends, either interim or final:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="20%"></TD>
     <TD width="19%"></TD>
     <TD width="18%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Dividend N&#186;</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Payment Date</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Type of Dividend</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Dividends per Share</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Related to FY</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD align=center colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1>234</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1>11/01/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>Interim</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2007</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1>235</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1>28/04/2008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>Final</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>102.19655</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2007</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1>236</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1>09/01/2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>Interim</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>47</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1>237</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1>28/04/2009</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>Final</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>108.66083</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2008</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300 colSpan=4>&nbsp; </TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 85</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_201"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x189.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Other Reserves</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The reserves that are a part of the Company&#146;s equity are as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Currency Translation Reserves</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">: This reserve is mainly originated by the translation of foreign subsidiaries&#146; financial statements which functional currency is different from the consolidated financial statements presentation currency. As of December 2009, it amounts to a negative reserve of ThCh$16,172,158 (positive reserve as of December 31, 2008, ThCh$15,817,197).</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Hedge reserve</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">: This reserve is originated by the hedge accounting application of financial liabilities used as such. The reserve is reversed at the end of the agreement&#146;s extration, or when the operation ceases qualifying as hedge accounting, whichever is first. The reserve effects are transferred to income. As of December 31, 2009, it amounts to a positive reserve of ThCh$962,144 (ThCh$6,363,663 as of December 31, 2008), net of deferred taxes.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Other reserves</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">: As of December 31, 2009, these amount to a negative reserve of ThCh$9,984,431 (ThCh$10,016,131 as of December 31, 2008). Such reserves relate mainly to the following concepts:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment due to re-assessment of fixed assets carried out in 1979, credit for ThCh$4,087,396.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price level restatement of paid-up capital registered as of December 31, 2008, according to Circular Letter N&#170;456 by the SVS, charge for ThCh$17,615,333.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 31 Contingencies and Commitments </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Operating lease agreements</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total amount of the Company&#146;s obligations to third parties relating to lease agreements that may not be terminated was as follows</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="82%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;<B><FONT color=#ffffff size=1>Lease Agreements Not to be Terminated</FONT></B></TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-BOTTOM: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>As of December 31, 2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Less than one year</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,906,706</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Between one and five years</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4,430,372</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Over five years</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>5,585,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#003300><B><FONT color=#ffffff size=1>11,922,198</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Purchase and supply agreements</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The total amount of the Company&#146;s obligations to third parties relating to purchase and supply agreements as of December 31, 2009 was as follows:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Purchase and Supply Agreements</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Grapes and wine purchase</FONT></B>&nbsp;<B><FONT color=#ffffff size=1>agreements</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>ThCh$</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Less than one year</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>45,018,001</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>2,643,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Between one and five years</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>99,708,785</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>4,376,326</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Over five years</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>38,125,988</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right><FONT size=1>3,959,248</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#003300><B><FONT color=#ffffff size=1>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>182,852,774</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=right bgColor=#003300><B><FONT color=#ffffff size=1>10,979,054</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Capital investment commitments</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2009, the Company had capital investment commitments related to Property, plant and equipment and software for an approximate amount of ThCh$47,993 million.&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">F - 86</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_202"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x192.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Litigation</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The following are the most significant proceedings faced by the Company and its subsidiaries, including all those presenting at least a minimum occurrence likelihood, and which committed amounts are higher than ThCh$25,000. Those with undetermined committed amounts have also been considered.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Proceedings and claim</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="20%"></TD>
     <TD></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Company</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Court</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Proceeding N&#186;</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Matter</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Stage</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Amount Comitted</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (CCU)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>14&#186; Juzgado Civil de Santiago</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right><FONT size=1>1293-2005 </FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Annulment claim of damage indemnification for share transfer</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Pending for second instance audience .The first instance resolution was against CCU&#146;s interests.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>M$ 600,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (CCU)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>2&#186; Juzgado del Trabajo de Santiago</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right><FONT size=1>930-2007 </FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Defendant invades subsidiary premises due to unjustified employee firing</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Pending for second instance proceeding, with appeal by the main defendant. *</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>M$ 40,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Embotelladoras Chilenas Unidas S.A. (ECUSA)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Juzgado del Trabajo de Rancagua</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right><FONT size=1>92800-2000 </FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Unjustified firing claim</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>With pending annulment recourse. The second instance resolution revoked the first instance favorable decision.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>M$ 27,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Embotelladoras Chilenas Unidas S.A. y Transportes CCU Ltda. (ECUSA y TCCU)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>9&#186; Juzgado del Trabajo de Santiago</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right><FONT size=1>3601-2004 </FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Subsidiary defendants demand remuneration collection for clothes exchange time</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Pending for credit liquidation. Second instance decision confirmed first instance, against the companies&#146; interests</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>Indeterminado</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Primera Instancia en Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Claim for alleged sudden distribution agreement termination</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Allegations were filed. Pending for first instance resolution.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>USD$64,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Segunda Instancia en Argentina</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Claim for non-compliance of plant sale agreement</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>Liquidation and execution partially unfavorable for CICSA pending.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>USD$177,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left><FONT size=1>Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>City Council's Administrative Claim related to publicity and merchandising</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=left><FONT size=1>The process is in administrative stage; depending on the results, the Company intends to continue arguing in legal instances.</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" vAlign=top align=center><FONT size=1>USD$2,044,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300 colSpan=6>&nbsp;&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">* The appeal in the High Court was filed by the plaintiff on 4 January, 2010.</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company and its subsidiaries have established provisions to allow for such contingencies for a total ThCh$1,061,110 and ThCh$981,662 as of December 31, 2008 and 2009, respectively.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Guarantees</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the parent company has not granted direct guarantees as part of its common financing operations. Nevertheless, the Company and its subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A., have entered into indirect guarantees as joint guarantors of financing operations by the Company&#146;s Cayman Islands subsidiary, and by Finca la Celia subsidiary, in the Republic of Argentina.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">A summary of the main terms of the guarantees granted appears below:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=ES-CL style="FONT-SIZE: 9pt" face="'Times New Roman'">Banco Franc&#233;s, Banco Patagonia, Banco San Juan</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The subsidiary Finca la Celia maintains financial debt with local banks in Argentina, guaranteed by VSPT through stand-by letters issued by Banco Estado of Chile, according to the following detail: </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify">&nbsp;</P>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: '''''''''''Times New Roman'''''''''''" cellSpacing=0 border=0>
<TR>
     <TD></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#003300><B><FONT color=#ffffff size=1>Institution</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Amount</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #ffffff 2px solid" align=center bgColor=#003300><B><FONT color=#ffffff size=1>Maturity Date</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Franc&#233;s (BBVA)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>US$ 0.2 million</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1>March, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Patagonia</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>US$ 1.9 million</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1>March, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco San Juan</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>US$ 1.9 million</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1>March, 2010</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>Banco Regional de Cuyo</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>US$ 0.2 million</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1>February, 2010</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left bgColor=#003300 colSpan=3>&nbsp; </TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">F - 87</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_203"></A>
<DIV align=right>
<A href="#fpages_index"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">Table of Contents</FONT></A></DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 3.5pt; WIDTH: 100%; mso-padding-alt: 0in 3.5pt 0in 3.5pt" cellSpacing=0 cellPadding=0 border=0>
<TR style="HEIGHT: 44.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="76%">
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: justify"><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=EN-GB>Notes to the Consolidated Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></P>
<P style="MARGIN: 0in 6.3pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="mso-bidi-font-family: Arial; mso-bidi-font-size: 9.0pt" color=#339966><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><FONT lang=ES-CL>December 31, 2009</FONT></FONT></FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 3.5pt; PADDING-LEFT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 44.95pt" vAlign=top width="24%">
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right>
<IMG height=54 src="x195.jpg" width=103>
</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The mentioned stand-by letters were issued by VSPT according to the maturity of the financial debts negotiated with the Argentine banks, and they are within the financing policy framework approved by VSPT Board of Directors on January 29, 2009.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 32 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Environment </FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">As of December 31, 2008 and 2009, the Company has made disbursements charged against income for ThCh$1,246,559 and ThCh$1,161,047, respectively, plus capital disbursements for ThCh$220,647 and ThCh$984,635, respectively, which mainly consisted in the operation, maintenance and monitoring of the handling systems for liquid, solid and gas residues generated at our production facilities, as well as investments carried out to improve our processes, in order to comply in a sustainable manner with the established environmental regulations.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in; TEXT-ALIGN: left"><FONT style="FONT-SIZE: 12pt" face=Arial,sans-serif color=#003300><B><FONT lang=ES-CL>Note 33 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" face="'Times New Roman,serif'" color=#003300><B><FONT lang=ES-CL>Subsequent Events</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">A.</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Information as at March 31, about earthquake</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The Company is adequately insured for the damages caused by the earthquake&#151;physical losses as well as business interruption&#151;with a maximum total indemnity of ThCh$323,377 million </FONT></FONT><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">(</FONT></FONT><SUP><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"> </FONT>
<A href="#_ftn1" name=_ftnref1><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" face=Arial,sans-serif color=#003300><B><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">[1]</FONT></B></FONT></A></SUP><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">) </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">and a maximum deductible of ThCh$210 million per location and 10 days of business interruption. Considering the coverage, as of March 31, 2010 the Company recorded ThCh$13,539 million in accounts receivables, corresponding to:</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">1.</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Destroyed inventory at book value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">2.</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'"><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Costs and expenses incurred as of March 31 in damage control tasks such as assets repairing, cleaning, inventory and assets order setting as well as business interruption mitigation activities.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The estimated deductible amount that would apply was not booked, neither the collectable income due to business interruption, nor the compensation in excess of the book value to be received for: </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">a.&nbsp;&nbsp; Destroyed inventory: to be compensated at sales price.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">b.&nbsp; &nbsp;Fixed assets write off: to be compensated at replacement value.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">These items will be recorded net of deductibles as the claims are settled.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">The consequences of the earthquake were manifested in the first quarter and to a lesser extent in the second quarter 2010. We are confident to be able to restore the growth path we had before the earthquake, towards the second half of 2010.&nbsp;&nbsp; </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">B.</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" face="'Times New Roman'" color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#339966><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">Dividend</FONT></I></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">On April 20th 2010, the General Shareholders Meeting agreed to pay the final Dividend N&#176; 239, amounting ThCh$44,908,564 corresponding to $140.99893 per share </FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=green><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">C.</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif color=#003300><B><I><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'"> </FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB style="FONT-SIZE: 9pt" face="'Times New Roman'">There are no others subsequent events between the closing date and the filing date of these Financial Statements that could significantly affect their interpretation.</FONT></FONT></P>
<DIV><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'"><BR clear=all>
<HR align=left width="33%" SIZE=1>
</FONT>
<DIV id=ftn1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 9pt" face="'Times New Roman'">(1)</FONT></SUP><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman'">UF 15.4 million, equivalent to Ch$323,377 million as of March 31, 2010.</FONT></FONT></P>
</DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">F - 88</P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_204"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face="'Times New Roman,serif'"><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 14pt" face="'Times New Roman'">Signatures</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt; TEXT-ALIGN: center" align=center><FONT face=Arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="'Times New Roman'"></FONT></B></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt" align=center><FONT face=Arial,sans-serif><FONT lang=ES style="FONT-SIZE: 10pt" face="'Times New Roman'">Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt" align=center><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'">(United Breweries Company, Inc.)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt" align=center><FONT face=Arial,sans-serif><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face="'Times New Roman'">/s/ Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face="'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 55.5pt; TEXT-INDENT: -42.5pt"><FONT face=Arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'">Date: June 14, 2010</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face="'Times New Roman,serif'"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face="'Times New Roman,serif'"><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face="'Times New Roman'"></FONT></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>x55x0.gif
<TEXT>
begin 644 x55x0.gif
M1TE&.#EA;`)H`7<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+#D``0#?`6<!@0```````/___P$"`P+_A(^I>^$/HYRTVHLIVUSE
M#X;B2'[=B:;JRK;N"\?R&0CVC>?ZSO?^#^0%9HM:\(A,*I=,X)`(C4JGU*JU
MT<QJM[:GU,@-B\=:[_6,3JO7*3#Y#3?/W/"Z/<[.Z_?\^?T?)@=#!UAHB"38
MI[C(J$=X"-F3Z/(8:6DYV:BYR1E3>7F9R?()6GHGVIFJNHI`:FJ(JN+Z2BL6
MRXJ;VS=;:W>+PMLKO/2K:WQ\%3P\5MRAO`SMTXQ,7>T9?3B]\8S=?:-M'2[N
M[`T(7E2>'G0^WN[.K8X(!1\_S.Z.;TU?_W/?R@_P6[Z!!!GL"[C#'Q:$_!06
M?-CI($,<#@%(G!BI(L2-_XLN?A/@$5+%D!@+:>2(TE%"!_T^DI3V0-*1D275
MG4R),PTA,"\#44P(<MT\'70>*0L9LPO1H$YR[`R4,ZJQHDZ56C52@V47K4&Y
M<MWZR8U1IOV&5OU9A@M/JTN;HGU;1JI<5E31KF6J->M'D%CQ[B5[5AI@26;A
MXLVK]&O2NWS7?F6;F*_+;X\A+]8+ELG-N9QEU-U[MV_DJY,#ATUJVDGAOZ.[
M;B4]FC%6T:PIDZ;]U.YKLO`V=_[=XC-LO[P;(V[]E]=."*J)+(]0'#=;O6)!
MUQY[>WI;ZY"["P4.GD]=EM*)NTZ=>S#K]+-H!D[,O#QTU,;+U]9^'OI[\SSI
MS_\,#V`>["4W'&;\'>B=9?NYXIYA!A;8G7T$.EA<?H+I!J$2O@7(80)&D4?9
M<:%Y!5I1E5&$&FW#.;5:A-'AYQA^"+XEWXS7P;A;$AMVR&-/`#5X8V,9"EDA
MD46B*%MK_H&E'W.O/=@<CU)^45,60%89S8Y3`NAC0RUBN8R66X+793U7@FG/
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M<\]`LS%TT#P7+;'12A^#],5+/UWOE$U#+?/4S5*-=<@<6IUU>!$T\,`V88/-
M+-@>YKRU,Q"0/<G:;+<B!]==)^US`T74;<83>MN]38"Q")*W!W@/;A'?<^LL
MN.%UD\HXWWLWWK?7-"0.N>*/_S=^N=R'.WVVXI97_OCEE$H^.N6%=XXYX:)O
M/N;7H-_MN.J5E][9WVZ?/CONIP>^>^ZL2\D[[ZCW;GC9>O_]&_*Q>ZZ[Z%X8
M3ZKFOUOA/.RI,Q_ZY'-I4_WPW<L^O9K?+TY\[MG3O+W*S9L^_O72A^\9X;X'
M3S[NJZ,MU2WT8R^_[O;[#K_D%:]^KUO?XNZ'/T:U88#\6][LG@?``-9N;-$K
M6_$H:!$,^L^"P""4+#!X._N!4(-Q>Y\$/9@2$YYP9"IDW@I?^"Z2P7"&CH@7
M#6^X!A6V$(<9>]\.>=C#>P%QB&>0VP^):#&N'1&)$5,B$Y]XM8%!<8I1:-H2
MJ<BPHO]=$8M93!@7OQB_:FP1C`:SV1C)6#`SHG&-ZHL:&]_X,C?"<8[HP\49
MZ:@OBMT1CWG4&A__:#I.[!&0]$+8(`DY+X(=$I'N\M<B&=G(33P2DNVRUR0I
M64E&7!*3V9+7)CD9+7-]$I2AW`4I20FM49ZRE#GDX"HA*8%ON?*5C'1=,C1(
M2T2&D`JQS"4L9]FL7?J2D,#\0C&'^<=CS@.9OUN7,Y\)S6A.8&#2+(')JFE-
MOX7+3D.S%F$$R2MM;M-,8FR5),U)IG%ZB6G>C-+!3.4U=:XS%^W\3T<L!9QZ
MRM--]?+3.QV5O'W.DR[^W$5!^210<M+SH'O0ISOSEU`[]=/_4/>D*)TBRE"3
M951`&V441BUJQX[F4*0D^RA`%PI2\9`T7B;%)TI/:M"40K2EZ`RI3%5RTX_1
MM*8$S2G15KH1A^Z412]U:4QABE"9^():3EI'$YJZ'WO:%*D-G8EB[D.&/9)"
MJ&J)JA`T8YCS\'.J.G)*4R5@I8JV1$:%TNJ%LI(D(V$F19F!#Y)"1*/M7`4Q
M>?&*8AY3G:KT9J)E#>R*U"-5E:[5)7P5"U_K^E!"O54T,=HKCD8$H;BJARJ.
MH>R$&(/8GPRVJ#,!#&??LZ2$J%6IW)',@8X36J)N[ZT$JI%W#&1;L0IV)4ZJ
MK'DPQ-L!C;6GA:709YX!K_:<):Z^_^6&6Y6:I-DLYJY*@E%O`8M8V<2GM<;!
M*VN9Y%S"EE9&\($J<E?[5>".*":.#<9STQO=VP)%K+G5*Y04-)C03`@NAB7O
M=\BZCK/N]K;@DJUB+]1:_88UMA2I'6WQ6R'F1CC!1PIM8)MK7?+V5SB1385S
M]XN<@R37J6REL&8]=5'HKH>ZIB617)/CU_0LJ*Z8?9)WD>1;Y*`8P(M=D8KZ
MV^&?!MBQ;(6MD<J28C!QM0XE0^YR!<S?`C?XGU25K)*O)5YX4MFH21UJFDC+
MTZKZ-(5>#E.6PXS3*NNTS,)H,E"+^.:'+-G+;A[SN^)\+S:W^<RUVK*69ZOG
M./$YG'Y&\_^:`[VL09NYT'T&-*(#I>@O'Y7+,WUTHB*]9T83VM&6CA28&WU@
M2ENYTY[F,:C%K&:/DAH34\'SN>Q,YE6'"M.]\*2HNRSK5+7ZUFD^=9)S?0IJ
MS'G*FC3T]J`*["W8DIU2SH8P=X'L1"ES@MBLMK6OC4MQ8-L"4]EV!5(V;4HP
M<Y4[4N6X<Z4E<X]CE.KNEYS:K8\.P?L=.3P<N^$7JWDS3=[A"W<4L?9)?7M1
M/%D+^/1$6?"TL<[?G'O:)@4N[(!1[>&;8SC=E$9Q>WO8X7ZKN,DXSJ6Y6;R&
M1KLDQ.F)\I*'G&0C/&8(7QXWHDW%,[C,A-MZ:38"IA`8V<Y@R_/_%G-3OBV0
M<.,@S(=7Q?XE8G_N<^&Y6'8/X64P@8"3WQV5-S_K$0^"0B]@SME7P,Q13^E:
M[Y[8+RY'<0^P;?4+.M<W5D?_97UY;R?YY^S&=@=NW>ES(#O8#7B^;\7[!:+(
M>P+WGC[MF8_J3>^Z]1"8N/U!WCE^]U[8KW?+@8N[YCDC8>0C:$/%RWW9D@=]
M$>LX>;\'GI<Y?][26_]UZ$V=]>LF?-WE'KV[>RAT5_R%Z_\N0MC/OMZTN_WN
MZ_[[W?DF;*X?0MN8U?S18WZ94E3[`QG/=\3OO`W0CSOS/X_[L9=.ZI$CO_;/
MI?7#+[Y\<W!B&S>(_?#3_6/65__Z4_\%_]3CO/P$7#WE]?YZ`(@Z^!='_5)_
M00=\A:=W056`TL=`US=]#9=^.@=X;;>`?2>`?T=^7*<0(Y=V#8B`E@=Z'*A`
M"]1`!@2![">!2,>"E^<Y)!A,1N=Y%01TKE1"&"AGE,!Y!P1"D?-UH?=!1C=T
M0_A`>E)XRW9_/X=T'DA_#`AN^51R/W1RQ%<[0;-$4XAV<'<T^<-"`G0T8X2%
MIU>%.*-5'C-(8=A07J@Q9=@RQG-(:/AOB0=N3`@1<)AT=%(U/:>%%7-U,X.$
M8]A$@-B&>KB'722'+D.'0+@P?7@SJF2'GH"'[N9MDTB)[$)[BWB(ZS9L\I2(
M/IA&F:AMR>8+&O_QB/77A`,CBL%VAP!S1DJ4BJKX?ZQ8B*'XBKZ0?[+(A?BP
MB2U%BKB(0N]0B[BRBH64B[H8C,(8BXDTB[1XC$QVB\KXB\;8C,XXC)ETBOTR
MC=1(?9$4C=*8C5D5AYW4C=[XC;80CLC2>W58CN!XCN@VCN2XCLIVB:RT?7(6
MC^8XC^Y8@NJ("$L5!R&2(OX1%GK%8/*8CQ-SC7G6CPUQ(X9U7_*U8/AXD!RS
MC_PX7ETA'R0B7=.AD?W17JDA6GE5"28"5[S1;,/UC`A9CT%55KN!6Q$F'1E9
M74<"6KH5DO-UD[!%$M6"CA5ID20V8;DU'B;&732B']WE7_)5DP4I#^+_AS$K
MR9(+&93@91DB8F)GA5U)N5>I]13:=9*)U8XK`Y51>9'ZI2(),E=$^5V@]6-:
MV944!A4K"#,^299`J5D*]B(3-I-LN6*FE5\$25^6%9=.J2MC69=N420?696X
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MIJB&NMAO(;H"ZDD0)KHOA@B%'QI`%XJ;(TIO+P2CLBFCM4=#-8J>+4JB.*2C
M]'FCVD9$/PJ@D3BC2*2B+6B8FH>D29I]XXFC4T2D&9J03$I%4THFQ5A]8(2E
M@KBD$<=&)GJ%/?I&7;J,`;JE<&2F50JE@\=':_JE&AJE@`2GN=FF8D1)=8JF
M>VJEM62:=XH,3KHU4ZA#:0I*>DJF*6JHIX2HBWJD;NI+C=JGCAJHYP9OTH,T
M@EHS[JFHD\I,DKIO<O\*J>?V@QV7J&!*JD5@<(^*JJEJ$!DWIZWJJO9GI$(Z
MJK/ZJE0JJZ&*JSR7I;:*I[WZ04$Z<[<JK#3`AL&ZJ\=J@F>:<LLZ1%A'/C;X
M=*#XK)4JI:@P2Q9T=M2S13L#KE<J?X43<S`XKO.0CMBJKDPT>68W?ZU$EW[$
MJT_4KBYX?N_2FNOZ@4CJ=&^'?+S7,,L9$<K*KCK'=+CG?[)DIRNJKTWZA],T
M39U#@+STGM=JL5@DK2<XL=7:J?*ZK^(:=QIK>@KKHA\WKU\4@G/W@OAB1!YK
M1\S:"*!:G3';L#`K'E.C,%!GLX*4J2;[L3O;$5JT<<4*M!$!-`*CLT7+L$__
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M@5M_)6.NX6(@`EE'YI=+P56XJYL^L1W]X9)6:5<S_P)DG_62"A9=GC4D+F*5
MLX$C$"83[0N[R!N_^]68I7&9`IQ7>8F7M74?9VE<UK&4$@R0."E4[@N<MH#!
M".R5M=M>]TN5#MQ;1+%='!EC!`G"B1F06V7"Q%MJND2]"GR7>+G"&K9<!RS!
MY6O#*CQ@?M'#J!562WEIQYM5<,G"_(N^")*5B0EA^@O!L*&3!SR54BPA0!:\
MH*#!S&D+Y-O`DO%7@=EBFP58"?R8KN5=VF62(]F8E!60:_S"#[S`F6+$]A"[
MM5;`O'+'K#N]>VQ26XR:?AQ1@!QK@CS(>6S(`D7()97(";7(+-7(BHS(D3Q.
MCWR8E!PNEOR3F)S)D\S)EU7KR9]\*YILCZ+<R75LRL\2RJF,9:C,RJW<QZ^L
MRJXLRXA"R@I9R[`<R[ELRX?*RY!RRYO\RTK&J*H[S%;U2L9\S.9)N<O,$,%\
..;)(KS=-,S=M&$`4``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x0.jpg
<TEXT>
begin 644 x0.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>x1.jpg
<TEXT>
begin 644 x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`"`0$!
M`0$"`0$!`@("`@($`P("`@(%!`0#!`8%!@8&!08&!@<)"`8'"0<&!@@+"`D*
M"@H*"@8("PP+"@P)"@H*_]L`0P$"`@("`@(%`P,%"@<&!PH*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*_\``$0@"
MB`'>`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`_?RBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHH!.>12N`44F[D@#/'&*@>]:,D/`1DX0\D>^X@$+^?Y475KW`L4
M4R&5I8Q(8]H89&6!_E67JWC&PT(!M5MIH]]P8851-SRL!N`11RY*@L%3<V`<
M@8.%"2FTH]0>BNS7HKCM0^,6F67E+;Z+/=,YQ*D4T<;08ZATF*.K>BE<GN!T
MJ?0OBSX?\2RW-EHSI)=V,[07UN)2QMI@%/E/L5L/M)^7&21QD'=6_L:EKV.;
MZYA?:*'.KOS.JHKY7_:W_P""H7@']E.[M8O$5IX?MH[J>XCC?Q5>Z]I[7"Q!
M-\UNMKH=X+F`%\-,A\H9C(9@XQXJO_!PE\"'DP+[X<QH'".UQXF\5IAS@*H)
M\)[6;)Y4,67*`C+@5M1P&.Q'\*E)^B9K.MAZ<.:=2*7G**_-GZ)45\.^%O\`
M@NY^R3K^JPZ7<^.?"J^8T8DN+"]UV>./>&(!+:(A)PIXQU('>O?/@3^W)\#_
M`-H.XN;/X;^++'7C:H\D^H>&5O+S3H5#0A(9;UK6*"*[83*_V5F\T1_O-I4Y
MIXC+\?A8WK4I1]8O_(QACL#4ERPJQ;\I1?Y,]FHKBO#OQOT#Q&LDL&BW\449
M?=-M28`)U)6%G=0><;E4G:>.F;DOQA\#6TZI?:NEO$\'G1W<ZLL$D?R?O%E*
M^65^=>2P/M6'L:UKJ+^YFBQ%!QYN:R\]/S.IHK&\,_$'P=XTTM-;\(^([+4[
M.0XCN]/NTN(F/;YXBR\_6KRZO;31M);,KA&.[+8P!U/T^M9M22NT7&I3D[*2
MOZENBH8KR.1F4J1@G!P2#^/K[5,2!U-)Z*[+33V"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HI%\S)WXQGC%!(S@$9]*5]`%J*>Y6WB:67`"@DG
M.?H.!G/X57FUF)5F,3!C%O&%4DEE'(YP"<Y^7/(YS7B7[5'QK\6>%]&NM`^#
M^L6=UKL=UI*ZC8V][;"YL;*_OI($N)?-G66*.Y:WGM+=X8;F9KKB."40R)65
M:I*$+Q5QI7/7=7\=:5X;T9]?\3SQ6%M$$:::>4*J*<`L2^T@!FQ\P5B1M"DE
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MQG(`%<1\=E@\5^*++5]<\1)8Z-9VL?GV-S;*4EO9Y5;S&!:19&2*W0*'BC0"
M1OW["1PO8>#_`(8WL=S!<3-&EJ)%!CFC5MZ[<Y7@_P!/H*YGQ/\`L^>$_$?B
MW4?%_CW4Y=6620OIVBV]FD<$:J5\M'0_+,RA<%9&*9>0[!O-?8^$-?BC$8:>
M(SRJ[/6*EK+4^>XJ:]C"&"AJWJ?)'BZ\_;V^-'[39\5?`SX4:'IWPFTI/+TG
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MX6:=J]W*=1E&N:S+/J%]-)*W[Z>*RLI);O#Q2I^\\Z1%39N'E.L6K\6_V`?B
M;I&N6>HZ1K?[.O@S0_#W@T7OCG5Y_AYI/B37=9O_`+(]S/*$U32[>/[.)$FC
M222Z5P@EDN)G`6.W^C_!/PPT#X8^#]+6X\(VK:NUK]IF73K<20:=<+&8WLE=
MBTDJ,TZY+NP+V[%=J*B)O_&[3?A=\8_#47PR^,/PLO\`6]#\264,VNPV8NWC
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M2X\_L_!7PH\`:EX7T35O@/K>HC1O$5_<7>E:MK+QC5+R\LPJW\C01_:+G458
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M\:^`8],_:8\.ZO8ZB+I+>#4[2SN3+JAC<6[CR81)-;7)EMI87A(C:=HFVQO&
M7C3OPM7$4</&OB(QY5_+H^^Q\YGCRQXAX'+)57S;.3TM_+=]?,Y#PK^Q5\.O
M&>E:=XVT+5TVWMK;WFGSS0W,<]PD\'FP,LAN,HC\!=WSC*[T3>-NCXYU[XU?
M!NYG\->$?'OB*^BU.UAEU'Q!)K0G?2R]P4MWLS?"\MVNO,\Z3RGAV/';N\C+
M^[F3Q[]JC_@K5\`OV8_C'??LN>-OB3:^'=1:U%]X<N_$F@W5A:W-E.'"RI<S
MP1QM`T\<T#S1Y=BKQ%MT(>L/P7_P5B^$?B3Q]9>'?`'QO\"7MW)>06L\_AOQ
MK:7+P6!O6'FM##,3,BBX>>1&B;?$F&S<R)&_'7JO%TWJKLYZ%.&6XI15%NVY
M],?#K]MKQ7X/\%7?B;QWXK_MJ=[6-=,L+/0[42S!E5X;J3S[VW^;]\@D.\0-
M\@CE,GFR2=]X=_X*)>%8M"T34OC=X`O?A^]WILDWBDZ[>0&S\-7*3V]NL-S=
M"0*RS2S,8W5<I%!)-<)`JNL?Q9K7[3>L:KXUM=<\;>"O!D>N:G8P6%SK^D:9
M]DU".&9$+S274`6>%)9`]Q^]>$"5W#[HX]Q\UN[[PIXVEU"^\%>&+M]11X9=
M1U33-=U2-])5?)B$;VIG\O>Y$2>=<0_-'*@CD;S8"/DH9+Q/'$:5(SC:^OY>
MI]#7XER"G\=.</17/V&\(_%CP=XYTJ?5?"?B.QU*.TN1!=M:7"GR24616<$_
MNPT,D4Z[OO12HZ[E9"_00ZE!<)NB(+!<LISQQG!XX/(X.#[5^0OP"^&ES%X4
M?P/X8^(@TEXM/D@L8FU.2SRJ-'=))'/$81'(DT<1@$(&)A)-&(\_O/</#_[6
M7[5G[+USH_@KQ_':>*-)BLEMQ/<ZKYTT]O%+/#'/#<0_-\WD$,9DED++D.`Z
M@?52R:K!<J:OZGB4^**<G=P=C]$J*\"^!W_!07X2?%V\70-=2?PGK!*+'I_B
M)H88[O*PY>WN%F:-UW3`!&*3X!_<U[K;:A%>+NMU+`C@G&/SZ'\,UY,Z4Z;M
M)'T6$QF&QM+VE&5T6****S.H****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH.>QI&8(N6-'4&TE=BU5
MO=7M-.13<OEG+!$7EFQUXS7GGQ]_:>^%?[.GAT>,/B=XYM]+MOMBV\%HT#RW
M%Y*PP(H((T:2=AE'8+M\N/=,[")<U^8?[67_``4V_:/_`&KV6/X/6M[X$\`W
M\,L2WR:I!;KJ,<AN/L\\VIR!49'2!8UMK%V(E\S?)<1O$3X^8YU@<O3C*:Y^
MW4]?*\IJ9A+GG)4Z:WG)VBOU?HDWY'Z">-?^"E'[-/ASQR/AMX=\9-XFUU;Q
M;.?2O"MFU^8+HSR6_P!F>>(F!9_-B=6@+^>FT'RF#`CUO0O%7B6UT5M:\?VF
MEZ7*P>::W2^W1V<*("V9I-GFD<N7"(H#!?X/,?\`'/\`9T_;I_9S_8BT>[^(
M&M>$;SQ;XLCT`2Z<WAGQ$D&@VTSP9:*\U">&)HW\YY;9'BCF1L(PC60Q;^>_
M:N_X+6?M3?'3X?7"?"O3?AOHMG!J5JMAIVC:`NOWEL9%N+*XMICJ&V*=)K:6
M4*IT^)T(=%%PC&1O%R_B"-1NMB))<U^6*WT[]/N9Y>;8[)L/BO88&K[5+[44
M[-]EM^-C]>OBWK7A;XV^$O''P.^'7Q2AM/$5E:V<>NV^B:C,NIZ=#<D21,/L
MUU;S6DDT,<R6]QYJQI(I9A((I(3\M_!R7X)_L@:E?Z!^T;^U#XQ\8>"[#1M/
MU/3;GXS?$_3_`!AJ/]J-=1N\E[:)9M-83Z?);P+%<Q3RVQ\^624J\$)K\@OC
M7\;?VD/'?CNQ\??$[]I#Q#XJN+J[DU+1I]:\37.H6EO?[`\KZ/8,K@R@ON/V
M:&*-8@D*2",HT_HOP\^"VJ^/O%D_Q%^-7BJ^UG6=IL8=*U/15#6L/D[E%O`)
M(4:;RWC/D&"2(9;<K'.>+-.,:F#I.I3@O1O5^B3=SPI9M/V_LE"S\^OW7U/V
M<G_;'_95\0>)M/\`%4OB[6I[(:9?P6CQ:;>0Z3<0/]A9Y[J,JL4<BM'##!+/
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MM>._B!8JUC/+9"TM=0@O+JXOH[=9_LHCMYB`VR6!G,SVZJ+B#Y]LHEKRGX=_
MM[:)\6?B=J'P_P!"^$^LZ5`NBG4++4+K58[RYB"W]G:_Z1:QP(N&%VI+132*
M,'#,.3^98;@_Q3<'BYR=%*_D[6O=*ST]3[S#9+"O@IXMTI3HPMS3M[JNTK7=
MKN_:Y]/2?%;X@W]T/MGB.XE029V`^6/_`"'MS^-0W%QJ%W;+:W=U-)$#N,3S
M,5)]2N<,?J#67I45PS0"Z='D`7S&0<$^WMUK8V.)"'8JA!R[KS'P1T`8X'RG
M<>/WB=B:_I7Z-ZS'$8#'8S,*\ZM24XQ3D[I))WTZ>JN?$<94,-AJ].&'BEL4
MIK2*>=;J:WC\R,G[/*L*JT.1AO+8`%`PP"%P"!4K.S.79C\Q!D53@-QTXQ@9
MYP,<U(TD4R%Q(H(Y"QR!U![(>A]^F:1DB\HS"XA:/'^M5SS[@8K^GJ56I2IJ
M,6T?#U*,*LN>:3?FB&/SC)E)9#+E,2!RQQN91GOP2SDX)^;.3Q7)>*_CK\"_
MA_XEL_!7CSXM^$?#VN7MJ\UAH>L:W;6=S<0J3O:..9U>8AB,D+_".O.?E?\`
MX*W?MW>._P!G>'1O@1\)%ELM8\7Z;<7NH>(?L3%X[%,0>5:2,0CEB`)Y$):V
M10"L33QW"_''@+QG\*]&NT\4>+_$FDFV2X>9M2UO4H"I>:0/++))YC.\TDCJ
MQD4@NTA)/)*?,9UQ%5RUVI4G*7I_P3]=X"\+(\4X">)Q.+C1@MD[.7W-V_$_
M6OX?_&_X,_%/5KSPQ\,/B5X=US6-(A:?4M&T?5H)KJS@:1D#3VJDRPQ-)L(D
M=-DZ)QPJ@=7&3$T;PDQJI7'E?*?E.5`/5<8`R"#\HYX%?DY\4_VS_P!GCXK>
M([OPW^S5H?Q!\1>+[/01_P`(+;^';7?'/XH2X,B7%A%]F-S&S+<11W]TLOER
MZ=/Y0C*F.1?U9TA]6&B6C>(Q:C4UMH/[1^R[UMI)1%F5H`0SB,GG+DD=J[<@
MSG$8O`\]:@X2>]W;]&?G7$63X;*\QEAZ%3G3W?5EKJVYW<X3RP!(QXV[3R3D
M#'&!P.P%175K!?6TVG7-K'+'.1YJ3*)%?;LV[P^1)@QHWSAMS*"^X@5,-N`0
M68L<!&0*3QNWG#ML^3GGOQ3"T;-(8XB"G'EK+EHQ\OS.I7_9DZ-W]A7M>V<E
M[S?Z'D>PP_NVCJNIX=^TQ^QA^RO^UCX[5?VGO@GH'BZY;PHNGZ//?VK1W>GV
MEK,YD6&[BV2Q1[KU65$8?,&;&2Q;Y*_::_X)#?\`!$KPU>67PHO+"W^'OB75
MM-?4-(U5O'&J3QP6<32K-=3O=74MM:Q2.2%DF81R21@(6/F"3[1_:LUO6/!6
MBZ!X_P!`OY+>_M=6^RP>:V89(94=Y$(.006C0\]-O'>ODJ.[^%6B_P#!1WP)
MXO\`&7@N#Q-8_$G5?#UUK-MXAU$7*-JUYJTFF!8&D$DODP265O=PQHQ/V6&6
MU+QVEPZ5X&!C6QF:U:,Y.-DFE'LW;KU/C<3CZO\`;$\$IV=KW?8^7-4_9W^#
M_P"RUX>\1_`SPG\5/%/@#QQHEO-HJ^-8?"]M!KNE[KJW=S!=VL5I>W`9(8$R
M\SXM)W48#-23Z'\2=2\*>!O`/[/O[3<X\4RWZ0:YXH\9RWL]QK=HT%HZI_IT
M&LO:37+2VY1;=X80TK+]GN7?9#]XR?L>?\$D=>BT+1-<\"W/A[4XK#2;O7[=
M[R]U&:;4;BZ%JVDL^GL66_+V\GGVBVXF>/S%A^R)!(T7G/BS]ACPGX*^+VM?
M$K]GCQ)X8M]/^&WAG1;VQDM[G3P?M-U;7-Y-=VMOJ,HAN9;2PMUU%Y+F40SM
M$[1&W<R&S^DI9;D_L/\`9<14]I\7O-6OVTN[?([:V5<48.#E)Z+RYOT*EIK_
M`.U7\+OVD;/X?Z=X?\/ZA\-;[1!_PD-]8W<-KKB:EY#_`&>5);>1+:VDEBM+
M-&'E6JJLTNT)Y4,S]]\)_P!N#XE>$!I'A;]J/]C'Q?X:\1^)/$$&GZ="OAEK
M_1V9&F/F)J%HR7-M%MMXYI?M$,1@VRSA9XPT:>?_`!P_:&_:B^#'Q3T.75_B
MWJ/C47>C7M@R#P7I^E:O<(FKJL;G3+*:2:WDN;JY6&WF!@E6X6\LI8+>YB,L
M?TMI_P`+M,UN2YDN_AGX?U.+Q)>27VH0:MJQMM0TV:$@2@.+56N(H_+C4,DB
M$F;?GR0)!\IFN9Y[D$J=*<N>$]I:V^;_`.`>+4QN(PF(E3Q6%@^7>Z<;?<V<
MO\,_^"GO_!-OXK_#_1?%7BKQ0O@.UU'Q[>>$M1D\4Z5=:=81ZG:)]IQ?3W,,
M-KI\K1&-_P!\<;HY;==[0-*?LS]G;Q1HLNE6NN_!+XK?\)#X8G1F,EI=KJ.G
M?)*(7CCNX"\0E$JRIY:2E_N'9SMKX2U?]G[X.^*OB!80?"'0-*GU7PSK5Y>^
M'M!US1;6]A-\)D;[1I\TG[N.2%&DE5&3SMQ3][\C;_+_`!E_P3D^$7BGXD'X
ME^&_B9\6/V?OB;-X=N-(C^(O@CXF7BQ^(9II@$BOKFX#SSQB=X;<*+M%D6".
MW`C*6Z(L)QQAL15]A626MK^;VUVUZ'5@<ZRZO6]Z')+ONOOT_P#23]HT^+.E
MI?Q:3J-I+:74L>]$EB)20$@`QN.'SV]?XME=-9:G9ZG;0WMA<K)#.JO%*O*R
M*R[@58<'CG(R*_(SX,^,?^"JG[*_[0?A;P5^TM\=O"WQH^%^M7*VUWXK;0(M
M`U[1&:-((LQ&2"QBMX[G<\FYWN)H$NI-C-'';G]!?!FK:W\,+Y-,E^TI8Q1B
M%;&ZNP(3&$A0;2RG#HJL%6,QK_I'[P,57'O4ZV%Q<;X>5[;KJCZ>ACHSE9M/
MT/=J*YWPKX_TGQ9:":RO%%P(PTEEQYD9Q]T_WC_NUT5-IH[XR4U=!1112*"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**0
M,"2OI5:\U&#3W_TF<#<054L,X[^F`,9)/J?:@ERC&/,WH6))$A7?(_!/'%?+
MW[:G_!2/P/\`LS&X\%>&6L]8\3O`)`;BX*V&FJ98EQ<&)))IK@H9Y8[2%"\H
M@V.\'FQ2M\U?\%(O^"P1T^ZUKX$_LO:G>-J"W1LM3\66JS(;;!57^S*(Y59-
MS")I$#2@R';$,Q35^9?BW7O&GQ*U234;ZZO=3^SKNCO-DDT$@!,H=_W"!F=S
M+DA1DLG'%?/YEC\0N:%#1+=GY?Q/XEX3*:L\/@HJK-==U=:-:=F>Q?'3]IC_
M`(3;XBWOQ/\`B?K5WXV\4""Q677]2CMVAC\F9;E(;2T@D%M;01,LDD:.LLDL
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MKD03+(7C2=TL@GV=SA(IB$^R;GQ%\&/V?/AGH'@3X&>'=/\`&OBFYU>TB\-^
M)-5M'73K?4KY;2UAEBB+!YX-DP`\\H'A"$V\HC!!^U3\3]#\?>-;;X*_L]:3
MI>CV$MS--92P6)BBCD:**"]UBYMT4K$`8TC2)(H][.D2K&]T<?/X!XF%JU5I
M0=UR=7\S^M^%O"?/Z]6D\8_84'#FD[:QBDM=>K_$\"\$_LKZ1\'/AQJ#^&-?
MTG4?&^DPQ)IOAKP'HD/B")]2*9MK>>\=XK>(L[VT@-N]PEO"MR\HCF)67TK]
MFSPE^TSJ.I2>)OVJ-,DTWPY;_9H[JUNO%=CX=EN)4N1<$6+R&*:1ECA=&\HP
MK(L@C#E09$[3Q3\0]$_9!\)Q>!_A-X6BTWXA0:*MMJ6NS2(]Y%)>0&:*RMY&
M4K&S&9I+B=E662ZNIQ%Y<6$'!Z7X>TWQGI<.L_`>RUS5;)M$MX?$?C_Q?K#:
M?H=QJ(DN?,O8;B9VAMH7<I$JQ+O0;1)"'.!>.RS#YG"=+V2YE9-Q=I*_]_7\
MCZ_+/"W#5<?1Q=:O.C1NW!V5Y)?:=]K]%YGU+XR_:+_9_P#V<?A[HOA3]GWP
MQHWB2/\`X1Y;G3Q#JHN+2WE>2ZMU@>1=TL\\<D#+(AFC*9QN->0_$KXW?M._
M$_X.Z/JWQ1GT^T\$^)[2YU70(].:%9KVV2YC*R&&.$)'&_V@QP(TDDK1643N
M9)=TA\+\4:9/X0^'[Z-X3MK:ZGM-/DGM[BVB>..[U`0GS9(UD1'"23Y90R*V
M).5!R*^G/VX?#6EZ7XN\/_"KPOHMS<2>!?`VBZ!<I-BTL+29MKQPSW<XCMH%
M=;BV/S3(S$X`8H,<N4<+Y7@,#7E@Z-FFH_S3;>[<W[S5_,_5*N!X>X3QV73K
M34N92E.=31:?#RKX8[J[MJ>>_!_X.^`;+]DKQ-^T'XV\'6M_KVI_$:ST3P?J
M:@D:4EO:I/<2P[P#"SM'<QN^T.VQ4<X&T'[$WEZ1\5]<O[CPNL[B+2;!;Z,;
M?L9NKJ>[ED#'A0?[+C!(Y.0>YSZ=X+\+ZAXX_9/\&?!?PA9>*A9S:]JFJZAJ
MQTZ&TM-0N'%Q>2O:W,XG8O#&)XWC^R2DNADC!\E6F[#X&>`/`'P9U--`;QC9
M:@\5R+G6+/2;2>2UEO;>XO(%>2]=K@KT>4Q[H%2*\B>..0C=7L9]PUF.(P<X
MT*;FO9\J6O7<^*S3Q3R6AE&-PCJ*^(K<S::MRQ:LK;=.B1[CX9N;76H(-5L-
M1CN89K<RBXC?<C8+8`89W$X&<%CZA!EA\!_#3X]_M5_MJ?M+?$7X=>,OBOK?
MASP7\/O"6O>(;_0OAI-8:?J>IP:?#)9+!%>J]XBW$TMS#G_29;?8H\OD1SK^
M@'_"7-JVDZU>>`=+BO=3LM,EFMK"[/EQ3W,2*85DD4`J"Q(P.!C`Q7QCJ/[(
M/[7'C;XW?%GQ])#I?A"?Q[X:;0]771]*$MO<6!EM/M,4$M[<1K,[K;1L]PDD
MD:!KM66!\1UZGA1PYBN'^'I4ZU/DE*;E9]K)+\OQ/RCB#-\-FU>-;#RYH^1Y
M?\5X_P!H:?X[?&SPS\0_VLOCAX<B^&?P+7QG#IT/C>WDEL/&$EEI@M]*N;FR
MM8H+JV6YO)H6:."(%D+%U2-G./K'PI\7^`?^"FNK?\$^_'7[9_[3MY:6'AU+
MK_A--'^._P!@.GSP>&)=9NY9+>33[A3#)((88U)0VZGS':Y4A:^KM5_8=_:5
MUOXW^-OCIJ7[4VES:E\1M-6T\9V-_P#"BPOM$U2&T2W2UB>SDOY=PC6",IA%
M;$<@D!,C9\J\:_L._%+2?VD/$?Q;\0?M':MX[^(_BO3[W1=2\1ZEHD6FVMC+
MJVD7.GV9DB1IG1X[8W$B&$",QI%A"6$*_I&/Q]#+8J59V1PX#+\1F6(]E26M
MKGSI_P`$UOV(KS_@L7X;^+&O?M5?M,_&;3?#EGJ]KIGPAB\3_$B75[:#6Y8+
MB=O-,L=NE[=6L"6DA18[<21W7R^4S*8OSZ_8U^"?A[XF_MS^&_V:/VW?CWJO
MPF\,7&O7=GX]\1:UJD=G)H\EI!=N\$AO`4@E:5#:LTP*Q/?,-I#.&_7KX(?L
M3:Q\./#_`,(/!OQX^(=OXST+X3>-I=<^'%T/.TK3=$GMY5U75&L+BUCBEND6
MXBD1KR[,JO\`NQ;K%LN)6\]\>?\`!)?XFZ!^W=KG[9_PX_X*&>)O!/C#1[BY
M\7:GXL?X1V:ZA;W+J&22:WLKBTLWDNHI90]K-';2W"^<MQ;%9HTFX?[2R^L[
MS1Z<<OS/#4H>RF[2OI&3Z'SQ^Q;XC^)/P\_:L^,_PM\%?$?X@?"GP7\%O@GK
M7Q1OO"VHV7A6?Q3XDU*VTBTFN;$^(8]+F@U"SFN;M[FVOGM9XIK*&SG2#_52
MP>H?MD?&7]NCPG\7/VQO@?X/_P""CGCV_G^`/@'0/&?PV^S:!HMC+JNG7RZ7
M-??;VL--5YEM[345C#1^3&9"LTGEQDQUZMKG["]C\-OB;XU_:#\$?M#^*M(^
M*/BSPKI?AF6#Q5X9\.7NA:QHUS;V,;^'KG0XM%MK.6U&EV]NDLD,L!C6:V:2
M&*2X%L/1_#/[-7P[\/?M<>+/VL4^*(UKQ#XIM1X7^(7BGQC8:9-X7\1>&;O3
M09=,N;1;&&VFBAM]+LXXI+8V9OHX]N`C-+<8OB#+:4^1R;\K&3R7&S4JK>VM
MV^FFOXH\(^(/A'XQ7?\`P4K_`&E?V6/$'_!0']IOQ%HO[/OPKTSQ'X%\,?#+
M5],MO$OB19X]*O+E7FM]/2"],5S?LD<!MQ)*KQKYBJI$GQ_^W3_P4W_X*Q_L
M*_M]>*?@1XG_`&X;;QG+\,?$9T^(IH&F1:;JUB`)XENK6TA$:R&.9$GC!$D$
MCR1B1C'YB_>W[77[)?ACQS^V?\7OVH/$'[;EE\*M:^+7P\NO!FO^$+SP_'*?
M^$=N+9;%;<Q_VB-EU+;6\$HCEA;RY97Q")8([D?+O[6_PKU']N'P_P#$?XK^
M,/`EKXB\<>.KO2TU#XWS_":>S2\MM/M+?3(&C=KB[M])66XM[<S/:*[RR+-`
MGEK<""%OB3*(*]2IR^NFO8WPG"N>8V$YTZ7NQ^U=6?SN?=7[-_[8?A3_`(*+
M?\$Y=/\`VA))(!KFEW$5IXQLK/3I[6VL-<C6W$L,,5P[O)&RWD9C:-Y04E7/
M[P/'%\X?'#X&>,=:\6:IXV^&GASQ5?3>(+:UF\5GPQ/)]KA@B1[65H/LT1D2
M"ZL;B2UD0QW#1,9=\-U#<E8/K[]DSX$:5\&_^":WA;X(Z;J.G7">&_!\J27V
MDZ?-:0WMPER;N1Q'+//,D\LQ:289VO.2T?D1?Z/7!?"OQ7:Z)\:O"'A^QU;R
M-6UO6D.FV<<K/)=$&5YB\<6&6(6R.\LY;;"C8D5'D(/S69Y_/*LXAF&%U@X*
M_FHRO)^A^'\4TY4>(J4HJTI1L>S:9^VA^R[I7P/T_P`(:U%<_#6\O?&=MY&C
M^"_#MWX=N(K47D(,%]!;S)96;K906UB[/?2&.$!@8746E9OBKQ/\+_!?B?2=
M9B_;-^'.L7E_?$1^+K7P"NI2C4UMT34<R:1;SIYUU"`LRI<VTBVFFVMLA1IG
MN;?NO#6O^(/#'A[Q#X1T?0=0@\5Z=HS:M:Z1XNO;-I9%NFO_`++"RV$DGE6N
M;66*/RX<JJNI\T(X3Q/Q?XZ_9#^(_@%OVE9?V7)?B`;2%Y?B)-JOP9::YLD0
M;"\<LPB@N4LIE^SR^0\YCB3<TK)'),W=+CO(XPHXBI"251M-Q^&/;F>VKT1^
M@Y=G6=8.G4PT4E**NTU=K[_T/)/^"A'B?X6PZ?IWASX?^$/!^J>"=;NFU&U9
M-)EM_%/A_4+TW;RPS6$6I&0"3-O"\J6@B6%;65(W:PLEE]BT?XS>-OCA^Q9I
MOQ)GURXDNK*VU/3O%\J6K>7=Q68N(9KK8$$"PS/;QNZKCRA<*ID"Q,*O?$GX
M(_LK>"]#T?QOJWPR^`'A'PAXAN[2U\.>(KCX>IK@UA;B":Y#2)!':1:?`(8'
M<W3RS1R1K(TLL20[Y_3[/Q'/!\8H_P!DOXF^$]:2WNM+:[\*^,-2MK)M)\8,
MD3M-IA`MS]G-L6D,<6//\FQ>9W9%\RX^?XC\5,@Q^5T\#@Z<N2&KE%7T7Q;]
M8]4CPL5D69YE.M.I)1]KNI.SUVT\SYP\)_%#P;X6UW3_`!C\4='T3PQ=66DV
MUM8ZA=16;ZI;VLDMND5U-:EKEA:2-Y,OFRQ1O)#$\@?RHD"^E?'SX2>,OCAH
M7_"MM,G\+:Y)JL<5U#J/V-O-DMI1;QRO-!`Q5TN52&)[E0XBC(<HNQ8A5^$>
MC>()_P!F_1/@;\(_%>G^#]<^&/AVZTGXG?"J;P?:WTFNSM!`IO[FW-M(\]G=
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MF7]Y.OVJ7[-Z3^P]XJTWX1_M`&\\+:Z\?ACQ%>2Z/?0O.(UBN8@TUK.8G)D5
M'QY4!D8X>YECFW2QQM-]IPKB\XP=>-?,*3IJK/E2_F_E:[)GG8&<.'\\ITZ=
M7GI3[WT[_<?>^N?"31-0D2^T=Y-/NXI?,CG@D8(K>QSE?H./:M/1_$_B/2[C
M^S?'.GJ@4X75+<9@D/\`M8_U7_`JM66IVS/YL<@W=C69\0_B+X8^&/@^^\>^
M.]?ATO2M,A\R\OKC)6&$L@+$+\V]MRHJKSN88S7ZXY+ENS]&IPL]#KP0P#*0
M01P117#Z7XVM7M;3Q%)9ZUH=E<N#%_:>D/%#)$(I9S).ARUBGE*6S.('1S''
M)N;$-=NS;1G:3R!P/>LS46BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HH(R,9(^E<]\0O%UCX$T*Z\5ZWJMO8Z=I]L]SJ-[=W`CC
M@MXQN=RS$(H`!RSD*HRS,%7:S2N1.I"E!SF[)=36U'6++2H9KF]E5%B0NQZX
M4#)8XZ"OR0_X*F?\%9=9^,%_J?[.O[*NJS2:#@Q>(==ALV5M1=?EDM-D\0\J
MU7#;IB?G=&4E8D/F\3_P4B_X*M?$C]L"23X)_`2RU6T^'>OWD6FZ;<:=I#2Z
MGXGG\]-A>*1HVL[5Y,`(3&[(N)&;S?LZ_&?B+4/`OPD\/Z'J_P`8M3LO#JZK
MHZZG_P`(/XK\-^(O"^HW=H\,$D)L=1O?#]W9W,H1-0B:V`>-GMX'LKBYEF6-
M.*K7=2$Z=.+;3M>VFU]_+J?F&=9EG/%,Y8+*$XTMI5'HK]EU?J6]+\-6UUN@
MU]+*&*UD<7327'V*.SC!B63S"]N/*B$#2?-PD.=@6.1HTF]RU?\`9W_9/\1_
MLE>%+OP1XJ3Q/\9-:UO3]9N==LM0O88/#6DK=65W-8W-I92)&+DV@A!BO8FF
M,VIRB-E6WD-OY!\/+#XQ?&GX@Z!^RO\`"/5K";Q5=1?\)+HFE>-]$>/1M,OK
M/4K;4]/\.Z@\Z0?VC>VUMI][#>&TA9))6<!7$%Y*>X\7:9\<_"_P-'[0?Q<^
M..OZ;IWB;4;SQLWQ.T/X;7&O>'FL;O3DU$*TVJ7&EW%M++?>9':B56#_`-HV
M%J"\[20P_%XB.*KN-JD5*^FNC3V];Z_<V</#W`6,RS#XB<HQG7=XWE\*6[E=
M[MG<Z?X1TZWLHH+TR7$44;8M9I(+E%CD501YK("%*A04`484#:``!]"Z)\!?
MAC\(/@M??M,ZIJ-Q?>,T\.&;39HKAQ!IKW#P16/EJ8BH5+F>UED[2%Y?-WQ0
M0JOR7\(?''C#Q*F@Z%XQ^(6D:AJVL0VVIGR+=K:-[0-MFNK5S&AN+8M!))!.
M\$,<P;*R31A]ON?[5OC_`%/1/@#IUHTQ1O$OB"6!_-1MUM!I\-O,T9W*I:.6
M7489-C*!OL48J&45XF+X.S+%Y;6S;$57&%&22M]MMJT5Z.QZ_@CD,<1XOX?(
MZD+5).]W\/*ES2?S6BT/#?%?CIKSQ5:W.@;(UTYY8K)GD,>3);RVJ)M;!)02
M^<,C(==W!&:ZO]EGXT2_#+]K;P7\0_%,Z:AI>H:RVA^*+6[LUN1>6M^/*",)
M`1M6?[*S9XVP\]!C+_9;\!?"7XH^!O&B_$CP'XHU7Q??Z=K8^&US:O%!IVC7
MFC:99ZK/+=S-)A'N&N+*U1@LI(D92(1-(#F^%_@QXJ^+>MW=GX3T35]098&G
MN;+P]=0EXXO):<^9J0+VEM*;9+F:(0O=RR-:O&T414O6>6<-YTY4*M.'/=[=
MO4_TGXK\1_#3*<#F64XZ:HN/[IJ7Q3TTY$KR>NVR^1O_`!:\7:'\6/CM>_$7
M5(%TKP_KGBU?$&O1SPR2K#IT]^ES<*64299[/S$^<+&&QS@5TWCSQ?8?M1_M
M`VFJ>.-+\2?\(3JLZ7&A^'M*L(YKZ^TQ[E+9+33K?=%%$DLD.W[26C618I3;
M332+NBW])^$OP6\)R07.K6^F>)M=NK&6+2]`^'\^GS>'M$GD5"D\6J3W-Y);
M%5DE_=V<44@N+8A0D,EH\WH7@SP#H<Z^*+_1H+B&'Q,]P^K6]IK#RSWD4EZE
MXT$EU*1++,6ABW3,%=PK;@-Q%?JN1>&&-Q<9U*[M%RYK+9^3?5>A_'7'GTF,
MGI*&&R>').$%3BVTVK;VCW=NNJ.5U/X$^++3Q'!XW^*F_P`.+<Q:C>://XAD
MLXKNZ-E<VXEBL=%>X0-<J[NGV:ZDN049W3<\,/G>EZ+X>;4M8L=;OM#B\9ZQ
MIEQ>))XX^*%S=7C:I#'>`VRQV37*^1;>0D`E,[E\W%P'C01AVM>#/A]H$6HZ
MAKWV9GU*_N'N-2OYB9[B[F<[FDDE8DR,QY+$G)YKNM+TMQ9H6M;MH&*DB>/8
M,`8')SP!TK]0P'!F69;3MRIWU:MU/YMS7Q+XDXD:5:K*35TI2=VD[;+;H8R^
M&M>U?29]*\:>-'UB*[MX5O(ELK>VMK@V^U($EMK1(XF:)8XU0RJ601J.-M;D
M'AE+5_(0"(#Y?*1%P.H(^7`/4].#FNG\/^&M.N(A):6TLDH`5"2"JKV7I@C]
M*Z_P_P##6_NY29]N%^;:BCV.,=/PKUI/`X."5.FEWN>72PF9YC4E*K)R3*GP
M%TI+6?5IY5<-NMS]HG0!!_KCR!][H.OH*HVGC'4]$U_6WO\`XFP3FYD2TT*R
MFLI$5;L1S.B3F*U5[42?*(EDWK+#:1W$4KM*4'K/@#P#%I*7FHQVY4W5Q&I4
M8&,*?3IU;\SZU?OM,,2(\;%=C!HSGE",'CT(P/R%?G><5HRS!N"23['[=PO@
MYX'(X4I;IGE&I_%#PYX0ET.Q\4>*+>\CU73[ZYCU"'30D-PD,"7:71F-S'`E
MM':+%YDF\I(UW'Y4B%0@JWOP8\+7GA@>#_$;7FH&;5X]:U'4H2-/FN]29\/<
M$PMFT615$)2-N(>5*/")F]'NX7@^2%BH4\`<9^;=^'))^IS67?VP,(CDC&.2
M%XZGK7B8G`X?$QC&JKGTE.M.C!NE-QE=.]^W0XKQ-\(/!GCB\@N?&UC+JEJ^
MA#17T>662"TFA6[@NT>.&(0R6[[H8D81,(CY:@#:JBG:Q\-?!>LW4-YJGAC3
MKLI:Q6EK)?VPN(,QW,T\<CI*7+S>=/.KS,6=A(Q9FWL3U$L41B,9MUP0-W3J
M#D$^N",_451FP&`4!M@*KD?=!Z@5FL#EUW>.^FQW0S:O3E&\[V7H<=\4HY[J
M\N=%TKX8VE[K%Y96MR]UK>BM:6;?9_\`CVFNIS"SWRPEEV_9S+*@#<PC=Y.Q
MX9TS7/"]G<K8^,;Z_P!<NFN)M1\3WR@2WUS((S+-)%!@1QJT44,<:\+#&D(`
M*B<:$JQAV,:*&8Y9@HSG`!_0`?A3)O+`!8``,"-PS@A=H/X+P/;BLX9916(]
MJ_R,Z^95:F&C2A:V[UZ^[IZ:'SQ\4O\`@F9^S%\</%5SXK^.Y\0>,99+BXGC
M@U771;_9C*H4-$UK]GN$AVJH\I6"X4#'`K2\!_L6^&/!/PN3X'OXTFO_``O;
MZB)].TT6%M;?98A-+/;[MBXNI#>2!Y+F3,9\E21\HQ[D&P`HF&`P8#:>HZ&H
MUN9T4HDI`8'('0]?\3^9K#&<.8''/]_23ZZZ>]W(6:8^.$6$C*U+K%-_YG*K
MX(N-$^%5_P##^TUZXF+:9<P6EU<WDDDS0LLJQQL]R6)95`49/``'`KP/P9\*
MO"7C75O^$)\7VNHPPZU&\6F:OI#;+S2]0$J307EI)Q(EVDL:2(WE#:\:L""H
M(^IE.`9@2#OW;L\[N>?KR?S->3'P0R'[4K,"`!QP,#M]!7X_XJ9O0X6Q.#J?
M#'E<;=+1Y?SYM3Y;-,LEFV+I8FG&\H_B:/PT\1?$+XFZ!=^#O$=DUO\`%+X8
MS>1J%WJ6F0"W\2:;<A,7L)@`>"UU(6T<A$?SVMU;>5)#/]E\FXY?XB_$C2?V
M:O%T'[3GA'2KW3_`>HVL$_Q>CB\&W,(:*>416FKD&,20WUK/-BYA>%KIK7<;
MA%,-GO[;5OA]H_Q8^*/@WXEQ_$>X\)^,-`>ZL9M6TRQ1QK-A<6SLUKB5'C7=
M.;6ZC=EG1/LS(K`R[EUO&'[$GPY^(FI6^L?&[Q#XF\>_9)+:>#3_`!5JDDMC
M.;=#)'(=,M6MK%Y6<EV,L)B+<DYYKX#(LOPN8T:E*AB(/`U6I<KOSTV]9P2V
M3;UBW\.R/6J5ZLH0J>S_`'T8VYNC]3YF_P"%W_LQ?L_WWQ(_9UO=:?XN?"W5
M-%U;Q:^D:!:#Q+-X=NA>H;G3G6)98(H6E,EQ&USY,=M);O(TT[3QL,?6_`D7
MC7]F?3/V=?`7PM^*NG_$G3O$.G6[?%"VU2;4+:RU6TO+-M9TW[3<W2I#9Z<P
MFM]/224Q2W>FEX)6G1IY_K;XX?"+X0^&_P!E3Q;\+)?$WAWX;>$M2\,:EHHU
M&9;:TL=(CU!&A9V666"!%^T7+E568!RQV!<U@PI\1M`^VZ+I7[-7Q&T[6+R_
MOM2NV\->+/#UQX:;4KVYEO[F2&ZU`_VA]GDNYII78VI>+>\<<;QJBC]DX.X=
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MNU(Q;D3[_@3]B/QQ!\.O&6G:U?'PR_C;PM=^&_\`A';;Q1)K'DV-Q/?7%S+=
M:E<VXENM0,NN:P5N4CC$:O%&HD`EEF_1Z,,BRC*:5:K%1Y8\L+*UU?9=6N73
MU/,E2Q=7%WI>\N_?W;:K8X2R_:$\7^#?C/XM^*OA[5+BTUSPM\(D\5LTVE7-
MAHGB^QT32O%BVJ+')<^9/YLVJV5Y]E)/V?\`LRX262.ZM"D7$WVN^$/@GJ&G
M>&O`^DC1H+^";5/A\5UZ`WFGQ6.IVX2QNK**25;>?3R]UIPE>:8W%QIEW,/E
M0EOKG4OV:_`/B:\T>?Q?X<BN[;1-8FURR\/7,IGT[3=7EBCCEO8DD0^7(`I<
M,J@"5VF\OS9I+AO$/VH?!/A77/B]K`TS0X5NH(K.#5KNV6+SI2EL'0RA%#R$
M)+`@W,<*%`X=-OQW%/&&0TL!3DXWM9KR:V:_4\G.,)4I8-3IQ]Y;?/XOOZ'W
M9\-_BS;^-/!^E>+[:*6WM]8TZVO85NL!HUEBR(SM_B0_?_6MOQ$NC?$'PLVC
MZG*V\W%JUH\*(7AN89TN+6:-7^4RK-%'(H/RL(U+_=%?GAJ'PS^-7QP_9HT7
MP-\)_'6HZ'J7@?XA?VA_9A\:ZQX=3Q)IGE2Q365QJ.AR&[MHYH[AYHY%$H66
MU@62"1<@W_C%\??BY+\%+#X=ZA\!OC=X6\&:7J=OI'Q3OM82PU/7O^$2O[/4
M[*9K*[T^^O9;Q[>5--^TW*E[U;:5IB9IUED3ZS)L;2S3+%7CJFK_`/`/M\KQ
MJK9="<]Y'Z,>&/'_`-LU>;P;XLB6&]@**?,MFB@OH_F*RVYE8JV!'-YD'^MA
M\L[BR^5+-VMM):2QJ;4H55<*%&-H],=NE?FCH/\`P4!^&7PY\'M\"_&OB;1=
M=T_P=X4\->,K/Q+\/&$MG=^!9[P6L6KPPW,UV46QGMF6]9+B4QV4:7EO<><R
MVT'T]X1_:,UCQ=XQO_A[\+M4U"UDT])[>+7/$EG;W$%K/!<+'-:3637%M?33
M+#Y,\<W_`![S6]_#=+<3!XD/?[-GJ<T3Z5HKS3X1?%F[\927ZZSXK\-W]WI^
MK-8:M8^&-4^U)I%RL,+FVG>0HQGVRK*T?E)LCN(Q@[?-F]*1TD02(V01D&L[
M,8M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44$9!'J*8B*C'YQ
MFC2PFY7T0RYN8HFVG82I0R!NP)(!_,?I7X^_\%:/V[=,_:M^,EG^Q5\$_$>I
M2Z#I^N26_BN[TS-Q-K&IVS*S6MMI\"O/JJVJ"2ZEM($>5C#&76(?97E^J?\`
M@L/_`,%!-&_9+_9G\::KX/U6-=5N-(NK)-7$\?EVS+&RW"0[KB$-<QY0;0ZN
M9)8D3>RLL7YT?"*Y_P""?/[1'PU\)?M/>%K9/`6H^!YM2\8>%?&'Q5U."XOM
M!&G6-O:1M:V=K=@^5'J,_P#:*VI\]7>U56$<5_9_9_G,[SJ&!HN*C)[IN*O;
M1-)[;W\['FXBA3S6I+#S?[N%N?6U[]%WTW[=CQ_XT_L+^-_'2>-]*^&6JKJV
MK>&-$NM(U#2;O1(;RY?5O+U`S6&A/`J0W[?:MNEM(^G[9$^42PW(BMH-OPI^
MQ;_P3R^,_P`.KKQ?^R#X`LO$/BGX$>+K_4=:\'W&KZKI.O\`B&5-0EDMQ8W"
M6D6IRO,5BTV+3[Q%DMKZ*Q-M.56\?7<^?Q/!X&^)VB_%SX>?"SP?X:'AK2-#
MM8-7LEG\0>5/HVK.4\^6]6"XE@:WBTQ,/$OV>18)T3[4EO<+Y[%X8\&:#J%Q
MXI:ZU77;C6+-X?%=SK>O7>JV_BAGE2?&J(\J)<M]IMQ*/.1W_P!#AVXCBA<>
M90J8VI3Y75<=FDEHKI<R>OO7>S5K>9\_G/B#P+PJOJF7J52"?V5=776[MI\C
MZ5_;H^,N@>!O$_A?XV_LV?&WPAXNN_`FC-8>"_B;I\C>)]>\2V0T\V>M6A>P
MU`1-J=O/=Z5=&[!TYWBU)XXF6&SN/-\?\6?M1"U^!,'[-?P.T_QA'X3M;VTU
M:+2/BOXFU&RNM;T6RU'2H]*T[3V.KO)X=NK*:^F1S:*HGET.RFA+07,]I7%Z
M=;>'O#$-SH/PU\*Z=IUI=%83::/8^6MPZ$1QW#-@,\I;R7<\;I%)`7<%`MMK
M7B/_`$*RBF>W+I"=.A<R,C>7,0JH<N<*)3A<_>%+#Y?2PM**E%)*UFUKIMIW
MU?S;M8^'Q/C)6J8MRP6%YU>ZOJXZ6V2V\GZ'??L_/#!\2M9\5:5X0CT6SE>>
M^_L0:E/J"V-W-'!%,[ZA.JS7<MQY$\C7$BK.I)A8"&W45[?\6M!OOCIJ7@'X
M>^!;Z_\`$[:5H=EI>KQ:/;3:<;;4KW6#-##=7MY"+>Q#27RP1W$*7;2RVCAO
M+C934G[!'P/N-<^'FN_$9KB`VIU:2&:6\\GR)XX8O]:B2@,P'FS`OZ]<<UVU
M]XY_9=\.?$G2M*^(?Q]L&\+1:+&GB*/PUXCF?3[VW2ZN+B"R,%@\WV^1[RYN
M[B3S(V2!976-X?,A5?TB.8</+A"E@JKYO><G':[Z=.AXW`'$W%^4<;XGB*,X
MT:E:#CSOE4H0?Q.#<O=>FW*]AG[.7@U?"?[-UO%X[^$&I>(M2\703VWASPOX
M>GELH=.TU_($6I-<7(G:&:61;B52\<LI>!8GC-M,@M^SM=/^(?B6>71O$GA3
MPYI6GSM&;[PM\/=(ATW1MZ6Z[7F6"-_M1Z;4N9)T7C:D?2J7Q>_X*.?LPS^+
MY=6@USQ%K^FL2MK#H>DR?9=-3)`"+>R6[AL##,!@D'%.^'_[42?%S58[?]GK
M]FOQKJ]E#*4EOI$@M('NB0/+$TDH"R;3N\E9?,(/*OWK(<\RS+L-[L>:2_#\
M&/B;-,SXNS252&-VW:5Y5.[F]6F^Z<3JM=^&VI6T"Q77AR>Q\Y?-CBDN1%O4
MC<#Y8`#9SV`^E;/P^^&FOWD<T4=M:0QQ[6)(E663I\H`X'I@5WGP[\(_%3Q)
M+9ZIH_PV\*ZCI$UQ]F74$\8R&7S_`"Q*8Y(X;3$1$;!P64Y4ANA!KH/%GP@_
M:B\/>([%_`#^"]-MYKZ&&.&]T_6M4FSYC(&>:RMX%C7<#NDD&P(`V[!KZ"7'
M682H\M*%OG_P#S*'AYAHUHUIWDWTUO\`^!.WY'*6_P`.[RRO5N[Z&6T#D-'"
M2<X/;GGN*[;0?AOJ'V)-8;3F^RLV(YYN@)K+\6_#S_@H7IVG?\(I::]\/%NK
M^UEPT=E)-=W<2;"[HLC7+2*ADC&0B*A=,L,BO%KKXO\`[97PLUF/3OB3K%_9
M3K*5`DTVT,;R$@L-R1L"XW#*L=PSSR:\+$<79PNGX_\``/JJ/#."R[WJE.7+
MWM_DV?8'@KPW#*([>_92R?*&A')QQ7K/ACP#;"$?:ON@=QR.*^*/AA\=/'.I
M:@M]XA\9:@&:?ATF6-=Q/3$8P._``KZH^%GQ>A%LHU;6+F=B06$]P6/\LUYC
MSK%8GXW8^[R.CEZMR'JEGX:L+&P>$.0I4\CL*Y37[`0HVXY')':F>,_B5I-W
MI1:)CMZ#D?UKYO\`C'XHM+N25HN5!.X@@XY`_#[RC_@0]:\/,L]CA8WMS/UM
M^C/UO(^%J^;1BHOE3?:_ZH]GU.W61L@X)_'BL/4I(;+<UQ+&@R?FF'%?%WCJ
MZ?[5(BPMD)G;Z9]:\H\0O'=Q+=VS+(D[`Q/&=P?+$#!'7+`CCN"*^7GQE.#U
MI_\`DW_VI^I8/P8IXR-_K*7_`&[_`/;GZ%7OBCPQ9.6N?$>GQ^OG7,('Y&LJ
M?Q[X$#,R^,M&/)Z:E"!^7:OS6OW@O8-\3!HY(V='#95T5@I8'T!(!/0$@5B7
M=@Z$JN2>!C'(ST_.N.IQ_B*6O)IZ_P#VI]3A?H^Y;BJ7/'$)I;VC?\.<_3X>
M-/"MS@V_B[3I1Z07D/\`.K$=Y87QQ;7,,O\`U[W&*_+!;,,@"OQCI3EM=K9V
MGZ@9KBGXE1C_`,N__)O_`+4Z)_1PPT_AQ%O^W/\`[<_4[R[SW_[Y%1^?)_SU
M_P#':_,%-.$B\(0`>X-:$&B@+\L2_4&N6?BKR+^%?_M[_P"U.6?T=8QVQ*_\
M!_\`MS]+4SC/3)Z5ROB*YTS1K&\UO4S;?Z!!-+`+CI7P[X?U?Q-H)_XDNLWU
MC_UZ7SQ_R8U^?'QS_;(_;&T;XT^,M#TW]JKXD6EK;>+;^&TLK;QO?I!;P_:9
MOW4<:S%4'7DFO%S'(<3XXUUA\.O9.BF_?=[WY=.EK6[NY^0>*/"LO#+#4JZG
M[13E;;EZ7[R]#]Z?"?B*?4(-+\5>$KJ*(_N;@_:H>1#_`,\?W->OZ+X@^T7T
M-S.8O(U7R?(@MYH/]&G_`.>/_;;R:_FH\(?\%#_VUO`>JQZWX<_:D\>7%Q`,
M!M6UR348"/\`KA?-(G_CM=ZG_!:3_@I?8V\VG6O[3CQP77_'Q$O@K2"LOU/V
M3BNC(OHZ<<9!6E[+%QG3;YK7:C?SC9M_>C\;AQ[D\_BI37R7^9^WO[=OPOTS
MXE>%O"%GXMT2[NO"]CXHOW\1G3/"G_"07&GPS:!JUO;7D-C##-+=30W]Q8S>
M3%#-Y/\`KO\`4PS35P6@_%_]H2P\(Z9\(_A#X`NP=&TZ'3],U&/X1>)Y[G58
M88/)\W_BH/[&MM/_`-5YW[[5;G_GC^^K\]OV<_\`@NQ_P5!\2:G:_"CP5X,^
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M=#EIU&GYQEUVZ=3]4IM'(ZVOZ]:\`^-?@Y-1^(5_J!@E_?7$,.)_^F,/DU\O
M?#7_`(+Y_L8^)-4ETW5_$'COP9;00%[>Z\0:+YMO(V`>8K%[G?)CG>R`5[39
M_P#!3O\`8`^.VB-XOT+]I?P;INH6\WDRR^(;Z33))6X_>+'>>1*5_P!7SM_@
M;TK\>XHPO'6/RNTL%.C*.R:O?YQ3._VV58R'(JL6_4['X0PW&@^,)=+88EU"
MT\[]_;S?\L?^FO\`VVFKTV3P#;:K+%J`TVZC/]I?;IKC2YYK?[3-Y/D_OO(_
MU_[G_EC-_P`\(?\`GC7(?!GQ)X3\8W/A_P`<:%JUO<:5J[Q):7I=7C,,GW@'
M4[3M\ULG/&TU]%7GPWUUKGR--N4<PP862&Y,;$XZ84&OU_P1S;%XCA:6'QD)
M0J4YV?,NG8T>"I4O8JE:5OBMLOGU/ESQ=\&/AE\,-,\6:Q-H?A^P'CGSK3QQ
MK2:):6=_KEQ<-+%9)+<VHB:8HUQ)!#&\%U/+]HA,8,H/G>0?%_\`88\%^&_A
MW\3]$^'ELV@VT]Q9^,?A58:[;I!9^#O%&C6T9CO8-5LBTUGI4T-II=K]GDEC
M-K;V<T=JT$#I;6_W1J_AV?2](_L_5M,>>:Y8>7%!"&61!_#D9^;\#7'7OP@T
M'P;I]^=`COM,M]7GGN[J[L;XEK>6X$*32^3*98$D:;$SR11@R3^=*RS&220_
MMEF]E<4HSC_D[7_.WXG@$7[6?QJ^"?[97A'X4^+OA[K6D^`?C!;03IXAU*'3
M_,\'ZH]B+4V-WJ$$LT;SI=0:=;Q+<M=+>W?B`1V]PJV$<$_T1^R;^W-X'_:,
M^#&F?$+P9I6NW.IS^#-*UY_#-Y%;6>K36VH6/VRTN51Y1;^5.NZ*&:.5K19X
MY[9ID>"=(/,K3X&>)[[2_$NE?$+4[#QA!XDT!+>ZTRYTJU@L+FXFLH[>^BDM
MO*=)+>X\F-@+DW,D0GGA,C0K&B>4:_\`LO\`Q*TCX@/XITF^O_`NN0VFMWT7
M_"$7-A?:19:A/YDC/`-0MH9=\]\;*]>`/#;75QI@NKN&)G<W18T5EK<_1OX9
M>+],^('A#3O&V@7<[V.IPI<VPN;6:UEC5B?W4L,Z1SPR*P(,<L<;J08W4.'S
MU5?EI??MZ^*O^":/QMN?BA\<O!^M0?`GX@>,(-)\2:=IBV\]MX)\67#`W&LV
M.SR)1I-V^3?"6)#_`&@DM["LS7[F7]/].8S`&6%D$;;4,OWG8+C?GJ<J>^""
M#FN=QL:IJ2+E%%%2,****`"BBB@`HHHH`****`"BBB@`HHHH`,C.,UQ_Q<\;
MR>#O#LLMJADN[HO#8F%]K1,8R`YSZ-G]*Z'6-1M-.MI[N]ODBAA7=/D@';CM
M7Q/_`,%"_P!I2]^&WP3\3_%.TNHAJ9LI-/\`#,7G11/)/*&2,HVW>\B@O.%#
M!@;==IC)$@RK)>QDV[6[G/BJLZ&%G52;MVU=WLDNI^?W[=_[2;?'/XN_%_PO
M)\']'\2MJ7A,^%O"6J^+9-,O;"2TGN[5]3N4LDDBNFN-KR7%I<%U56B#1R[9
M&4?/FK7N@WNMSZRME%J+OJ]A?SZJD8M[O[;!'.MO=3VRQM%)+;Q2/%%L");Q
M32V\6V*1$CBU2[UKQ-#^]NI8[-I7:&VU&7SI+,;<;(W5(R5SG'R(,8`4#`$5
MOH6FI'$;R.2Y=(U&XN4Z`=?6OSK&9MEN%J.?-[S;YK/>ZL</"G@;XU>*>(3P
MU#ZKA4V^:3:=Y:\UMWITV,^'4[J=XKA0D]_&R@7MK$`P&(@58(`A8/$I5N<%
M79V;<&-BYT$:B[7<=O'&EW&[);VB&%H92L@B9]W&U2J8'54DP>0:UH$AA3=#
M;(N1@D#GTI5(0?)P!Q7SV+XIQ+5L,N57NN]O,_I;@KZ`W#.$E'$\1XF=626T
M7:+\[;V?8HKX?MGMFB-RC".026CP1F-XP6<<D\%@'+?6-:TV59[[[;AXI?WL
M33(N'9)'RSC'5U\QE'^R#407!.&'_`33A+\Y8M@(K-T[_P"<5Y%?.<SQ:BY3
MUDS^B<L\`?"G@S+:E3#Y?!<L')RDE)^ZM;W.:UW4I-3UR62ZB,J1HB(EP0=@
M3@+&0RF,+C'`.:2%;GQ!J4.C:-97%Q?W\JVMO%91$RW4\C@1QH",DDD9P.]4
M)Y7FNGN"#\S%B._)/_Q)_(U]O?L(?"KPA^RW\#M:_;]^.MSIMG]GTB:3PKIV
MOV4J"&VC)::Y7:4>YDEWQK#$&ABG:YM[,SH]Z'3]:RS!TZE"G"6MK:G^)^<T
M:O%_B#BIPBE3<I2TTBH\W1;:+H:'@#]BCX&_L8?!NS_:X_X*':_%'I,LMK%9
M>&-.EW/'*ZF92T:D-?2\`I`(I8W&Z2<"`M=06/'O[>'[4_CSP-X@\`?`;X9Z
M!\*/"^F_"7_A)K")/#.GZQJ'B73$N+>V@B:UN+HP06]W#J$$PM,W=PL<;):O
M?/*D+>6ZE\>[KX[>-]1_;Z_:G\>Z_P"%O''A/7H+KX;^$6L+;4="TW2HU:0Q
M/--+##=WTT\;PRV]L]MJD-Q"+^&)%@*Q^_?LQ_\`!.CXR?M)6N@Z_P#'N\\0
M>!?A5+:RQZ-\#?#NOPV]WI%E=7-]-<?:REJEO"+@WTRRV,"6^;>0Q?N7T^&R
M?WHTX4XV@C]#R_+*=-QP>74TH[JRUDNKD][>1X7^TSX:\-VG[5$G[/TW[3NH
M_$#1_#_@[7KG3)O'OB:6*TT/Q%;R:U;V5B(YG6.SCCFL-*'W1'(P61`89XUJ
M7X8?!#]B9]+T76/$GQ<T:_U'2M%\_4]-FAO/.O=0CD,DJLTMU9"2>-B]G;K;
M7*!BUM>,'@BNE/Z-:%^PM^QQ\&?A_H_A34OV=O@UX8BU%!!8V7CFWAUZ]&JS
MYD2W,]])F8;%=C&LLF&4E"RC=74_$'_@GY^S_?Z=?Z9H_P"SC\*CIE]"?M*:
M-X&M-,U*2#SXY#!'<E9%7?$A1I`(VRN4DMV831[1IIV2DK^1ZE'@C.:6+>*E
M)6:;2O)7?9'Y[Z=8_$#]G[X&^*OB5\(/VM!;^#O#]G!HNG:&NJPZQIGC;5KB
M)X=3>UM9;>"$V?G)<VL$LL5RDC6T\DLL*+*R?2?[-7[:G@[]J.SF^#W[17P^
MFTWQ<UK/J>K^']12X\V\L;GR[P7MA'?S,\BP1N96M"LDHMW$EHX^S+:K\Q_M
M&?`YOV"?'?AKXW>#O#U[=:)HFO--KNE:WHUSJ.G6$]Y`+9-4M+87ELY(CB"_
M9YIQ<VEW:0"2X>*2SN99_P!KJX\9Z#XUM/VN=,UG18?$'A_Q<+BTURR\2'5-
M2U2%)X#;W<RV%L=*2(;8#%%'Y+O#<2QS*\B/.V$N>FW?4Z\OE/"MJKH^L6[G
MNWQ>^&&N_LV_$,Z''-''ID\CKI4R2-)M(;YHF+#)49`#MR>#WK7\'?&Q;&%?
M*G94"`(/,R,=!SWKJ_C+>Z+\;_V-9O'WA+1VTR#2(+._T+[;;+:M'I\UA;:I
M:>7%%F-EMK6YEL@"<.]J>25./D33_'ZK")(;C8KC*)E1M'I@9'X#BN'%?NFK
M$XNI#!9E3C&5E-7/L5_C8+G0HDN;T*'C:3YG`^3."WTW<9Z9XK@/&WBX2&+4
M;N&XD>61S900S>7)<%"B2N9"K".-1E-[K(V7*QHJH[+C_LZ>!?'?QOU>ST3P
MCH\MX;:-;B^F%V]O#&CJRH)9=YPK;/+X5WB4RR11':X7W?P=_P`$X+V2.27X
MS?$A)KR\00R+H$<<!+HIV8E*+YD0C7*PI$BPX*1KM4`?'++<QS3FE26E]+G]
M7Y3G>39/E>&IXFKR2Y(MVU:;2TT\CYHA3Q'XLN7LO!/AK4]3N["%YU@\+64D
M4D,31B.29'@+3;#P`&F"[\J.147@#X'^(_B[HVL_$;0/@H=0@T^8"YU.SS]I
MFG50[J@3=-.^UE!W3`L,+&6<'/KK:'^T!^P5^U?#X)\`?#ZU^)6C?%/3_LND
M1MKO]E7UI>6C7+AM[;T$:07+-+(%5Y/G8>6$,4G:?LBWOCOX$_MG?$[]G7XY
M:=:Z>/B/,_COP/+I>6L[LE([?4K996$4DUQ&BV0%N82PC@:4J!)FNW!<+*?)
M[9N^O-Y/R.C,O$?ZLIQP=-..CC)MWDGO?T9\O+X*\!?%]#-X0\<W%MKUPJNT
M7C&275K:_N5B:.&1I9)6OK?9P0L%S$G[MF:"0`BO/?&/[._Q;\-W6I7/_"I_
M$?\`9VES!+R^FTUIK14V&X2>*]AAB@N;<@R.;A5BE26$K=1VNZ+[1]$ZW\1_
MV5?^"=7Q^^)7A+]H/]G#5;Z^DNK'Q#\,+W1-$M]0&JV-PZ9LK:(1K;:<UM=1
MRKYLCQ.\:JV[*Q[OIGXE_'^[\4?L*ZY\;+[X3_9;[6O`]W=Z'X;UIENA>_:(
MS_9\%PL1(,LJ2P&2&-Y%3S703R>69#E5X8PT\%55;1Q3>G?I?U.K#^)6-RC-
M*3RN$O93:6M[2VV]#\H!;#<RKY>5!+9R"`.I([5/#987$H4^FT5?^Q6\$[01
MSOA&D,(G96#,PRI^1F&,=1DX.1DXJ2*R*`F5=H'!R,?A7\^8I>QE*,M&C^P\
M-C%B<-3JIOWHW*\5L&`5=P]>,UJVUCO4(@?_`(%1%;1X#(H.<@8'IUK3LK(@
M@ALY'![5XU:LVCAE7IS5FFF16MI&,%=PR>]?F+^U]X9?PO\`M2^,M,=OEEUI
MKILC'^NC6?/X^<37ZG6=@SRD)$3P"/E[>OTK\TO^"@\"V_[8_C"!>@%AQ_W#
M[6OW#Z/F*G+BG$ZW7)+\)17ZG\F?2J2K\(T:C>L9Q_&!XHI8DHY09'5:1IVQ
MAB3]%%-H`+8VC.>F.]?V=[.">FW8_@122Z([CX#?%6X^"?Q)MOBCI]U+#>:=
MI&I+I<MI!#,UM>RV-S;69*3$;UWR1LWH!S3?!7B?0].^%WC;P%KTD8_MBVT_
M4-*:&%FWZA;3O&-W_/-?LEU>'_>"U1\'?#;7_$TDR)83D06LTT\$;B)(X(R`
M@9VX#L64`'D[AZUZ+<^!_A?X'L&_X3W4%:],/VB73+>&UD$B>?;HC"1GFE@E
MF5K@R1.H,01,@>?)CS*F51Q,Y8AI7ER?^23YX^EMM>AW?VG.E!4.W/\`^3JW
MX=#G_B=XP\,>*?@I\.-)M/B,^HZYI(U*UU+18K.:$6$/G(MEND9?(N)FCBB4
MLK;?*MK>+[L09N\\=>*=+\6?MQ'XB^)?$WA/Q=:^-YI9M`FN%MKNV@2>&XLM
M(%_&8E$,T<<5E*82`T0V&0"X1UKG+.\_9#DCTP67]OK/-/J$6MF01S((3_QZ
M/;F6$;C_`,]O.V[OX:H7'P7\*^)YK:S^&.J7VIW#6T)NDV(DWVIYPKK$HGS?
M/DPA`HA)*OCH:\VIPS"O&7O.]IKUYY\[].VG0Z8YPW/WU_+U?V?\^IR'QE\)
M:1X!^.'C#P!X8M2VGZ/XIU'3]/WMES''<31*Q'8%8T/ON'J*Y^]1E02OITJ*
M3@,T.`373ZKX=UGPCJ4VCZMH[VXM;J:!H6C?(>,%)#M?YXY"X+X?!QS6-XAO
M`+=;9B!A^YKW<-EN&AA8JHKM=6>/7Q49XN].-K]FR+0M7\0>$=2MO%GA+7-0
MTS4[-LVFHV%P]M/#_NNCEQ_W\K]6?@=_P5%_;3T?PEX8\3W_`,6Y-:0Z/8SW
M6F:[:VMY!<F:'_EM.8A<.3_LR5^3LDDC6BX)Y/(%?3WP$U+[7^SWI6J0>-KJ
MUN-(>]@OH#ATES,)!%(G^M=EC95C59<G<,=17Y+XGX199@*5?`)4[SCS66]U
M?\]#^G_HXU\JQV:8W"9EA_;0<>91;M;76U^RU/U#\#_\%L_BB]_9CXQ_"C3K
M]#?>7<R^'=1EM@D'!REO-YJSN`0<22J>>M>X:1_P4=_8V_:$N8O">O\`BFZ\
M,VVL2LT5AXAM4LS"(Y%D#F8>9:HK#D'S0^#D<XK\G+2RU(-:Z#H#O+:R`VUQ
M<^*=>DM;N.:YMI9X3-,^GNUM+YS6I^R26[B6.-=S6WGDP>_?L[?LB6_C/X:V
M^J?'_P"+.J^#_%RV/GZ[X>TCX8:OK:02*D<A!EL(Q$[A77*#][&TDBE,QD#X
M/*L1Q/3P[JT^6HE_>/WCBC(/"24H.LYX64Z:J)15U9Z6MWNG<_5G0O\`A`_%
M_AR'7O`/B_3-5THQ#[%?:7?QW,3HK;2Z/&Q$A#8&`3\V!UK)TCPQ?^'M/U/2
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M^#:/_@J)JVL:GK?_``2&_:KQHWCWX53W.G^`CKOB"&>>_P!-L&DAET;S8SY-
M[=V'D,%E@^66UB++'&MFQ;Z4^#O_``4?_97^-RQ)XTUF?P=J\X/VJWUTI;QQ
M2(D>^6.[5RFUMK`!Y%<E2!&2"M?F#_P7E^#'CG]F/]MGP=_P42_9=\=C3]:\
M30_VI8^+K&\@N(8]=TZ&**X#1&-X@L\<6GQ@7!N8Y9#,A7&T-Z]''X3&4U4H
M5%+R6Y\+F/#^;Y-6=+&T90:;3;6C]'U/Z-R0"`2.3Q[T5\\?\$ROVZ/AA_P4
M:_9"\,_M+_#>U.G37V^V\3>&)=1BFNO#^JPR;+FRF:(YR)$WH76-Y8)8IFC7
MS0#]#UN>2]`HHHH`****`"BBB@`HHHH`****`"H+[4K'38C/?W`B0=7<'';C
M/KR,#J?PJ>N,^-GQ,T[X4>!K_P`9ZO?VD,,36]I:C4+U;6&2]GF2&V@,K?*O
MG3RP0AFPH:5>1DXBK)PIN2Z(J"YI)'A_[=?[6GA+X9_:/`EA=)<:A;0_:=16
M5@EK;(JAB9Y&QMVH1(<'Y`8W;"Y-?E/^V[\:/%_Q1^)::!XIU>^D&DI)'<:;
M-;26RVET77>GENJG`$,&TXZ`\_-7Z:>%OV7=$\#^(=9\<_%?7[7Q!KLVHWEW
M>ZK<V8MK5/.C:.=6B8LKJRO+G=P1*0<!%%?D'\7?B!?_`!:^)_B+XDWIN-VL
MZS<72QW=^;F2&-I#Y<32D#>40*F>GR\$CD_B7$U?.<37=2O/E5WRI:+EZ7WU
ML?U3]'3(,KJ\0UL7[%2]E33<FDWSRTBM=+7OM9VZG/3.LDK.R@$L=V.A)/)_
M'K^--9RR\MDY]*1UVMMS25\M:.Z1_;TDFUS*[7];H5`2WS+\N.3FE.<%P,`C
M`I$:%E8F1/D.'PX)7C/(_AX]:<=C+\C;N0`HZ@D9`^IZXJ5J[HI4G9R@M>Z?
M^8!'1MK#&:@U-Q;:;/.QQ\O<=ZL(1L5CP1GY2.]9GB61ETF=23AP`OY<BN_+
M>:MCJ<5M<_//%_.(Y'X:8_&-J\:%5._]Y->6NUBU\#?AXOQ9^*FA>`I[622W
MU*Y1-5CA`+C3_E>]8!R,[8$=^.R-C-?2?_!8CXH_#'4?CWX(_9B\>^+=-M?"
MBZU]N\1W6E:;.9;O3=+26PMHGXS!-_:S^*HB(D=!'=P2.23&$\V_X)U:KI_@
M_P#:)T_XF3268O\`PK;1W'AW3]26Z\C4M9O;JVTO3[24VUK=SP)<W6HP6QFB
MB<Q^:7V8=]F9X&_;@^'_`.TC%\:/VH]2_9@O-5^&OPFUB/Q#HGC/7_B='X?\
M3^$;K5=1OYK:"VDT/2Y)+R&XU"XG>.VN8+JVBEG"O*(8]]?O&`I\F&/\1.`.
M'\1C,EG5H5%S3G)-];*VGXZGI/PR\9>%?VM?V^_!5OX5^/WB+Q'\.O!-G:ZM
MIFL:U;P+K$>HSZXFFZ?=R2+I6GBZGL]1U*SO6CO?MT8;[6#<3>?/&_[%>#[/
MX<_"6>/P'X:\/ZM#]LLTNK&&Q\'746G6=G%&EM#9B2UM(XH?)BM_*2!W\W82
M=C@A!^'WBCXC?\%9/V#_`/@HI\2/!O[-'PIT/XK>+M.T33_^%A6?@KX;?VO%
MHZWPEU&*&YO-*T/0]MU,@%T&BB02LZEI9)()@EOXD:G_`,%A/VO_``'\&OBQ
M^S%\6_$^A>,OBUX>\0ZY/X&\(?$C7]$L-&L--N;6WC>%M=\0^1?Q30W<5P4@
M2(PAW7#K%(%[Z<*D-4?K.0Y-+*H3G5UDWJUV[==#[/\`VQ/V'?VH?VF_V@?%
MGC'X"0^,'TG0--M9[73_`(@>)[@H-1N+9;N6#23/-*;>/:;3?N*`77FHK+$B
M/%]@_`7P3/\`L_>`1X1^#?[-EVEO)I+:I/?J;/38=1O1;,4CD,LJW<4SE$B,
MDT;;#D,6&9#^&/Q<\8_\%IO&.D?V3^VOX_\`AV?`FC^`]/\`%VH_$'XA^$_"
MGBO0[#1-1E>UTNYDO]/T^_N+@W<Z/#%';^9-(2TRH8D>0=;\.?\`@C?^U5\-
M_A5XFU;PS\6]5^'GQE\'?'>[\,^++[1?$QM/"&D^'K?PL/$']KW!TFR$L"N)
M+;:YVC==PI+$LK[:Y:.#H4,5+$07O2W['WN/XBQF89/0RVHHNE1NXJUGKO=]
M3[@_X+6_$SX*:7\#O%>FQ?M/^"M5UEM)O/[.T*^\8V4][`L^L^'+DV\-M]H2
MXD55LKAE$*E51'#;<C;\H>._`O[7/[1$D'P%^"7Q?\)_$7PII^FVNBZ4^C^/
M?!EG'JMA9JL4,CPP:K+=^7(L%LY20!Y1:6YF4&T@\OD/#_[*/_!1GXT?L_6O
MQ"^)/_!3'XBW&E>)=`U?6OA[/XGUKQ%<:!>V.EW97[9JVIZDZ0>'UO(D+VDL
M\;+/&ZI(\#S(ICD_X):_#7X6_!G4_P!I72_VG+'QGK-M^SS9?%)?!GQ`^&TM
MO:O8ZQ#-;6OG75OJ4@CNHW638`DBF2&$DE3(U=<_?/@\3D6%Q.)E7E*2;5K)
MJWY'Z36_@CQ+\!/V1+GX&_'C5X/^$NA^!$2P6%G%-,[1:5<7$5W<+<JIMP(T
MU?3U6/>),RL0N"*_/F'Q2\:A9)4+#AO+(QGV'2L#_@E7X+N(/V4OB+\5I?%8
MD@U,>(MNFK*(+C[;HOA\0VS-B/\`TF"6+Q9>2&)5CD2XL[1EE<-)'7,Q>)(_
M+YV@;<JL>0N`<<9)(^A)/N:\G'O9GY/XBXZGDV<82G?:.GGK;4^_/^"7GQNU
M/X>_M/Z9X8U2YN$T'QYX9.E%_)5;6+4H5GNK-KB1L%&>-+Z&)4R93NP#L;'T
M[^T3^PY\"M7^/6F_MA_%SXLV?A33?#=SI5]=:A=W4%DKW5I<B2!Y;QY`(HVQ
M%&5`&_,A#!V25?S/\-^(M4TSX?VNO>'=12'7/#*V'BSP?%+.?LLFM:0WVR)I
M8ADW,AA:ZMX8A]Z>=%QB1J_5GXY_"#X:?\%%?V6O#E]/82V.BZY#IOBK0+R_
MTM99+%M@=7:WW;#*8)&0(VX`R%MNY`*RR3&QQ.`Y(/FE%O3YG]0Y]E5;*L;!
MWY:=:$'&_O:<J3WO;6^QR?[5/P`T_P#;)\">%_CI^S%\8]*U;7O!.H1ZK\,M
M0M)K:\\.WFK6-WN"S?9F0W"F2V\F0)<((B'8(S1M$<G]NWQ5<?$#]CGP-_P4
M"^"VG:C>WWPWN=)^).E6B2P66H7?AQDB;5=+N;B4R""*73IYVF`W'$"IB1L,
M=R37OV/?^"2WP'7X;)XW,;SRWNIZ3H5_J<-QK?B"?>C216<+;#<;1)"`4C$,
M83=,ZJ9'KX%^!'_!7SX\?!_X4^)OV?\`QG^S9X?\3:9JVLZW?:#XB35HH["R
MAU)YKMX)K)@[W2QW$]P`0\2R1RI%MA6/S3UXC,L%@*D_:2U>OH99/PAQ)Q-3
M3RZA*K!24+I65WZZ>I]B?\%5/`GP3^+7[/\`\/\`]I/7/$^AW'@FS\7^'7UK
MQ%<Z_-:V[^&=7U"SM+R^%P'"P^7%<03BX9E6**%F,L:9%>C?MB_ME?\`!/SX
M+)I'@K]J?XQ>%H]>LK^TETOP2BSZIK#7<Z20Q/'I=JCWDH,<D@W&(("P)([?
MC#'\3_VCM5_9[D_9(^)/[1VK>*OA9#!%I^D>#]1AMEEC@BG,D$/VHQ?:9_+8
M"*)6G6.!88@%`ABC1_P!^&^GZ?>Q>#?@WX5TK3M7\0WT&EZ:+331!$)L-NGG
M2*%W%M;INN)'.YD,!+`)DU\MC^+<LPL:CA!SYK73V^5C]HI>!G&=')8XG.,7
M&A3H<S4=7*";N_*[\E]_3[6\:>'+K]L?Q;;_`!G^#'P'OO`GAO7-%MY+6Q\7
M^3;7,J+$DD-T8(&N1`DD?EKP/+4QB1BLQDA7M-%_X)PZAK%M;FQ^*L-I.HS-
M#<Z$B;#C^#R[M\_C7IOAPZ=HFC6/A/2;YFM+2T*!YY`LS,C$H6*@*H!>1MZ\
M8X"?+@:%Y>7.ER-<1W,@F4[21GGZ#O\`AZU_#W$WBU4EQ!67U3W9R\U[O=79
MT8'-.(<!AJ6&PF(=/V:M&ZYFUY\U_P`+>AXQXK_X)[_$G0H9;SPMK$>L1Q(3
M>M]B:%;A$^Y$(Q/<O*6]7">]</X5^&-QH_Q"B\->.=/,/E^9,065H[MD)#B.
M124=0R2#<K%<QR#.4?'U[H7Q1UC1Q#;N93%G#3B0JS'J,E>!V^N1ZBNHU[PA
MX8^*^@S:IH?DQ:E&B7%I=V=W]GD=D*K!)YJ!B3'C:)6678`V%DB,D%Q]?P]F
M&3\>4W#!U'&HEZ+F[;7L>?4X\XER5>SQB]K"5TFG:5^FNJ^5KGS>_@#P3?%H
MK[P[:16U["GE3I;F*:V=N%FC8'#;NH'0CD9%?BM_P4FTHZ-^V9XLDE)"S6]C
M+&?[R"R@0D?\"5ACKQZ5^R'Q,\4^//#FO7WA/7+K2@ZM(\^JZ=8I:32!Y)87
MD=0[+%,/)EB('R*49D)`S7Y-?\%>M(ATK]J#2VCA=6N?!-M<SAT(<_Z7<QY8
M'D#")R<5^Q_1]EB<JX[JY;6UG*$_S3_1'PGC1A<3CO#R.,K2=N>%DO>OI;RL
M?+(4E=X''K6UX2T*^OM1:X5!&8G"PRNP`CEPYWG/4+Y;[O[I7!P>*RC8W<F2
MD/W,[_F'R\@#/]W)("Y^\2`,DBOH_P#9<_9K\97UUH-_+H+3^)M>M9;[PEHE
MW&-L-D$CB.M7D?5+-7D9(]^#/N08*?NKG^U,RSO#93@E7Q3L]5Y?W97_`)7Z
M'\=8;`UL;/DI*_H6_!WP`\0:^MAX3U'QFOA>'5](%ZJ6R)<7%MI(='FU"Y,C
MI%968")*]W<,&4D26Z7#&N8'[*NB_%CQT;SX"G6[+P((+@V7B;Q,$EFUD6K;
M[VZMHXH(/*MPK$+)<".`LY6XO(&E(3UOXNZ1J?B;7+'X(?#V:;6M`UO6UB<R
M2SBX^(^O1KYMU=W,B2[UT>S&]V*<R&.8HSR*T]KRW[27Q3TWPS')^R!\&]1:
M\DN=1MK3Q]XUNA':RZU<IF.+3K<%Q'9:?;R;X$3*H`'C!"B223\I6?9OFN:4
MX4)\O.[I_8C"_P`4NK=M;-[^1]O3RW+,ORZU6/-9\M^LI]EY>9X1\0/"7@/P
M?XY?0?!'CZY\3V,#;(M5N]':T%Q+[+)/,1![D>9[54L)KR6=(XS(UU&JND22
M,@C5(]JRAT^;&[YLCBHO%FA:GX(\2:IX2\7Z/):ZGHVIS6=QISR*9+>>*1XY
M$)4D,5:-QD$@[">1S7I'P'_9/\>?'>UA\3V.MZ#IGAVQD>?Q)XGO/$=H#H<*
MB8^;=0),9H"5MYG570(R1LZDJ,U^KSSC`Y1@.;'5%RP5^9MMV?PV2C=N71(^
M)EAJN9XQ0I0M?\/[S_N_=ZD6A^(M(\5:,?"&NPJ=0MK=!I9MHH52>-)9G>*8
MQQ12-GS`V_'F%HU3&P(8O*_&&A76AZK+%=H^'/)`S^6.OX>A]#6KXW^P^%/B
M+=Z5X?UZYU"TL+D&QO=2TA;.6940R"8VSM,H5DP^"WW2"1@C._XZTQ?$7AFW
MU>*"2',(D0Y&%0\A@>C#ESD<?O!Z5ZU/'8#%86\6U\CR)0E@\3%SVEV.!9H&
MTYKJ6=(U@V[RSC`!.`?H2<9Z$U]0?\$[M,U[Q[9:C\&_#WA>TU>[;6H&TW0[
MC7(M,&KSS($BLHYY#Y,$K/:HD,A0'[2^W.[BO,_AO\"(]4T>7XD^/K77O[)U
M"XF@\'Z%H2,-9\5ZEY?^HL?,2>1((V_>SW3QS$M^[A5Y/DKV3]G+Q/X,^&GQ
M?F\->%_`/P^OM0ET"QU37=%LPVN:%'<VNHQ7-O:S?;GO%N':,1FXFAE_>)*8
MX3!.&F'YEQOF&79EE%7"QES2A.+;6T4IW;OK?3L?OO@Z\VR?BFG4PCO.M":A
M%I7DZE/W?B3M[W?_`()^@'C+]E#PU\0]?T'XX?!=GU3P3I,R:+<ZUXL\0YT;
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M<^3M7RTM\.)XP!CWCPM^V+\'_!NNP^')/`T?A2.WN_$LOA'2-3U5(-.@\.Q(
M/.E76H;FXC@N=2N_W]UJMU<QM]C63RQ+'<6,U]X=X,U3Q'\1/C9X'\>2?"G1
M-3CU?X`ZOH-IX<\(V_V#4=:OOMVH7,EM9Z7'<*T216L+W21)'.;BVN88'4Q7
M5Q<6_LWCCX2:#J'P@\*?$!7TWPU<WGAS39];\9^&-<M8Y8;J"QA;5-7NY5G,
M\$PO('_>1I%/*2\=V[1XME4LTC.G3J54KS=DU=;]];;;G$LKC#%.G3;4DW^%
MNYSGQW_8^\!P>)(=9^%/B.^BUB35-,.J>&?#?AJ"TTV32#8V&DR&*P2(K#=?
M:+G0M3^RP7$`E&MP02;!YVHI\W_#SQ'X)\5?$*V^#7Q4\'17FC:K+:LVBZI%
M)+:W4P67R%*-L,%S&SSLC1;)41IFBE4R2(GL7[+OQ>^,GPJ\3>!=<T?PUJ!2
M7XSOI_Q+AM(WM);3Q%!9C3]=MX[J\$<D(^SG^T+?3H_LSM)K.IP"-'M+>6*/
MXV_L/?%#X!>-+OPSXE\*/+J^G-J>I0:AH&L+=B>$RRW9TV)94L/.6*RN+6X.
MV$F*2WNB%DC#R5XV<Y7A*=6.-H4DI)ZM::W5MC]'X4XNQ^*P.(X=Q]?VE"=K
M0GK%><7\2:=K6E;R)OV'OAQXS_X(U?\`!0>'XQ>$?$D\_P`#/B3%:Z'\6]&U
M-\OX;E,K1VVK12R2Q0/9V$L@^T71>1;>SFO"B2)%YH_=.+5+"9D6*Y5O-QY>
M`?F!&01ZC'?IGCK7Y,^"))O%6AZ7XL;5(;8/IT&H1B"^DNY3+LMDFB4CAV0L
MS[)#&J*)U.20#^@/[#_QD_X6K\&[+3M3OO-UCPVJ:;JV+AGDEV']S*VYY)&5
MHRO[UF_>.LIX`KZJG4I5:49QZGY=C:*P^+E2C]EM._\`,G^1[;1113.8****
M`"BBB@`HHHH`****`(KF\AM5+2!CM&2%7)[G^A_*OBG]M/\`:\_9B^+FI_&W
M]C[XBZAI)M/!'@."+Q+>:I=^2D=YJ]I=+':HDB()9%C^R-N6X2(B_97P]NRG
MZM^+_CW3?AIX.U/X@ZF[&UT.PFO+V..>.-Y$BB:8HC2ND0<JC`>8Z*`V691S
M7\]7[6WBJT\4_!/4OCM>Z3!9>(?B;XV?5=1:TM[D+'?R?;KFXLFDFR)$6+4-
M%GAD<!/L]X4@2(B^>ZYL;BZ6#P[E+5L^CX4X;Q'$^;T\/K"DI6E+U5]/17D_
M),_7C_@I3\;=!TS_`()^Z[\5/AMXOL+VS\7Z+!;^'-1@G8I?VE^\826$A_F8
MVKRR*5QD)GCH/QFDDP[%6##<>BD#KT')Z=.M?4'[3GQR\7>,O^"<OP#\&>)/
M#=E8VK-J%UH]E:$'^S;33HX]/LHX\$^;&8IYR';!8IG%?+FPQH(F0*44`X.=
MQP`6_$Y/XU^+\58I8G'1<?Y5H?W9X`<-SX<X8Q#K+WO:U&WWC3?LTO\`P)-H
M4JS'+,/KVH,6(I)V=0L2%Y3R=J@,<X'/\)''.:-^%4<'':I8$:2XMHH`QDDG
M14*;01)D[3EB`<9Y!(&"/I7SN'HNM54;V/W3&55@L/5KSU4%?YGJ'P`_99\0
M_&NRU'QMXF\967@OP+X961O$?CO7<_8[7/E^5;Q*64S2N\@.$9=NY`^&D0/Z
M!\6?V'_"$'[/>L_M$?LX?'>'QE8^&I(+?Q-H;Z1<VU_9%I%CDG,4NV0?/O?R
MI(T&Q&.XXR?M;_@G/8>$[[3/!GP]UJXL+)?!WPATC7="T:2[$BOJ.L7-Y]OU
M$H6W.P:/R4E7RUC2]N(LN)7`YO\`;>^+?@7X?^$OCIX]\(ZS9-9ZMX/TOP1!
M!8W=ND=WXA+:HM[;H!B6ZGMH+NV9P%RJQ2K@&"81?I4.&\#A\E]I/XFKWOY7
M/XIQWB_Q9F?'2P^'<H152*C!?#*/-9*3WYI*ST^'8_+E9`A*;6'ENZ'<N"VT
MD9Q@;<XSCMG&3C)R?%4J2VD5KD@R/W[UKR^2\S^3*LBB1@&C8$-@G.2"0Q]6
M!(8Y()!K"\9ML:T\M@"7;I]:^*R.E;.HQZ+_`#/TGZ5^92P/@7F3OR^TARKU
M;5K?-'OW_!/WQ/XM^$FE_$GXX_#KPG/K&N>&?"QAMM,R1'=?:([F9K0O'<03
M6TEY]CMK&UG@$LWV[4+0+'*H<#PG]C?XK^*/^"7'['WQ,\`?M%_L_?M"_#_Q
M9\6_%?A"*QO#X#32[.ST?2M6%S<""[U,J4U":&;443-I(B2+"ZG$F5^L?^"6
M'A^2?X%?M$>)9K>SFN]%\`?VOX9>YMA*;#5].$E]9WL:/F,26]U%;W$;;=PF
M3>&&!7AGQ[_:<^,/_#5_Q]T;QC_P4P^+W@C3O"7C/7;'X?\`A6U\5>)KBSU9
MK2XNXH-,::QU")[8X6#,LV[,9+'?Y66_<:-14<+&3ZNQ_ECP/F^"R3AB@JL?
M>ES2=EWW_(]E7]JG]K/]O_4?%WC?]GS]A72/%XOOC-IOQ-\'?\(U^TOX3>_T
MO4;+P]::1#;W=I$KW+0L;(3,8&LKI%<^5<Q.!*W':%X[_P""A^LW6A?"J3_@
MF'KW@A]'^#6J_#3Q;J?Q8\->./$NF>)(=7N(9]6U%F\/V1D@N+B:WN)7FCE+
MLMXQ\T@0.GKO_!!W6OB+?_".Z\+^$?'+^&-]UXRD6VAN;D64+6\7@J.)Y?\`
M7-E+69XEG.9+>*9_WO#U^CWQR^'.B^./'=S=WOC36]-GBN81=)80:/=6TAC8
M.L[Q7]I=LLB[(PD2,A(0LHC9F8]34Y1O!'Z9DN9T\SP*KS7*GVU/SB\!_LX?
M\%W?!7A*#QO\*)/@KXCTJS^$OA[P#/X16?Q?X7GO+709GDTN\,VH)IUW:W:-
M=W&]X+F"!EDD!M]Y61."_94_96_X+D^$+5?ACI^K:_\`#L67B\^*+W_A5_AW
MX<:@\NJR6/D+?W`;7[8R&6`1(P:$),LB.X>0/)+^F-A^RI\&_$MYI-YKNA3:
MY+8PV@T.P?\`L^WBTNV2)7ACMY-,M+>8QK'$J>7(2H\R)=A#BO6?"WBS2M$M
MI]<\/>&Y8T^P37MXEM)/+OAMX]RB*-(D0LQVKA`,A%5LL0M94O;\WO+0]2I'
M!TZ?/";D_0_(_P#:$_X)K?'O3/`'@/X,_'[_`(*6Z9#)9^*[70OA[X+^)GP(
MT6[N-&O=<:2"SMH3IE[J3:?;R-9E86Q':H;%DC,4:E1XEJ>D?M+W.I^(O@G\
M>/V^?!LFGZ=\/]-\.^)_AO;Z2W@S4;?P]:-(UM86UMKVBVNES-"]Q(\*I<@G
M!*.RH6'N7_!:35/A9J&E^#O@I\/+BUNO^$IUKPYHMFNN2VL,%E-86=UJ5Q)?
M2$B!%DA\86+_`'O(39<$>7'M`^$/CMH?QP^&,-S\)?'W[-ECX1N-4UFTET^X
M707-U,T$$D,HL;EY7-W9W#2B5O)D>WFDCBD@*1XC>I2L['YWF7%F*PN,J4:5
M).S23N?H;\"_V/\`X/\`P0_8_P#'WQ;^#NH^.;30IO"6I:7>Z1\2M8L;G5?[
M0U31H+_:$TPF"VMOL*V4X19Y_MDE]$;B*.32K.2OB>)SY8>*9Q&J!5!&"!D'
M!&!C@],#Z"OTT_;JU"V\%?L!^,8O#\5EI]KK'C[4+.ULI"'42:3J%OX?ABZ*
MSL]KIS3F0\[F<8VJ"?R^29DM&5/EVG&,^@7W/]:\W,W"$)6Z(_*O$"O_`&KQ
M7EM*HO>O%/YR1](6&HP:%8)<27(A@LS%)]H)QM>-XR.V05^4+C&-N_.X"M?X
M#_$CXG^"?ASJ?A[X!_&GXEVGA33KMI(?">CZ[?VVC0O,@F$<=S:-'<:7NGB?
M<S3F"1[N+>;16,ESP'Q0T+4]7\,0B*:.VBAU!)KB_O+Y8+>*(1MG>[81%W&/
M+L0B#<SLBH[#A[,?%/X<:\WA2?0=4TN\O6\J[TG4M+^SFZ5T\MEEAF3$T95Y
M(G0`[T/W@3\OXIA,RQ.$J3Q%.;BFWMIU/]=<7D&69QD&#P%6BI3BHN+:\DM>
MZ_`^@/%-M\"=,O;WQ)XW\"2>%-3\07U[->:QJ,#;-?N1<;KF8:@WF1WSB3?N
M>.63#2,^&!`'E_CW5_A9I\;7.C^)["=)&_=W+7\;*Y/;=NP3]*]9\*ZSXF\(
MZO<:WX:U*\TR]GA\NXDL+E[*:0`C]VTL&QT4XRVW:6;J#72-\1/B/>3.W_"Q
MM?4-R[C6;@-,/20K("WT)*^U>/7XHP\J[G43;]3[+*:.?Y'3]C0A34.RNE]U
MNQ\ZZ+\)?B-XHTR;6-+\*-8026!NH+K7(Y;6*ZC8-Y!MT9/-O$=T89MDD`<J
MTC)$PEKE=,UU/BQINC^$?A+I=]=1>)!%96MOK\EM!<ZY#.\<D,4HD=(;51(5
ME,$;,BX)9KEU20?4=E`C7$MP]M;EY9'ED"6Z@22,P#!\##JRA0QP,@`8P,U\
M8>%_[*\"7U]X2\!^([F5_"_B6^TJUOFG2WO(DL;RXC@F8IM594@2`L0V6#`\
MYQ7JY+F-+,Z-=I<O+M?M;_,]#!XO-,WS>KAL=47-R-TU;W8R5K-]['6_"[XH
M_$SX)>/KBYGL[SPYJ^A>()M-U[2)YBT5W);3-%-$[J$2Y@<_-'+&=LBS?*2>
M*]W\7?\`!2;]ICXO6L>H?LY:+K47AY8;>2TC\-^$9-2O;B";(1Y4^SW`A!(/
M(CP2,`DX!XO]G+]E;XR_M.^/6U[Q)X>\1Z3HLA@O-4\0^(M%N;9[]Y2K00VQ
MNHXS=27)1B)Q'-"@@DWF3=%YG%^'/C%H[QVGA']CX0_"[P7J<L$VE67]M31L
MY>-F%Q?WWFRW2PF.<NT2RM;VJDGRC\['P,RR3A;.,=]:>'I5*U-14D]813OO
MYRMHF>'C899GN:4<-25/%5J5.3JSDK136TDEOZ'8G_@IK^U/9_"/7VA\=6^H
MQW.C1ZCIVM:A;0VTEK;QJU[-Y4<5N-[S6XGBB$@`66:,L8P)"^3X,\1?MA?M
M*>'M2^!G@SQW?Z_)_9]QJ2^$]>\4RPIK"Q^6@L4D?<G[P2J%64&'=DM(H!:O
M+-0T>YTC5+_PMX\TRPOOLNH3Z;K(T[4FDM=356=66&?:"(YH!&1\H9<D!=W%
M3_`#XL>+/@EJ6A?$2RNH[#6/#0FBOF\0I&8DN[96M]1CN"7VN7V72^8&\P(Q
M8.67;7T%'A_*,NHRGEV'C&7-?16YM+^733U/=IY%E\*L_P"SJ<(5*V'YX727
M+5I[RM+X6^KZ'>?LB?M#>)]&\0^'=+3Q!J7]CZE+)91>']0#G^R[B6<12*EL
MS*T#I='9*$(W-'QC:,\;_P`%8%^'MC^UGH=G\0K75OLLGPZMC:76D-&)K*?[
M?=_Z2(I%5)ON']T'B/3]]7;_``.T_5_C9^TK%XETW3[5)=6\1R^*]6%D]T+.
M2*YOX[FYO%5GE*J9+R,H=PC+W$&6`D!KRO\`X+$CQ/<?M&^%[OQ'X?.EW-U\
M.;8W.G?:A<>1_IM\WWA[$5])P5A<-4\2J7L_<G.$[I:.Q_.OTFJN&H\%T:+Y
M/;>XZO);DY]WMH>)GQU\)O`$8_X5]H%[XJU)7_T;6/&FG0P6=FAX/DZ4DMPK
M2*"R[Y[F:-E=QY*E@R^H_!;]K6QTOX8^(+'QM?>(-2\9^(O$TEQKNH;(S#J.
ME-8QV\5E-<R2M-!%%*B,1"@+Q6\<.]=QD7YKJQ87J6=\MS+&9E*F.9&.-Z./
MGZ=_2OZ@QG#>#Q[YJZ<I:>\W=V6R]#_/*CFF+PTN:E9/R1]*Z-\:]3\(6OB/
M5]5^(]QX9U;6=/T_3]/\1PV4WVBPTRR>:6YM=.2`HD%Q+.EG(B`QHP@E`>!]
MLICT'Q!^QI8?!B#PI:>'[6SUK4-5,6LZKXB\/SSZFUHS!Q<Q!XKBUMF9QF6=
M0TUK&0BQ7LB_:6\YM1I?B?1'T&_`D>11("RE3+C&V888[2<<@<KO;=C%<KK/
MA.]TJ\%E?PN%BF+QPQ!!$XW!3*?EP"S84MG.2O&&4G+%<'9?)25*?*I2YG;3
M6UOR-,)Q'7IT?95%>RMJMEY=CZ$\`WW[)/B+PWX;^'?C[Q3I-B^N^.[2^UC3
M/#%E=6&D:5906PMX;&ZO;J,2O*KWDS%P[CEXM\"A9#U'_"Y/@;XN\5ZQ\'M<
M;1M"\!Z?:W<Y\)6?B&VCLW2*1`PGNK66.*]U.9WMVC7[1]EMHEAG,MQ.CK%\
M?ZGK5I??NU#"$J4CA*''ED`9^=BK=W9BN9&QD#K69YUE&RO#&2T:A8V3<IB`
MW85&!+*I5W4KNZ$\_-Q\_B>`*%6JIK$3NM5Y/I*.NC71]#U\)Q'+#PLJ:\]-
M6NS[KR/J;2?V?/A+JUG::]X"\!:!KVL^+/%!TK3-)'BRY@\*^$'$L8>VGO?-
MCEN]2V!U1;>79.5G:"";;`DOIND?`7]F[PFVL7'C'X;3P:+X0F^S_P#".N]S
M'<^(M3N[QH[97A>>5[>%YT>&VMF\R9X55[IBLL)D^)/"GABZUK4HK2*0PAVQ
M+<Q2-M1?,4JI4'<NW:-J@H&VHWW5W'T;4_%^J?#S3)K'P7XAN]&:33GLIY-)
MNI+>62V9%!MW96W2+^[B1E+`/&65]Q3*;5>$,\K8/D6-DEY/^_;_`-),GQ#E
ME*NN>BFRW\7OB)^TMXKU?4=.U'6%LEMO#TD>M>%?!T!M8/#FFI(8X],GCB`5
M(DBV*\)+I`)-DV+F.:..O^PCXD@\,?M2^'9-:T^#5M-O([R#4M/U.\>*VEC%
MNT@:1XXI'4)/Y4A"(Q)4A0W0^6/J=[ID\TNGWDRFXQYQB=U:0!@Z@L&R0KI'
M)\^_+*G1HD>NG_9I\8ZOX)_:%\(>,/#][-:W=GXAL/L]Y!;I,\),JJ)%CD*K
M(45P`K$!\'<177F^0*CPKB\#"*5X3MIM[G0]KA/-JBXOP>,E-OWX7UUUE;\M
MNQ^NGPH_9JT?XM_"30/@79?"G1[OQWJ'CS68]-3QM>SZ*QLXC>:A:0RZC9QR
M%+H6,UC<M"J7#RQ02JL,2B>YM:7[07PC_8=^#7Q&7]DOXS?L^^*O#WQ%3PII
M5[&/AKK1U71WUBZNI[+2M)L[^;R76_NI#(84NK2W7#>:Q$(9QZ5_P3FT[X5>
M./AC\0Q\9=#@^*?A_2]077;"\UK1VN+G5([:R@EMM03[5OD68M;OY4@\L*V9
M;>1H3%*WS_\`LO\`AKP-\,OV<OC?^VCJ_P`5O#'@(^$(M<OG\3^$M,M9+77_
M`(A:CI<]])86&G:[%=P75E;:;J5O863Q@3W8O-2FCN;BWU%I!^7Y+@\%7RRD
MZE.-XW2=C]OXLQ.+IY]6;FVYV;;;N]$]3T3X8_\`!/CXC_%WPK%:?#S2-1\,
M^%9A<6=YJ.@VEGJ.L:#XR@O/L>O37RSS"WO8%NH$BO8XF9M2:Q\V!+F&"UF'
MF/QW\>>.OV:6\4_"CQWX%UW3O!=OJ%_+JOARRT6Y.GZG)H]]I!EETN]NV>U,
M#//J?E^;`+6S%I)YK1O(D4'V5_P3%_X*+?L=^'O@%X2^$OA3P+XU\+Z=&'34
M/$VMWHU'2KO4S:2ZGXDO4UF6Z:6\LM.O)FM[C59%%N7N83!++%*CQ]SJ?[0_
M[,W[4?Q]TSP+=MIFF?#JY%G<>(->\96NI>$+[6/&6HHL&@Z+:17$MC<37_V"
MWN)Y+>>)I!;SZ7Y0/G>8?1PF60P-'V=/WHWZZO[SP*V-GB9<U3?R/STUZ_\`
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MXDN+Y4T"\EM-.U^*22.&*.WW&".9V;<1'!))\KX5"&(W_.*\P\#_``WN/V;_
M`-KCQ1X/L()YK^]\(OK-[INLW*[Y[XW,]LLRZDB2*(9XGNIMS0>8J0>:06D%
MO'U\OPPT_P"*OP.^+_BS0/$&G:OI4/P8U@+X8M+"VU&6]U"Y\F[TV\)ME^<Q
MRV!:%8G,4CW#>6SK!N/J99B'5P]2$HV<'9&O$%/#O-H.C+FC.,7?SM9GZ/V5
M]!?VL=W;K($E0.HEB9&`(SAE8`J?4$`@\&IJ\K_8WU:ZF_9K\#Z/K>N7>IZI
MI7A>PT_4[Z_OS>7-U/%;0JUQ+,0&D:7*REV5683([*I)`]4KL@W*";/#JTW2
MJ.#Z!1115$!1110`4444`)O7?L[TM%1370@#LX&%X7&3SC.#@<4;L6RU9\7?
M\%C?VA?AE\*_A'#\-/%5K;ZWK7BJ]A?2/#<NGV]_Y[P/'+`)K>5HE-O]J2%M
MKSQ;Y%7!=0R5^4?[7/PH\8?%G6_@_=ZA<:?:6_CZ^GT3X6:=%<W>K)'I,>I-
M,OVB_FD=Y;6W>_-M&\*-;D6^Z)9$D\]?5O\`@KQ^T!X]_:1_;C\0_!WX-:U!
MK-U%?VW@KPW]GFN()K*^DF2SN;4><1':^;?2A;FZC0>;;QVL)E"">)_O[PU^
MQ1\#;[Q'X<N=6MM2O-*^`^CZ-X/^'EOXA\/VK1K'I=K%+-J-M+(KR,99[B&V
MEE0PE9M*"A2T8EKCSG)JE+#QQ-25N;9/HEUEY/[/<^SX/XZP>38VGA<%'VG+
M*\Y[^]+1PBGIHG:3W6J/@3_@ITOAKPM^T3IWP6\(QW4-G\.?`FDZ%ONG8K(5
M@:8R`,2=S1W*!LG.Z,Y-?.;!`XC)2,&/>AD.!M]SZXQQ7N_Q"^'7Q7_;$_;F
M\;>#O#-S9S:[+K^H[)-7U%(;:WL+2=;59V.2ZV\:^1&TBJ<%E5%8Y53]J[]A
MCQ;^S)\6?#?PDTWX@:9XLU[Q1&O]AZ=:8M;E;F:6&VCCGBF?$:M)*%21G`)C
MD5MA3G\5Q^6X_,,75Q,8VA&32OO*[T5NEO(_O7@KB[A;A;(,'DF.Q%J[I1J-
M)2;=WSS;>J23O*\FN9;'A+PRHSEHQA%1SM&?E;=@X[\+G:/FPRG;@TV+:R>7
M<V_F1NW[V.0\,#M!`]!@'!Z\\@<BOHK]K']B"W_9\_:=\%_L[^%?$FH7EMXJ
MTS2(DU*^P4:\O+J>SED3:2,!HH'VAL@'"R!2#6!_P4*^&'@SX._M>>,/AO\`
M#O1(K'1-$33X;"UM"66-?[,MGVY8Y9RS$]RV=W?%<U?)L9A*4JD_=E":B_FM
MCZ+(?$#(N)<=AL'AG[2.)A.HV]/<C.-.UKNUW*_RW.T^'W[8/PA\8?!GP[\(
M?CY^S+>>,]3\#Z-/!H>LZ!X@DL9WM"C6Y@G$6&BA6WD6-I"6CV%F8!B=W$?%
M?XW_`!._;/\`&'AWX-_"#X8PZ'H=FYM?!/P]\&VBPVL4D@#2SMLCC63C),Q6
M%4B0NG+3N_U+_P`$F?AQ\,/"'PZ-_P#&;P_;:A/\;+V^\/\`ABVD,,AN-.L[
M.\FNF6/<LXAEDMYX93@JYBM0556$C<3_`,$@?!OB;P7^WQXO^'^K7$+:AHWA
MG5+359XOFB^U1ZA:Q3RQ[6WX,D?R*G"Y8C@HL?UT<OSC%4<%0JU?<JOE>FUE
M=7=K['\_U,XX-R+-\YQN!PT?;X*SI2E5O&4Y.TY*+_E>CBMMD>&_%K]@']L'
MX+>!+KXH_$SX+7>FZ'9>3]KOO[<L[MXA),L*L\<5P\WWFRV5+(H9GP%9A\]^
M+!C5XK<2HZQH?FB<,K'IP1P1[U^@/_!2[P#^W!\-_@9H%I^U#^U=:>+H-7\0
M)9W_`(=T[1HK6W60P3.'D:""$WB!XB<2H`)6B=2K;&7\_-?E^TWPNUS&1"A"
M%MW#`'`))XYXZ\5R87`8?"<2\E%^[&-_F?DOTE^.<UXD^CE+%YE.E*53$QC#
MV*G&*22>JG[V[?EL?8W_``2%LM7\8>&_C;\`M"U;3XM<\=_#^XTWP_%>7?E!
M99K&[B$HR-QC$P@C=P#AW``;OX'+XTTWX._\%.OBI\1]3^*/@71O"/B/5KKQ
MK:>)/$O@4ZM(EEJ,#ZCI[6;1O9ZK;7HCU>UF$.G31W2R;7D!@B>:*+]CK]HV
MX_9P^/6A?$V^NQ!IT4B0:X[1@M#9^:#YF2&8+%,D-QM4C?MQ\N<U]I_\%,?V
M2?B%\<O^$,_;H_8TUD:IX_\`"5__`&MX<M(KB>ZFU***X_M-K*,S2M!<7%K/
M+>7<%N(86N;"\9(HI/L@CE_2Z4_;X9+L?PAPE769</0=.-ZN'TG&^\7U7_`/
M'_V0/VDO`'[%W[6OC+X4_'B!8=%\;:Q>:CH>HW4VG6M_H27MQ(LMO<I:3QP:
M1>S7%CIS^8ZQBU_LZW6X@LA*T]M^K^HZ]?\`BGPWH?BS4],U6^N+NXT\V-MH
M-F)VUEB%(NWC:.+[)\C_`#22LJ1!&4G!C,GXP_`#]H_]D7QG^Q%I?[+EYH<E
MGXJGUZ'4OB%K/BNS-U?:9IMC9++J&M6LYCE$UQ!86-Y;V5M&EO*BZFJ>5.T$
MDUWTO[.?P,^->B>)_A]X#^"O[1OQ)^&]OXP:2[O-">YO)='LKJ33;/5E#(9;
M83K(FM^'=/,D\#337C:A_JTCMHI.ZC4]E'4^RRG.ZF50Y<,E6CO:/NO7IKV/
MULA.B0WJ:)IEKXPM#%8VL^H7K>%F@MDC:6WBPN\H4VJ3*R`DK';EAGR0&X7]
MK_\`:[^`_P"Q;\,VC^*<V@Z/]OMHKQ?"3:@D6JZ@8RTBVACMRY\HR1^2)7,M
MN^\02X1WDK\UOCW\:?VG],_:HUCX+^(?V_O&NOZ'X.\)SZ[#X@\'^)9-&FUB
MRB\/OK3)"L$C1B5X8O+6X;S@JR-,4<`QGB?&'PV^#7[.6F^-/BD=4T?7?BC\
M)?B;*;&ZUKQDD=]J>J6&NZ.]NL.G&8S2PWME=:F6C?[0$FTLGSXC)(K7*K!K
MW&:U..ZV-E*A2H2IR3:O)QLK(O>,?C5X[_:W_:WT3XT?&?P5J>FR>*O!NI0_
M`C2'\?3:&=5U)9[V"6>RUF[M[M++4EOY9Y;"UN'C%K(;)5N-B6\=SR__``33
M^"WB[]IC]M'3_B!X<\<>)_%/@/X?>,H=>\-:9XO\0Q0W,_B.]N?M-K!'^\D2
M5P;4WE]<1VY=X=/N)$@5UMXZVM%^`WCK_@H7\6/%?P*_8C\(ZSX>^!YUV:X\
M3^*]:T&/4M/@GL9)%FU328%LH9;>\NK?[!(;&Q$,P:Y^SN%M%A"_9?BWQ+\#
M?^"3W[,*_#+X>VC6&HR6,NG:;X<BO8Y+G[2WE-<2WUQ$5%W?7#)%]KG#FVLH
MHH+.U`V[[CSXKFES2T1XF%2>&GCL5)*G!\TF_M/^YW?8\-_X*W?&/0+#_A$O
MV2?!^K2ZK;^"M+M%U77YU0SWTD4;H)Y2N%::=I9[B5L=;B,\[N/BJ61+='M7
M`W^:?N]!PM:7B#Q1K7C#5KWQOXGO!>ZGJ&HM<W<\B@*[G)P%7@+R1M'&U8U&
M-F3C00E,LI)!)55].%KQ,=7]I2K-]#\@Q.=O/>,Z6-AHE5@H^BDK?\$^H-/C
M9G2X^T2J\:!4FR"\0!W`H6!4,K'*L58I\VTC>X,_A+P=X;\/F23P_P"'=,TY
M[@?Z2VF6"P>8>O.,D_5BQ]23S4EE9A"NUSCG@K6O8VQ5<L,$=Z_FK'XR4*TH
MIZ7?YG^\>2PI5,GHSDO>Y5K\D/LK3R\*`!M`"J.E:EE;%1R!R>?KZ4RULPV'
M)XQQQWK1M;1F.[.`!P,5\[B\4Y[G35J\BT8EO9/NW(@'KQ7S5\8/@C\9&_:,
MU+3_``5\(M:UZP\;7`O+"_\`#EB)8M/D6TM;:X6]&!]DQY"3+,_RR+,6!)5A
M7U396X&T%<GN?:M"UM$$T,QE>-X)A);W,3LDULXR1)"ZD>5(,_ZQ1N(`#%L#
M'5D7$?\`8]2?MH\T)*SUMIT_KY'SF8U<7%*KA96JQO9O7?O>]T?8^E?!/Q)X
M*\"Z9%::A8WLL.BVR-=VZN%<",!RSHP\T$[2JD$?*NP-MY_/CQ5_P1.\7^%_
MB%<6'P;^.&C:+X(N;V>YL]`U;PM--/I'FNTPMXWANH1<V\<TDOEK)ME$3^2T
MSA0U?:'P>_;&A\/6<6E>+)HK62&/$_FI(;0./XSY:.]L#Z;)0/X/+KU.\^-W
M@'QND=QI]C`LS_\`+-+RVF=?J(9'K@E.ED-*MF.18SDJ5VG.FXQJJ36S7,O=
M:Z7/Y]P6/XGX>SES47&HV_?CHW?=::->1\0:1_P2#^!>G:UHWB?4_B)XQ^TV
M&FVEKKEI97-K%9ZT8;B:X^>.2WDEMHBTQC,=O-&?+C3]YYN9J\3^(O\`P3;_
M`&@[G]JKQ%IOA&QMKGP;XM\0W7B.U\62ZC9P)ID5P;F[DLIH+AEGD"3R7"12
M002Q2QW$):2/$GE_HMXI\<^&;>\:V_M&R@F5/WD<]\B[#[H"9F_X!&U<1XB\
M>FZA-GX=%RD<LS2"_1S';ODLWFQA.6&]RWVF4(00K+$KI'(GS.0\=>(V75ZL
MLT;E0Z2J1Z7WA&$E)OI=WC;2Q]'A.(L_I8KVU&<G.THZ^\K2^).]TK]>I@R>
M!/@K\(;:Z\)_!/X0>$/!<UT83KX\)^'[:P:06SD*D[6RIO?$SR.6,@4R"-@K
MY%?FA_P7#T@:3\7/`VMK;HJ7?AJYM65%*[_+N,C)]A+^M?I58Z>GF*@W84C`
M)X!&,'GDD8"@DG:H"+M7Y:_/[_@O?90Q2_"JZ.`\G]O;FQV#V#`?ADC\:_2?
M!#B3$9MXLX7VDF^932;WMRWZ^9^>^+.6K`>'&*A4=Y7@_GS6_+0_/.G11F5P
M@[^@J,.2N0O/I5RU,EA&TR,%?C`*YQS7^E#V/X8F^5>9L0^('T>Y2%;^1V4E
MF91RKG^,'U/\2]).^*]$T3XI>`/%'@J/P7XE\&>:W]I^=?ZOILG^D16WD&/R
M1"^`?G)D^1GY+>J[/&B23EB3Z\U(MU("&89=?NR`X9/]TC[G_`<5+BM[$*E%
M._4]0T3X%_#OQLE])X=^("V<UIHDE^8V1;@32KMQ;1_.,$Y?:3_K/+_=>;N3
M=+<_LZ^$]%M[JZUSXH6UREK/9_O+*$A)+6:*21KH$<JL>Q5*.%E)D'R<5YT/
M%NI-()K@)<,$P#>1)<<G?N/[Y7^]O.1[\8VIM:WBK42`HMK%<9*R)IL`DB;^
M]$=F(6P%&Y`&^7KS24J2Z+[R^64GN>F:SXF^''A'3;4>$(+M4$,1N?/5?(65
M!AV2;.^Y$O<;3Y2?NUW#FO-_$GC%]>GPLSL=_F%RH&7_`,/\7_OG&9<W5Q>2
MF:[G:=V^^]P=Q<^K8P'_`.!AJ<=.!=XHY5<A00D:%F?YL$*%SNVC#LP^0*<[
MCTHG5BH>_:*%3PT5/FUE(B$KAU+MDC/XUI>!M9L_"OC;1O$.HQ>9#IVL6T[X
M/.V-T8C'OM_6LQ8A*XN(V;R=VTS,A54]F)^4-[9/UHG#17)DBQDXW!AD$UY^
M/7UG!6<M&FGZ-6?X'M9+6EA<UI2\T_N=U^)^^/\`P3/O].\!_M"W?@G4O`&A
M>';YO"?AJ7Q!9:?J32PW;W<NH1!P9"SN[LD2A9)9E6V6T#3RD/`OV%XW^%W[
M$7BW]JCPYH7CCX"^`-6^('A_P_;VWACQ%K&CZ5)+I:Q^<UMIML99/M098_M=
MPL,*2")7>0M#YBF3\TOV'[;Q+X2^(GA)W^(^G^(]6\2>+](O;RUTJ^69;&VA
M\1:!:V]JX,8>*6&P)0Q<Q,1\@9B\[_;FL?&*Q\4^.-'T#]M?_@FAXC\07K6`
MM]*\4Z'\/1XA?2DO8Y1-8W,UO"R1.JM%#)<6<LEL[B=R;=(X]WX?PTT\MLEM
M?\TC^F^/,-/#YYS.5U*,7\FO^`=7\4O^"6W[)GBG2?$!\%?`#0+O4?$VGZ]I
M^NRZUKTB!;+5YYM2E(BGM+V)E75&%W%936XM(;B:6=83)&@;Y^\??\$5#XE'
MC3XBZDWBF^\=^*]0\1I#;:IXRL-;T[2!KXMS=7:M=65D59(K<6LMR@DU'['+
M]ECG_<6-U:=>_P`4?V'/A#XUL](^)G@;QU\,O#&E6MK9Z-J^I:]XKL;?09BE
MO)':6MQ;6[6-O-)+<S1RV_VY5>VL[>Y19[><R+K_`+*L?[/.F?$SQ7\(_!G[
M>/CJ\U6]U>]NM)'BW4;#4DNKJSM;=/M-Q>W23MJ5Y"+-+N+?)$RV4,.(0D$S
MM]%R-1M?0^-4G$^-?'7['WC7P5\<?&6MO\9?CE\-[;PAIMWI>F?%6[^%T>B^
M#_"%TUC<64U[I4L$L]Q]@DL8;>VBNA.+RVCT^RM[N[N(G5(_K;PM\/O^"KWP
M5T:]UWX,^//"WCKPM+K]SKVC-?\`C&?Q+//H<.@:9:6&E$Z@MD#YJVU].9[>
M>(SW]W:74\XA:]CG]`T[6OVC-`6X^#_P*_;G\(^-O'UGIFW24^(/AI5@N!9W
MFH0R1O?63^9*PFMFLKI,S7*&Q+LD,OF32>G2?';]H'PUXG.@>(_V:K;7;2*^
M-AJ&I^`/B#97?]EW3^3Y,4L.I+921,\,XEVJS%!(F`\;"01*,^7W1.USY7^-
ME]^TC!\7_@G\4_VC?V9O#L_CN^U"73]3T_PW=R7"6]ZT(;[?:W#!FM[988)&
M,4X!#K`ZB2XBMHJJ?##]H[0OV;/A?XA^)NFZ/>SZS+K/A3P9INFZC;W$-[,T
M'B"+1G2Y=C,NPIJL#D(7=3)<?//L1JZ/_@I=XH3X@?LG>#_CY\6OA=<^#GT+
M54-UX>U2ZMX+W1=;:XCL[*5+Q\PQQPLTTZF5`DJ/#*\8"-$?G[X^^!;.W^-V
MIZ?X<_:;T>^'C+QKX(U_QS97%TA2VL-/O]/U:TDES:2&""UMK,1IY,D*S&YM
M&G5`07\"D_JV9587M=)_Y_B=6;5XT,-A,2M(QYH2?F[6^X^N?^":OQHTM/&^
MO?LR2>);N_U#P%I-G;'4-0N85_M[2C'&^D:M%"(4999+"6"&XZ[?L]J"0\FT
M_:88%0P[U^6'[8?P8@6^\#_MFO8:W;W/P,^(4-MXJG_X2)`MQID=Q#JEG-)(
MEPRV]I;W-P;22)X6_<W0G=E@MXIE_3SPGXDLO%/AVPU_1[F.[M+ZV2:UO;>1
M6BGA90RRH03N1@05(SD$'H<UZE"J^9TW\GW-\8L-7I0Q>'E>,]&NS6C^_=&I
M11176>>%%%%`!1110`@&'8^N*XWXW_$C0?A-\+O%/Q3\7S7$>C>%="N]5U5K
M1?,E-O;6[SRA%4@[MBY`SECQ@#!/9Y'K7F/[47PE^%GQ^^%NL_!7XQ6S3^'_
M`!'!%;:A!_:,EH9U25)_+66$K)G]VKF,,IE52N=H<54*D*4U.H[);^AE6I.M
M1E3CNU^)^-W_``3,^"?Q&^,7[0.I_P#!0CQA9^)]8T#PBESJ_@Z_T[3(O^*X
M\4277D&VC^U*8)8RUQ+')(98T21LK<1B%YX_TY\.6&@?`SX4V_A2[UVPN!I-
MK=7/B+6VC>WM]1O97>\O=2\N2:9H4GNYKBY"-*^TR$EG*$GYZTK]JC]G7PUJ
M0E_9_P!#.I^$/`.AF3X7:!H6EVMOI.I2E)+"YUC3+IC-]GG*>9:09DM5:UFO
M;HR7"7MO<'BOCY^U3XQ\5_"_QMX3N_#44'A^_P#"3PZ;>6-X+6]$[6K1R0SP
M,D\9CW8B7RY%R7W80$1I\GQKQOA<1C'"$XM.*BEY15E>W70^H\/^#ZT:].AR
M._-9M:N\VFWZ^>Y\_>$?%LOPL_X)W^,_&6GR,E_\1OB5:>'];U:?4'CDN+.&
MQENUB8EQ$S2.TRR,R_O(YY%92"JC=_X)B_`CQX_QLUKXQ6/PZ_M2\^'_`(8?
M6M"T74!;VD6JZG<VTG]F+(9T!`E1I+A94V>7MA<$`J&S?V)?^"C7B3]C;P[K
M'@N/X3:3XGTW6+Z+446YU5[)[65E"LI9891*N(X@`=NQDDY^88S?B#^TW^UE
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M+=-M/#^MC5--@GM(-+$.H&$6XDBDN=CN64/$UON^S%6.Y`78CLO&7[-W_!3S
MXLZS!/\`%"_\2R#29X]4MY-1\<QR6NEW"*Y2ZACANV-DT0#!9X(CC.5XQ7I8
MC$T<QHJ,J$[/E;7=Q6EWW7X]3PLEHXGA3.4Z&986/LXSBG*_PSFYKD46DK7N
MEK;1.]CZ<^+/Q`_X)P>"/BQ\--%\1?M:>)+*X^"<$6EV.@>'[-YK:-H0B30W
M$\%D[SR2K!%#<*LJ96W"D1NCYT9?&/P4_9K_`&L?VB/BS#X]\+RZ[_P@&E:K
MI&C65Y#%)YTMM.LMN5.UIY)+F"U?D,Q^VVQ(S,N?GC4_^"'G[;,-E-?'Q;X$
MNVM;=Y?*MM:O%>X55(.!]@"LQ!8#((P_``P!W7A3_@W_`/B]>Z9);^,_CQH>
MFL''^@Z-HLMS"/,RKJ-\T`"D<-\F3R1SAJ[J5?.L7>G'#**34HMMIW2LGJ[7
MMT22?8^7QN4>'6#PE.I'.G/FBU4BDI7;G"3Y;13C>[=[W[MGPYJ7@ZSTWP/H
M_C"3QYI%S=:K=W"W6EP)NO+6(!D^U3/Y0^]A2K*"<!6R>:\U\0W4LVNW$LX`
M)53\C$JP/(QGG'/`/08K[X\4_P#!(NW\,^)+K0D_:0-Y:PRN;GRO"Q@5IU<[
MBIDNB1SD8*XXR.,&OD+XP?##PAX4^/GB'X767C1TN-,U1+96N[<2*T?E*S.Y
MCPZ$L<*$CD7U8=:TX2X)XBS'/*E2-)?!?=OMYGP/TLN/N&^*?"[#95DU9UJJ
MK\S3BHV@U)\K22VT7R//;F4;@[+L;DMM'^MR@3#9!RNT#CUYKZL_81_X*>^/
M_P!EQ;3P/XWDFUCPG&4`7[.D\]@%9&A"QL0LL:,&;EHY$+?(W#!_F/0M`L]9
M\1/X7UG6WLM0>"YDL;0Z>[O.D38+A=PP`<*5!+`G(#*,GT;6OV9?$6G^%M3\
M4VEK<21M,D&CP1R13*K-`9P)G5=C81)`K#`?Y6!7.*_6<-X><3PBK1BO^WC_
M`#ARS&9YP[CJ=6@N6H]+/9KSZ,^O_C+X>_X):_MNZAK_`,0O$GQ!\/:;X@O6
M,T=X]^FE:PEU),/L]I]K9%M[F!0B(6OK.>2VB5%B\PB)HJ#?\$K-4\*?$>>X
M^'/[>GQ)MVTJTCL-!@UBQW3:58V$_P!ILH!=-J=K"UL)X;=TM@L<:3741,,1
M$Q@_/3P1X9^)7C/7=4T=M,AMKB#3)[[11=&2+[2D<94.68MO(F5E\K:N[J6/
M6O=])_9,.C?&/P_X+32+RQBN&,U_:3W11H;>-MSA9$"#&$E/RGDXY(Z^IAO#
M[/\`$P;K1A%=^8^WQ_%M-24<7ATY/_GW)K\F>Z:;_P`$L+F]B\)_$FW_`&HO
M&5MJ%_JFFV5E+9Z!8+JFC0P6\4=M<[H->*1"!(X$0Q>9+$(E41?=-7?"G[*/
M_!-7]G[XB>(O$'Q+^(-CJFO63::L7_"6^.8M7N[5WMI9+B2+3[6&!-B7DUNL
ML=Y+<)<1QSC:&96D\NT_]DCP[J6HVO\`PEVBW^KYN/-FE%]=K>W]J=/M[E;2
M",.6D=YO,CRI#%;YV!`1-GRO\0)I_AR=1@NK.VGU#3=.^VDB:%XY`JE6:*)'
MBGEC9VA/[LQLJB9O*F6#-.IX=YE27,I)^C;'E6?8+$Q<<%A??;>M1W5_GJ??
MOQ$_X*:?!GX%^%--\"_LQ^$Y=:\3Q>'[739_&6H0/9#RH6?$,2)Y;65J!&K"
MQLDAM4,DNUW7/F?$?CGXB>,/BEXE?QG\0O%%UJ=Y(IC,]T$^5`S-Y:QJODQQ
M@EW\M4";O-+*P+*W%7/CG3](_9OM?&NN^$)K74WB>&\M;_?`'U"0,(XR$1`T
M:1KN+E8W#F%D2XC2Y,=GP_K]GX5UHWOB6W:]NY5)TO2KBY1)9U\LN9Y=WW=S
M>2?+"N1$&E<B.6Z6/*/AQFF)E[.=9*_D<F;X;B;/*7-5E&,(7M&-K:=D7S,3
M$+:WB9V#9XQC.,8ZG%36;QQR10DHTCS*)(PP^7)`/7K@<_C53PCX<UKQE\0/
ML&IZ=J=ZVZ.6#3=%D$8>-O*SN$D@:/:93USGRP%+>8"/4/B7XC\#:-X,O=&\
M.>"[.;7K/0%36+:VU"WM6T:$2VNG/=O),\<DKBXFA&W;N8R%NQK/,/!_%X;"
M5*D\3';;770^=RW)Z^$S3#U6N=1FIR4=_=:;\CW6VML/B8",@\JW4'TK5L;/
M`SO'(X.UN?TKX&;XQ?%IW+0_%+Q"$/W6.M3#(_!R/RXIW_"YOC$%POQ6\0G`
MZ+KMR?\`V>OY*Q7AACZLVUB%KY?\`_T)P7TS,@PN$C2>7U;127Q1Z*W8_0FV
MM<8W..G&%/\`A6E:6C':6!Q@<X%?G.GQM^,:@?\`%U/%'3&/[<N,?^AU(/CM
M\;%&$^+GBT#T'B*Z`_22O+Q'A)F%1:8A?=_P!R^F7P_/?`3_`/`D?I+:6K*<
M>6V.W3\^M7XK"0$.6R"./EK\T%^._P`<]@Q\9O%O3OXDNN/_`")3A\>/CD>7
M^-/B_/\`L^)KL?\`M2N.IX.YD]'B%_7R.27TPLBO=8%_^!'Z?PV4_EKY0*LH
M&SRV9`I]<J0Q_%JU+?3$+-Y4)9F/,@CV/^!7;7Y6Q_'GX]J<_P#"[?&.#Z>)
M[O\`^.5-_P`-%?M`H>/CKXS!_P"QGNO_`(Y7FUO!;-JCNJ\;];J]_6^_S//J
M_2TX?KJT\$W\T?K#!;1%BJOM'\)0,&7Z.<LO_`2M7+:VF\UIV8[F&'9>K>Y'
M1C_O`CVK\E(?VBOVD8,[/C[XV.>Q\57G_P`<I1^T;^TMC!_:&\=_^%;>?_%U
MPXCP&SZK*4E7C=^NW9=E_=5EY'*OI6</):8)_>C]?[:SS*"V"!G).?\`"OSS
M_P""_=IYD?PG5`00?$&\G!\O_D&XW;2<?>.?[N!USQXD/VG/VBH8_-F_:'\=
MD@=/^$MO/_CE???_``0Q^'?A7]M.Y^)T7[8'AK3_`(G)X<.B'PZ?B/90:_\`
MV3]H_M$7'V7^T$F^S>;Y,&[RMN?)3ICG[/PP\*,=P;QKA,VQ>(C/D]I[L59Z
MPM'ITEK^9X&?>-^7^(^6SRBCAW3=2WO2V]U\SZWV/Q:L+9[JXWX4)W8L"/TS
M4E_<2WMP\MI`7C'0JXQ7]6%Y_P`$W_\`@G)+*)I?V)/@_=)WA3X8Z1'_`"MJ
MX[Q?_P`$RO\`@FSXDG%A+^Q!\.Q"1^_>R\-6UNR?3RE4"O[/I\4T)[P/RZIP
M?5@[NK'\3^7@30L^V.0/_N$?XTXO"'V"=2?[O\7Y5_2+>?\`!"__`():>--8
M+R?LFP%5?]Y;Z9XJU>([?8Q7:"G:[_P0*_X)$:;9Q[/V6YD:39_I">.=?)CW
M>O\`I];_`.L6'[,Y_P#53&NES\R/YN"L@P3&<-]TX^]]/6F+.C-MWJI_VF']
M*_I'\*?\$`/^"3FI0&^O/V46FFFDQ!!#XZUZ1+=?<B^K+\2_\&Y?_!+SQK`Q
MTCX9^(-!!7Y7T3Q9?E\\_P#/W)/_`'6[?\LS_>%8_P"L&!O\(?ZI9E;H?SGN
MZL,QQ-D8R%&1CUS7KG@OQ=\-O!_POETGQOX9@U'6=(\26=S%%#/I4[7UE$+E
MR8Y9K.?:D<[VK,)Q<I<QDQ"./:SK^RL7_!K%^P!>R0W(^-GQ>MXI$D:51XET
MG8I'3`_LS('XU4O/^#87_@GM:.Z)\7?C(\10%7A\3:1CS%QM/RZ7VVC`Z>U<
MN/QN79G#E<I)>C_S-\'D>;8*7-&,7\TS\5_BD_A+7?'E]+;^(X3###'#I%Q;
M^'-.TZ2=&MI'*2+;R0PR.DPCB>>,.NTO(N\>2L_':_I#Z;?O`U[;3^0QC=K.
M[BG4R(_ER!7C=D91('"MN^=5W8`.*_9[7_\`@U<^"NN2WEM\+_VL_%?AHQN&
MN/[>\/6]\(RHV@2>6]GYB[>"!P1G.<L3SES_`,&G;PV\-QJ/_!0E)4+[$EN/
MA>0@3C#E7U8@J`"!QT8\YYIT\=A:4/93FVC2EDV+=:-3V=FMOZN>0_L_?$]Y
M?!&D:_8^-[C2M9U?X2W>F6LTFF>8EA>-9:/Y,@N=\UR5G,#J&V+%:"-BD1/D
MM-^@OQ&_X*G^*O$WP,LM#^%OQ7\%>&OB(OV5=5U'4([B>SN7BA#3K#Y2.8A-
M.JJS&$LD+.J%9-DT?@&I_P#!%3]H;X6>']/\):!\3/"&MV.E006MO?W4UU;R
MW<4<8C^T-;)#.MN6`R5WR<DXVY.<W5/^"5O[4]EI4\FF?\(WJ\]O#N.G:=J\
MJRXW_*5%S'$NXIGN,G'(K^5\1XFT>'\VJY4HKFYGRII\R3=UHFNEM6?W5A>$
M/"KB3+,-C<;F4X5%346N:/3;[!]8:/\`\%)+CQ%X'@O?%_B/X*>(_&<?C&VD
M\/;[^[LK73]-DM(H+NXVW"/)/=8DU.&/R_*5XYX48IOD9V?"[]MKX:_&3X4>
M&-1^-'[+G@WQ5XJ;0KT?$/PWX1OM`OQ]L-_"(VM_MUX(Q!=.]QJ`CDF)5(PL
MDSW">5+\5W?_``3H_;,\N1+CX(791ED#(-3L-NUF+E2#<8V98C;T(.""*X_Q
M3^RC^TKX;U7^S=8^"GB9Y"Y?_1=':_'F.6+'="TB@MNP?F`P`.!7M2\4EA(J
M6+HQC%]>9_YF/_$'^`,=4:P&:M_XG#_(_2C0O&?[''Q!\,3:]K?P-^(_APZ?
M=::9/!%QJ=Q96MQ=6E[/'#!':6FH?8)1&\(G9R3;RI=V[/))+\L<'PKU?X-^
M$=/\.>/?@_\`M1?&'0M#DO1;:UX?\4^'M2OH[WS+:2>'_1+JR8Z<IGD@*26P
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MN%\RS@)8@L#`<E\\_;G_``3K^)VM>)?V=-+U/5=0NKO5]$UG4K>^N;H^9*FZ
M[N)(8%:1B65()X0LI''[Q>",UZV!SG+<_P`RBL-+WG!W3[)GP'''A;FN2\)U
MJ.,DI?O%9Q=]6O3R]#S7_@F_I.B>#_B3KGP`\<_'!=:;XL^"A'*EFEZM]:7,
M5H\@%IJ$$*)%;_9+JY*,N]P%0EHC,$?[^_89O+^#X`Z1X1UK3M.L+_PO<SZ#
M>:5I$TCVUF;1VB@C1W"F7_1EA;?@>:&$N$+[!\1_$#]E'XD_!+XG:-\1OV9?
MV??"GCVPL]::2W\(ZIK3:-J_AJ<M'*ZZ=?!BD6DB?<6TY5$$DFIN,"+=%7TQ
M_P`$L?BIKOQ-^%NI^(?$OAC4_#TNN^*?$6JV&AZ]IGV&_2S?Q#J9MI;B#_EG
M*]H]DS)_RS!1?3'UF'I."7-TV/Q+AVEBL%AIX.KKRO?\#ZLHHHKI/H0HHHH`
M****`(91+YC;67;W`/-?GE_P76^,'P4\):)X+\&?'?3-*UFPO+K4=1TWPY>Z
M,EVUY<VT$$:,%D+)&52ZN5$K;>)V3E=X?]$MB[B^.2,&OPW_`.#ACXT_;/VY
M;;P/X?\`[%OH=&^'UC;ZO:ZGX>LKYK:Y>YNK@*K7$+E=T<EL2`0#QZG/G9IA
M(XW!RI2FX)Z71X>>9XN',)]:4DM=+J^OHCS.V_;8^*_QBU>_T']F7]G'Q%XJ
MO8H$OTEM].N-0E"LNUIS96@+#(9@"D@*@G!7)%>K_L>>#?VLOB%^V%\/=#_:
MX^&?AG1_!WB&#49[SP/K]SI,5Y?Q6]A>,DS:5>W0U-D%Q%$0D<>V/9N8B(%U
M^'/B1^TE^T/\7O#L_@CXH?&[Q;K6@7$P<^'=6\07$^GKM/R!;5G,*J.,*J@`
M<`5[Q_P1FL)9_P!L"[UZSN)8K_2?!=Y)I\J.5$+R2P0EEQV"OT/`VC`!`(\#
M`<&9)A*BDXJ4EU>Y\=@?$S/,US:G"%>23:;Y79.VBT6J\KZG[=_#[]G/]G_P
MIJ5_=>!/@SX0TOS2;*]_L[PS;6;Q38!>-GB5=Y97MU5>.(R?-R<#-U#X2IX4
M\S6+!-FD+J)DU)DOUN)(X0SGS``BQC=&$D**"5+XY`WGM/`5_P",O%&@)XML
M?$>EW]GJVF&ZTN&;2V$RI-NE2-Y1<@,D?RQY\L'(Y).6.IXR\%:O?:;!#X8\
M5SZ3'`EO!)8V]G;/;2VZR*'C*O`[[?+WB,*P&X\]*^G]A2IT^6,%9>1^O8K-
M<PKJ7M*TGIU;_5GP1^V[\5?B]JFB7?@GX5_#;Q+#8:1XD>WD\;Z3::K!:ZC]
MCM;J#5;1H(H%>,-)/)%#&QE6Z`F,3I)'!)+B?L0?M4>.O#7CGP[^SM\7?!T=
M[H'B2[OX[2*TU!KBZT)5M-/")%;11E[2VV3Q3$L9+>5+][HW$,-M*TE_X6^&
M==C\0?&[Q!X>^(UUIE[J/Q.\066E:#-#9:3)/.;6UOR[SA%C>82S6Q,$CJDT
MB%)&"&X27FO`FC>&],_X*$_"SX2>,/&%_P"(-4\(^$+V75_$_P!OU"XMWU">
MWO9;2SB>[FDBAC2T,,Q>)_*<O)CRC#*!P2O];4CY*I3DJ<<?+&^_.HE"FW[S
M?,XS;NUHDKJU]#]$+7Q%K5M>V/BRV_M"?2M7LXKR[66T!^SQ,J@[PJX#!2IX
M`!V9^;J>K\"0Z=<^$-.CM-;&I_8X%M#?[%?S9(6,3/TVAO,1LX[@]*Y6+QIX
M7\1?#:[T2VOCFRBELU$4\<23B,O'F(/*=Z80KS@DD':I&%\^^#OQ"\->%]9N
M_"OB"/4+>QM-12.VNX[^=4CFD579C&LA41DL68C^)F/>O5G.2J));GN024-/
MZV..^/%RDOQ9UZ*UNXIXGO56#[.2&!6VB5R6R3S,)1C/3`[5^1'[3_C#PEHG
M[5?Q*N]9NEEM-)UF62^:"\*2P/(4BCW1LVULRLOS?NV9<_,YYK]D/VG+#P7;
M^/K/Q#X8UFWN+C5[8I>K9W!D/F6[1C><D]?M,?(ZB/G.3G\9OVQ?V:_'NL_M
M0^/?B7X:V+%::^)BVHQ3)IL<C_(/M5U;W*36T#[))'V+N9H553'YOFP_IGAO
M7EAL=6DE?W/_`&ZQ\5QO3PM7+H1JSY;RM\K,\.^*_AEOB#J]IXD\/ZM.FN:3
M<B6R$UP\3)&?+5K?AU\H%MV-_ER;A''&6X@?VCX<_M1^*-#^%#7OC*?5[L-H
MMY9:YH%O#%YR6D:K)>30)%&J,@59+AV&/*$=Q$ODQ^0\GD.B_L8?MUZBNE>)
M/!_A6;6[+4[W="FH:7&\7[V0"6;[59A5,+C8!)'&QDCDF+A.@^E_V;_V<?B[
MX%\2:=X!\0Z,NEW^HRAY;J25+A;.0Q2[;I9%9"GE()5W1H[+;RR`LVT&OU3%
M9C@<-A:V+J)QC!79^18_#X3,98;+:,XUJLZBC!1=I=N5Z7MK>YZGX)D^"S?#
M#2?',^MZ5J>IV-Y->V&L0))+)<GRO.CE;8H\E5BG0-%.T46YD+M$'4'@_B]_
MP45CU341:^!_#5I>M;Z?);6=S<1BXFA5TV^<LJN(HP020@CD5=Q&6%>2?M,_
M&[0?%^GZCX#\,"VLM"MK^1(4B:-+FZBC5V=9HV>-2#/-Y[%(=I-S,`NQ"C^;
M:AI\\5Y#/=SPW=U,`Z21DN2QY8.S<AE.>>"<5_,7%GB=G.8U5'`/DI=%]M^;
MZ)'^A'@Y]%+A#*<%]:SN*K8F7\R;BE_=CO?S9ZT_[<GQJU?4K2ZUYM+U-M,`
M-K')8PJ8V"E4D66WABD4C)PV[.#@\8`ZSPI\9?AC\1OAWX@^'L7@>W\*>(O%
ME]#'=>)K5-]A#,5\AKCRPJF!H89F@C9B^/.=]X$3QMX#";G8\7EO</<.`@\X
MD/\`>VL<=1EHS@^GUKZ?_80^`WC'XJ^/;&R\0>$XY](8J-1A:-4C$4C,I;&`
MH1=N[!*)\Q^;DFO!R/CWBK`8^$_:.<>L)/0_3O$7Z/7A95X=KU8X94Y17\2+
M2E';L[/TW.6\&_!+XB_%;X82>`O`GPUMGTLV/G6AU37)+M;^54N458[AO):*
MV62??*X\A@6ED%QF0(/-OA#\/OB#XRMM7NO'SZAH]A8:H=+U#7];D6*YD:RN
MKJ23[*&*A629Y&#G;%#YT_E%/*V5]L^//"/BCX%?$2P^$6M>*K73_!OBS2_M
M>CZEJFIQJEOY4,A-J\R&43_*&\J`/(H/DJCD,2WQ=^UGX\7QUKE]J7PW\&:M
M-HD>E>;_`&GXGNF@BEEBCF@!L[0,%"MYD0+R,6B2696C7_6M_4O#'$N$S_#+
M'..J5I1M\,OZV/\`,/BCA?.."\ZJY=5J1G1DE.%1.R<):+1V;?\`-TOY&3X^
M^/WPSTGP+>_#_P"">JBRUR\A`L[R;3)YQY[2(6GNY8U87#/D\2EW4W!(B1D5
M5^?]1_9^_:_UOXK3?%KQ1;6/C>&6`76H^(-.:Y58K2$I-M,%]'#(!&ELQ54A
M(&TY#$H5])T+]J/X>>"=8T_X>6/P0T>VU_39;>?Q;+>7*_,D+Q^<BF1#':R,
MHGC)D\QPTA58E;#"Y\1O!_CK4_!VFZ_XM^*T.M6S7<45YX>U*WG@N;"[,$D_
M_'LZB$1M^Z#2IND!3:+=\ECOGU.&8X*K7A-I*,OR/.P<L3DL735-14XR?OZR
M=^J:VN<009)6M_+^920=RG&1]0#^8!]J4PK#<>2\8)P"%"X;G;SM&3CYEYQC
MWKLO@5\(+WXZ_&+1/A%H.MVMC+JL[Q3:E<)(8[=4C>9W*'YRQ1&"]`#]X9S5
MCXK_`+4'PV^"GQ0USX3?!+X!:06\*ZS?Z1<^)?&`.H7TTT+1H;R.WR(;>=9[
M=]GS.DB\F$=*_E946Z;J=$?/9;P_7S&F\2M*2W[_`",GP7\%?BY\1]LG@?P/
MJ5]%)"TT<Y`A@9%;:P$TA$1(/\._=_L@U]&_"3_@CY^T#\0+RP?Q)XV\/Z19
MSKF]\G[1<W-OQG_5B-(R1W_>X]^]?.VF_M8?M'>(KY[F_P#B3=13I&8YFTRU
MBL74*NY]OV=(V3C).,$[#GG-=OHGBKQEXWU%-8\7>(]2URXB11%=ZK?R7+`X
M.$+2$D;\J!@@]?2N:I7]FKJR)QF.X=R>%ZM!S]7;\KGU?HO_``14_9ITW7!I
MOQ*_X*?^#]'>'FYTR]L+*UNN/O+M;4G\O'(RR\=Q72:Q_P`$HO\`@EOI&F^;
M%_P4&TN]N%CD'[KXF:#&LSKO.8PT9ST"E<\-&_)&=GS!\4OA!\2_#7PIT#XU
M_P#"+KJ&G>*?%5MX;\*V]G?P2WFIW\_VD)%L1L1*#:R(S2.C*9(L1L"6KW?_
M`()C_L@?"KXP:9\6/A]^TO\`#RTNO''AJ&VMI?#\6NVVK6T=I(;@!HI-/E9$
MN%N;>X$NUS)`\*H=I>56P^OU72;E%-GW&0/#YS*E"AEJA&44^:;TU5T]+G"_
M$?\`X)Z?LAZ?%(_P^_;B\-@*?W;7WBC3KL,.Q_=-'7%VW_!,GQUKJJ/!_P`4
M]%U`3?\`'K?7">5:2?\`;2%YV_\`'*\7\/?L5?M/>/?B;I_PCL/A*L6OZYX%
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M9A`H8E>*Z*7*TCS*V093B_>PW-#_`!*Z^]:_@<+"%DCE21`P4#!;ZU^H?_!M
MK<1R?\+IEFW1A?\`A&O]2,_]!:OB/]H?X,?#&#X,^`/VJO@'%J%IX6^(UFTE
MUX?O;X7;:'?`N);2*X"B26%)$GC#O"S$6A)8F1:^UO\`@VQ^UI:_&U;68H,^
M&PJHQ\P?\A7L.*[<!1]IC;GG<.8/$97Q;2A46JO^,-?O/U!O-4:XD1(&$D[;
M?W202;FW1^8O)"E<C@97YCZ=*RX+A[N6:.+3;FR:Z/+RJQC*]=RN578/X.0?
MF_*OQYU_]LO_`(*$?&K5/CQ\;OAC^T?X@T"V^%^K6\VA>"-/T."=;FTO-7DM
M4A;,42S;`59RZ,TBQX<L"0<F_P#^"E/_``46_:,\867@_2?B=J?PUM-'^'E]
M>ZQJ5AX=AB_M6^TS1KS4I+J:7R8WB-U);E3!L"0[/,6-MK1R?I*X7S&%.2<X
M>[NK^]'UTU^5S]2?%6!G:HZ4N5];;^FNGS/W'T"/^S]+$EJ'$*Q1J1(Z1>9N
MZL'!_P#'<9KS']HW]ISX'?LN^"K;XA_M%>,H]`T:ZUB'3;:=+6ZO8[JY,,\Z
M)LM(I903%;R]4Z@?2OR0\7?\%E?^"@VI?L2^!C9_%*VL]:U#Q]KVF:AXTM/#
M\'VZYMK&TTJYMEDDV>3$[MJDL1DCB63%O`=V4G,WE/[:W[<?[2/Q0\)Z[^P]
M^T3\25\:KX+^+#RZ5XE?3(K:4M80W]C(C+`K+<1RO,LWF;R\`0B1I%GC"+"<
M'YG7K+VDXQCS6>OO6C\7*NI.(XSRM49*A3G)<E]NOWG]`G@/XD:#\4?`.D^*
M?AW?Q3Z)KFCVVHZ;?0V[)%>64T<4PF`SN7]U,N`3G(/TK>,>HC;#%93>5",R
M/*A+$\=U(_NKV_A'OG\/?V5O^"DO[>?[/WC[2/@?J_Q)T;6-!T7X)G5M!\.)
MH<1MTM[?P@=7TT2NL<-Q(VT6ZS[7RP6;9A?+D7K/V4?^"I__``4<T[XM?!+5
MOC5\<O#OC#PM\9-<72[30X--L;6XM(WU5]-6Z=[:S78XEBE9/GDCE1=@7S-_
MEYUN$<;2JODJ4VN7G7O/;WO+R-,-QIE=6E>4)I_#MU[[G[(W&I69,L#11N^R
M56B,JA`/R^O>LO398I)$NK2-;6W+N[!H'2-BO!P[C"@$,#OV\XK\0M+_`."L
M_P#P53L_@/I7[0<OQ8T#6M%MOB)=Z1J4EWX<L)+F^E%G;W"V=S##;Q^7:L(Y
M3O@9)_WL_P`_$&SSKX1?'+]KG]D+]LKXW_&[X=>-?#U]XWT6SU=_'>J2V!DM
MM61]?LX)I[6*,(&/VJ2%@,($@$VT*.*UI<(9G'FIU*D$_-^=OS_,Y9\;Y3SP
M<*4[>G_!/Z*;32573(5ND\B6$X\P3.N[Z[&&>]<9XCN]7UIKB.?36DM/)D5H
MC-!MC79\D7^N^\7X/MZ5^8/AO_@NQ^U_JNG>!K35/#/@63_A(O@SXI\5ZA/_
M`&+=)B_TQO$26RQ;;P;H"VDV_GJ<N?W_`)97='BQ^S)_P7#_`&KOB!\>?@QX
M!^-GP0\*:9X8^*-W%;+J>BF8SZI*^I7EC%=6ZO=D6B17<44,T,XDD8Q2NCA)
MX1'Y-3A[,Z=*3E';K_X%_P#(/[O2_MKB3+,76BHR>N__`))_F?>'[4/[0&@?
M!/P]:7/B31+:_N9K!(M'TN<+*)[IUW;\XV+%&O+R!0#G@"NO^!]K!XE^&7A;
MQ9:RY.JZ-:S,BP!,.\`9AA<#:"QQQV&2:^=O^"F&F:G=?%7PW<:=<L;>YT;6
M+=8BH"QH+6-6P<'&X,W'(^3.,UZ;\1/VF_AU^QQI'@KP[J/A_6M2CUAFTS1-
M-T6RB=X_LJQK(99KB:&%"@=5"AVEEX9$;RY`W\=87!9?F7$E>6*M*HJ\TI/=
M0B^6U_**_$^TR[&9GBLUKX:BFE",%%=W)*5SW6;PI(;=DDMTR`<;$7/Z@BO%
M_P!H?XI_!OX*Z)'KOQ9^)GAWPX)U<:?/JNJQVHU)HUWNMO",SW#!"ORPH[$N
M`H)(%<CXY_;N\3^)?#.LW5CI5]X/AT73GO=6TWQ%81Z?J;6S?:1$2-3:TAMT
M8VTR-<-*UNYBE*7$*1-(?C3]K]]%^,7B6\M/!FD7M_XJUG4;_2KZS6"6ZU>X
MN["XE@GMF`1Y+EH&MY%&WS0R0Y0;5C9SB*EPQGN._LNEA:DXQ:3G;E@GNDG\
M3=M;J-GT9^B\+9#5S/,$L=B%1ANVWT6C_'N?0>H?\%3_`-@NZ\*QV%]\;KP7
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M9N%4@?.'_!1O_@HO^U'_`,$7OC-I7P;_`&;?AA\.W\$>+?#RZQ#;^)M$O)H5
MU/[1-'</%(FH><2+<6,,BR.5<VX=(T\QMW9Z?\`_%OP/T;Q1X,\,75QINA?\
M(3X<^)OAW6GTV/3M1U(M)#!93(L$LOV1HY-4NXI,L6DDM@4*+NKP'_@YN\0:
M1XH^'O[/?Q5TO0Y[*3Q?8:YJEW_I!9F5[?1/*0EL_<AV1@=!M)QEFS]-D.#E
MD_'V']G?DG&:Y7T:C<_(,XQ698"A5RJKC'7A[M2-2[LT]+6>JLU8]"^`W_!V
M1X$NC8Z-^TY^R#JNF6JV)2]U3P7K\-X+J0`[`EC>?9O*BW'.3=.>!G.!7Z:?
M\$P?^"J_[%/[;_Q4M+/X'_'RPU3Q%J.G$7/AK6?,M-5BE:'[1)&L-S&CWDD:
MQL)I8/,BR'?=M`V_S,?LW_\`!/+X[?M&^'5\<>&%TOPIH/V>9X?$/B;49[:V
MN9(;A89!%Y44KL0[G][L%NHADC:7SD(K[<_8E_X):_M!?L*?\%#OV?\`]HGX
M/?M&^!/&6FP_&+PY8ZU-X$U20ZC8:;?W@L[Q9[>:+]U;O:S3QL#(9BC.^P1Y
ME7]MEB*2ERR=F?'TZ=1W<%>^Y_4C14:S([$!V4[]NTCN.?U%259F%%%%`!11
M10`U<^:^3Z8K^?+_`(+>?#CQ;>?\%!/B_P#%BVTY_P"P;37?#VFSWIZ?:WT*
MUF"#V"6YSVS)7]!<LQ1'8+MV9^=^%'&<GVK\`?VYO%7B;XV_%?XL?"-+37_$
MNNS?&7Q/JES:>&M#N+ZY@T^P,^EZ=%+%$%5`!9*K2GE+>19LW,A>)<ZNJ/AN
M/::GDO*^Y\N_"?P)X0\:#?XGO-:8O'<++'HZVZR13LD8@/F7;1P%`[R%D$AD
M_=_=52&KZ(_X)%_8-&_:Z\7I8L\NGVG@._:&ZEP&=5OK382%8KED#'Y69?F^
M5F`#'YNN+6?2O!T_CCP]H_BS2]._M".SN]0>63[++-*6>`+<00*ELXC1W_>E
MW<2%HD95WCZC_P"".6B'Q!\>O&WB/50TC#P\4GW.V?,N;M&8,>,D!)%)YY)(
M9L!CS14563ZGYSPU2A_;N&@U?>_R/V<T7QSX+^&7[-UAXQ\8>-[/PUHVEB*Y
MN[V=PJ0(MW&?)+2-C+MA=H*_ZT<&M#X0_&/X>_M$>"]!^)_PM\>OJ&A7&H7"
MI=PV\]LE]"L5Q;B-UG2*3:&*.&"_\L\JS`[F^7?VZ;VUUG]G#X)^"/$E\+;P
M[KOQNTNQ\4/>2F""6S>2[E<22`@^5\B9VD895YXQ7B/[37C[X0?#;_@I_P""
M?!?@_P`':)::?X/OM(T6/PFNCHEG=C4XKF2\O"%01>;"ES:ML)^\^[CFM,;B
MY8;=:']89#PK1SO#+WG[1*I+^[RQ2M&W64IV5V[13VL?8/Q>_98_8TBUR7XW
MZ'XJ@\!>+_$=T5TSQ3X=\3G3[BZO%+-)#:),7@5IBTR2*D)+&XFD!65V<\?\
M)O#_`.QA\$[7Q%XI^%NM>&["Q\/SW%EK.JIXJ^VG15,D9DM1<7%S*;(%X8,0
M%T7,:_("H`^&/V2/C4_PW^)NBZ%XY\*6X\(1^(M<\?64LB(I6*UT_4K4KAL[
M\/`_E@8:)K3=DEU(Y'X+?%R^N/!'QST^XU^6^N_%'@ZSUG4M2CED&R\COQY@
M4R99@\^H28<'+K:KDD,<>3+,*<FY<NOO?^DIGUV'\(*6$Q-3VDE)Q4+6Z\\N
M1J/]Y-/F:M=H_6_X=_&S]F?XD?#^^\-VOQ\\&W4EM*\UY<VVMVTS0S7,\EP2
M6#Y&6)W!<9QD-AJR]<\<_L__`!HT>SG^%WQS\&WM_8P0VEU</XBMQ#.@4IL;
M:S$S!HT&TGCS,9.`:_+?4/%LW[-KSO\`"73+.QN/$O[-EA9>(;.&+8RW.H+;
M0M(%4;4D$CV[[BI+;YF*EG++]2?\$1?'6B?#>]^+/PO\6)>:''97]CJ-E!JU
MFUKJ3QL9(7$MNI8JR)]D#`'"M+@'`4UU4\V<\2J2B<><^'$,LR6MF$*C<(J+
M@NKC>"DWY)S2/8/$7@^?0AIVO7]O"%O;$26,D=RC-)%^[D9-J<=0G1L\`<=!
M^47[;7Q"\;?LY_M.WWQ5T_6KB&XN?%5^-/AMU7Y;EBR$2*TBQ[-ODALLQ>-"
M&4I&RU^O7[1'Q6;XF^)]&&E6<L>D6T[PPB:)"06C9WEP1D`@1C!R`$Z9)S^4
M'QB^.&I_$_\`:$\8^#OA[^S/X9U2+2?&&KV%W)?^'8-9AOKGS)K>221[J+_1
MP8S(`@F2,>8^$&YL_L/ALY5<?B(K?E_4_F/Q$JT</@L/*NKQYM=+GGGPC_:$
M_9V^(GQ9T:\\;B#P5XCO-,9=92PTR.6#5M05W-I;P".X,H)("?-"P#[@1CBO
MT'^$'PH\=?%CX9^(/'G@W2+CQ,EI9W-GI\EH[V5Y)=2Q*WG1+-%;O<1[;>2)
MA"FYQ,Q1;A6*US/[-/@?P-_P@?AUO%'PA\&^&?$%FOG:=JWA[PQ8RW$<<@CF
M\I$%F\<2HBH%:,D#:6C?YBS>]?#+_@H#8_"3QQ%\/I_`#:EH%[HVK36L>B&!
M=5F&G1Q([I!).(ID=3B-69&C6'80&RE?0<81S7&9+6P5..DEJUU7GW/AN"L=
MDN%XWPV94)7E#7WE?5:)^5MO0_*SQ[^Q?^UGH/B.1-%_9R^(5Q,\T[W5C#X2
MO+B*.6*;"(L\0\JX278DGF+E&VIM^4(!V/P`_P""67[<GQEU6&+2OV?]5T?3
M8KL6ES>>*XVTF.'Y<AVBE43R],?N$89ZENI_8V3_`(*/_L2RZY=:#KWQSL+"
M\LDD-X=7TR\M8855RKXN+BW5'96!4`'M@&N3\9?\%F/^";GA"WU+3Q\<4U6[
MTF/(M]"\/7S&0L>1'<>2L*DYY8R@'UQS7X#AN"ZW/R^SDV[?9_X!_<__`!,-
MGV&P#IT73B[6NWK^9Y#^S-_P0L\+^"=+AU?XK^/FDU2\M87DATBP0+9SX0R(
MLERKB0;UP-T*'C[JDD5]4^%_V&OAIX.\+KX;\+>,?$VGD6QMTU&#44AG"$Y(
M55B"*<\Y"C';'2OD#QI_P<,?#RTO[M/A_P##T06*;Q;W=\9)Y9QL!0;4\N.+
M'?;+,&_A;&"8?!/_``7,^(7C*_CTMO"GAF6:>4+!))HEU`GE[XDD<YN)738/
M-;A77CEE'-?44O#K,8P5589I+J[?J?CV<>+N,SK%7QN.;G_*KV^[8]&_X*&_
M\$Z_C7\9/`=OJ'P+^(B:]XE\,RIJ>E67C*$K+?7$"J5472%5RQAB0*Z(F6W2
M3("&/YK?MR>.O&/PY^'1U/X3?!;Q;?0W,3-/>0:'<V4C$@[9'E2VE4GDG)D'
M4^IK]#/BI_P5R\<?`BR\#R_%7P+H%V?%^K6=EJ&G6!337L#<R;%F%Q-=SVS[
M/*>99))(E\LH'\L;F7YZ^-GQ?_94\3^(Y/`C:!X:O]1A,W_$N?4(H)8[=)2D
M4B+)`6;>@#[<Y&<9-?H7`N#S'*8XBA5C:-2S^??U_(_%O%/.*'$$\'5FE5>'
MW3O#W=^6\5M?==3\C?V??A?\3V\;V_Q`\6:7K.G_`&B1YH;.U:.V5&(.U28F
M7S"%.TEEX'``'%>H>-/"NI^%]4AAU?P+8W$R6ZSI/)*E[!&KMO`1XO.\N5<X
M!D*2*!M(4?*/KWXB?L2?LG:EKL_Q$L?%^I^%HIA$]WMLH3;SLR;L(D&Z9F)/
M.PQM_>&>*\4^+7[+]K;^#;[QYX$^(&E>(=-TMWDFLXY98+BV&W<Q,,A).U&#
M8;GG!K]&^K4L-DM6FGJT_BUW1\I5S^EF=55)KE3@TO+T/6?^"0O[)6N_$;XI
M)^T[K-^]AX/\(RWUA&=/`EO]2U":R,9MXE`'DK%'<K([MNWDQ1QH0\DD'U+\
M7/\`@D7^P%\7XM1\4Z5\(]8\,ZWXAOY=2E\3:/XSO[BY:>9Y)9GC$IDM`CM+
M(0Z1*I#<`+@#?_X):VEG=_\`!.WP&I**_P!NU/SHT9<J?[3N]OF;>0X`@=1V
M1E(YYKR7]MS]MSXX6?[;'P^_X)F_L<:IHWA_Q9X\T[^T/$WCO5;.WNGT"R"3
MRL;:TEF2.:Y6VM+FX"7+*DV8(UQYP<?Y-\6<9^)&.\1YY!D6)5*E2@YS;MR<
MBU<JDN6ZMVCOYG],<!<(<-83@C#U\5#VCJ/72][]%<\[\=?\$8]0^&FM7'B7
MX!?%"]DA6W>/3]+U;1+>\E'FQ21.&>':H0I(XXMR1D$`$#%3P_\`L=?MK^!9
M["ST#3?#>K2VE\+P)I\-F/)F!GXD%[#"6VFYFPLG3*\#8FWZ0^&=K_P44^&7
M[3^D_"SQ/KFC_%/X/:II4UUK/Q.UF"PT?4_#]^(I&BLVM+4QK=0L\=N`T5H6
M'VXDRD1@UX#^S=_P7L^*7B+X+R_M9?%K]@C6(_@[H7B3_A'O%?Q"\,>-+6]-
MC?F*%XT;295CF$1-Q;(\HD,:M,0KLP$8^DR3/_$S':TJ&'Q="R_>4JW=_P`L
M[3OH]+I]M#GXA\)>!,RBTG.C)]%[OGYGK_P<^`WQX^*?[%GQ8_8R^,WP#O)-
M7T_2+[4OAI-?V45Y:W\YMS)!;PS(&MXYA=[2DDUPK`W`,1*1.8^&_:G_`&NO
M'^H7/C+2_#_@^_\`&^E:OHNH?#"/0M8TK5OM!U2UFMK>5-2@AN4AE%U8R3W/
MFQ1VU[MVV@8"W##[*\6_\%3OV/\`X#?&/X1?!+Q1I7B#SOCMINGS_"_QWI/A
MV.?1=3DOKA(;>);N*0M'(/.LY'!C"(FH6[!B&8+X!_P4;^*?_!(;1?VE+S0_
MVF/$NGZ3X_T>Q@U+Q79>'=+U&0M9.^[_`(FCZ/!/';#$J$N\D5P%N8',@BEA
M#_J<\RKPRY2>$G=Z^ZI2=ET^+^O4\>OPOF&`P-+#9/73E3]V]5J-UT;<8W=E
MM<TM*\4W;>#O%W[=?@3PQ?>*M3U+X?+X;\*6\MM)<ZGJM[;:K>M<J5C,AAM)
M;YK=H(4N)MD2,^8(K5%K\W&_85_X*%OKNA7&H^%)M(ECGD^PZK<>);%3:EY'
MD=IMLC7#,S2.260DY]``/T?^+G_!77_@G9^S#I]]X.UWQ7J5U<>%M`TI[G2O
M#?@C4+J&RTZXM(FLF-PT/D)&8IK=0K2AE+1Q;0V4JMHO_!6/P;J_P.\8_%^Q
M_8Q^-O@;1O#_`,-[OQ?H_B#XG^!$\.Z-XC\I(6@M+2[66?SY;GSD\MDAD&T[
M\'[E?.4^*>)Z]%XG"Y=)QG\',U&]OAWER^]U]T]K%<"9?C(0H8W%ZQWY5NW\
M3\XQZ'RS\./^""W[0?Q>TVUTCX\?M.^%="L]-LXTT:_TKPJ^L78!FEF(GGF^
MQRI\\\AX:X^\%Z(H7ZG^%?\`P;Y_\$P?A].+OQU8>._B1>K9I"]KKWB$Z=8"
M58B7N+8:=%!<+G/224@<<<5TG[$'[;*?\%%/V2O^%[?L^R:;X6\3R7DFEZCI
M/B*PN=1M=`U")XW$,P4V9NU>V:.=7B9!Y=P!S*IB7A/^"6?[9GBK_@J?^QYX
MSTK]H:'3?"OBG1/%W]D^,-$\&>;I\QTJ41SP,\5P6DM8I@+JR+K(9,6D[K)$
MXW)\A#BWQ&JX;%U*U.%"6'G",X_%."G:TTOAE'YGT67\$\*8#$TW2YIRGLWK
M$V_V_?\`@GGX=\5_LGZ?\/\`]ES3KG1K'X?PO>Z#X*1YKU-2187/V:-I6,PF
M&]MH#R^?-@?*%`'/?\&T%O'=V7QREMT&1%X;D3=(&&Y_[5P"X[K_`/KK[,T/
M1;7POX9M?"]EK%Y>"TT^.UCN;V^:ZNKC8,`S3/\`-([=6=B6D;YG+'FOE;_@
M@O=^"F^-G[3\OP_^QKX>N_%VEKH@A8I#]D^U:UY.%7'!B,:_\!SU)-?H/A3Q
M1F_$#JRQ,D^2=M-[?UYGY]QOPUEF4<4X6KAURRGSZ/RA^G0^<OV"?VI+C]B+
MXF_M5_'BT\"/KS^&Y(GDTM=3-@;D2:XEHV98X)C&4%V[X*OC9GM6+\3?VU?B
ME_P5[_:CT[X=?$&35O!WP];0]4FM?!6A:TUQ%+>66DSZA%)<RB-1<L]S;1%G
M,`*0"/8582S-]X?&G_@@7^R5\;?C%XE^,^I>./'_`(>D\4:D;[5M+\.ZU:O"
M9Y`'E,0EMIGC621//5=\J^9*RJ(T556?QS_P09_8E\0_$;0O'FB6WB+PY::+
MIEMI^L>'-`U")(=;AMBJJ]V3&92TL*[9RDBEP[_ZF:1[AOZNI\2<,NO/$.$O
M;.'NRZ0?)T_F=];GPZX>XGE3C14X^S6^NC]^VO?334_&SQ)+_P`8C?#^*WC=
M&'Q,\72K,H`9_-T_PX`6]<"+C/0JI&"`1];?\%>/^"C-M^U):^(/V0+/X&MH
M:_#[XD7#CQ(NLM+'J`LWO+%BT26ZI$)?/61P9,1[,GFOLN?_`(-W_P!C:[^&
MLOPT?XK_`!%C,>M&_P!.NY=;T^2:PN)[?R&0!;98V67RK=BC*6_T5-KQ>9)O
MD;_@WQ_90N_".K6FM_&'Q]K?B/Q+JD6H:OXLO+NSGO9-C3M<;7:!BZRF4&<,
M97E,,>"-S9T?$_#$L30JS4_<;;?6\W=/<QI\*\24*<XQE'WMO3R['Y_>'/%O
MB7X*_MH^"_BKX"U.+3=7T?\`92@U72[IK,%(;JV^&TYB+1R*L;*GD)(T,F/E
MC3`R><[P+HOB3Q5\7/V6_P!M#XF?%_5?%GBWXK_&JY&LW.IW`D6WATW6-+BC
M@CW<R*OFSXVN(HXV2-`L:,K_`*)6G_!-/5-0_:0:S^'VC_V1I?@/PWHWAF'X
MC7-W(FKZM;VVBVL43VMW8R6]Q8*@;YS:R1232K)%,[VTJ0#&^//_``3,^,'P
MNTRU^)]_\6O$/Q;?1KL7>FV?BK4YM0U?3+B"19DN=,N;IS+:SJT,3O&)!;R+
M$K7$;K`"F-'/\'.I22:3=/E;ZV]_3T]Y?<OE7^K.9VF];7O;I?W-?7?\3\S]
M-N)KG_@D_JVBRNLD=K^T/IDWD'E5,FA7JAMO0'%JG/?8*]K^+_@IU_;B_;1\
M/MDQK\,=?U"ZE`+^9'_:.CW.\X.2/*W'#YY#)]Z1:^Q]+_X-_P#X20?L_:K\
M%D_:"\4_V;J7C2P\0M>#3K=I(I;.TO[01J,!"CK=N^2Q/[M.>3GT'X@_\$B/
MAC\1_P!I+Q1^TO<_&#Q)H4OCCP?>Z/XGT&R>..*Y6YT[^S6=0Z*[;9!;W(69
M6C-S;QR[L,@CK$\2Y34Q,YP?_DJ_Z=_GRR^]]S"GPKG4*$(U*:O[GVO\?_`/
MQWU_7+?0_"_PBU%;J*1G^`WB<0L;@QI!Y^L>+(-WW?F7E0"N&#JX!P%QZ]\'
M+2WO-6_8.UM+<F2/Q[]A<[QNQ%XP$J)GJ%`NL;>FUL8Q@5]>7O\`P;T?"J\B
ML]+M/VIO'%X]CI4ME;I=Z?;3Q11SW%Q-Y=N.!''^_=MJ[X]TA??NF!3MHO\`
M@C5HGPFO/@':>%_B9?ZNGPK^(DVM7#WR06SK;O<PWR[P%(8B6UBC\KARLKGH
MK21^GB.)LBJ8#DC4;E[_`-G_`*^6_P#2T3A>%L]H8C^%%?!]K_KW?_TE_>?2
MW[5_PK;XK^$+O0[%XTU>SG-UHL\SD*T[J7>(,N.#$TL?.1\P.,J"/G3_`(*5
MY\9_L76?Q0$>J6%[X2UO2-=BT^6V9IK@R2-I1M;L9W81=5D9CG"M'S@;L_:/
MB[0K/5[&]FOM1CB3R"AF@C";?E;#*.@(W'G'YU\?W/Q4L_&]AXO_`&>?C5K>
MK:5=/H>I>']2N[:`S"#[1;W*-J`A*">:)"WGJ1(RY*-C*J1_FK'`9QA_$R2I
MUXJG&O5?*WK)-N,K][.W+?9']`9?F^5Y!CL-C:J?O<L6_LOEM:_FXWU['E]_
M<^,O'WP)^$7C_P"$_P`#->O?^$M^'%SX+\3KHUO/=06MMHNI&ST_S%MX_P!P
MMQ]HOV^8!45&&]1&69/B1JEY\0_!OQ%T7X%Z]?\`A'6/&/P5\#_%/P-I=CXH
M72=/\!:1;1V]G?VMA=-);6^F/]CB*-,I@$L-VZ/Y<2;:\5\'?LNQ^/M3F_9]
MM/B#\:=3TR6S>6R\-+8Z+9Z3<!'W%UM+CQ.;=I>`^P1+*H`+*F.-/Q/^P7^T
M-^SYX*U2W^%FK^(_"]WXRT.[T#6M*U7X823M<Z/,J>?Y0\.1^(85$@C0.SB*
M4[1MVG%?T'1Q&!PF)E6<8WJ.*OS?:BK)^J[GZ!S<-YO32HXZ%TYN+Y*FS::C
M*[2T6VB[7$_:*_;`\%:I\7/C=:>%?%.J:CYWCG0/%?PAUK2+2%K#3=>TW2;2
MQN;M5NIH%*S%9%BD?=&\,;3@.H03<AXI_;_NO"_B9?&_P<^&D.@02>.]4^(.
MI?\`"9:]+J:1:S?6=_9[H(TBLV@MC:ZA<SN2[2-^[0-%'!+YEOX=_P#!-WXX
M^,M.O(]7M_$#W$5M!+:V?ASX>ZW;M?,7'F323^)+?1+0.O+,1<M,V6PO)!G^
M.'[,.G?LF_"W5/%\UT-/\87LT+>$;RYU$37]@D=]"HN(3!Y<4%XRS,I8?:Q;
MS6@EMYA,L4\>L\YS&&*2KU(TXS^%+WKVU;]?/<^JS+'>%G#V4^UJU)XF<5IR
MMQ3EYI6TNOYGZ',^'O#GQ2DO;"Z_:N\71Z,W@SX3-X=LM!O[D)K5U$D&HC3D
MN--@>:ZA4WUU')]HGCAMO)2`^80P>7R'_@X`^'YE_9__`&1-0\??:-,TFPW:
M9X@GA(2:R-S;:<[E"W"NBVDY&>`>O2OHCX0?"NY^*=GH/P)M8#%%?7,NH>)9
M8D6%K?SP);ERV"!($:)2[;BMQ,0=^=P]F_X*+_#CPU\3_$?[/\'B,;;>S^/U
MIJ,$L4A3]_;Z-K%^A4C/RK+9PAE`&0"!C-?E^.XUHX?C[`T()SE"563ZMIP:
M2N]]?Q/Q.AF];C&M5Q=6FJ-.-J<;*][.[VZ.]S\._P!O73/VE-:_;!\9?`[Q
MAX4U2SL_!^I:A#X.\(3:2FG6UCH-I-*UJUG;;(E9/LBJ$D"!I(CC<V%KZ)^,
MWAW]I>Y^`.D?&_X*^&-4T7Q5\$TT:>#Q/8:E%Y-[:&QN=1NI8XYA$9?)E6W2
M2-3-YF64H_0_<G[:UA^Q+^TKXUNO@+^TQI-[:R^&EM8[GQGJ=HUKIVBWDUI+
MJ7]FK=J1);7#V-F]Y/(L<4$<*;))D>46[IXZ_P""?/Q(\'?!G2OV;/A-\2+:
M[\%ZOX-N[:\UG5XH8[NPEECF1&1E:,,91?2-&2HYM`I)+)N^]CQG/'4H8BI0
M=%QLW[565F]&I1NI>G0Z,7E-;`-JE+FCV@]?G?6W<_<.W@8D,LAV@JW4EPV`
M"#G/;KG)YZU:K$\!:]%XC\,V&M0W*/\`;;""YX`^8/&&W<>N?4UM@YK].P]>
MGB*4:L'I)7/G9Q<9684445L2%%%%`%/4(Q+YD8@#&1#&-R_?^4G9TX'J:_$_
M]H'XY>"OA-^V+\0O'^M^,=$O_`WB_P"(#Z,D"Z3?K=VM]HOB/2=0NP[VZ)+O
MC2_N[E67SEE\J-%WL7AK]J=:O1:Q7&U;<GRB7\V?'R@#J-I`')SUP.<-G%?A
M'^V9\9-;^%W[77Q$O%_:A^,VBWX\=:PC^'O^$;FL[=XUO7>'RO+\2PO)"$N$
M,#K;1^:C22JBJI5>G"4*&(J<M:JH+NU?\CXWC.=*G@8N?<\=^#7QZ^#7PYM=
M=U'1/$^D6-W?>(]/\1:!;7OAF6728;>YTN]34]*DL7:[>]M'6Z;2EC%S!(ZW
M*W#7$4<;,OKG_!$ZT>UO_B#J/V:60Q6.BKYD8'S`R7.2N`/E8C/0<8XKP:\_
M;X_:HBU"WN=(_:7^(EQ`LD3RP:CXX\000SA+D2R">2+6'D0-&WENT.UA$HV'
MS)-Y^A/^"+OB75?$/C?XI7/B?4[J_P!7UA+'4;[4-1F,L]S,9;II997/WI'D
ME+L>A8DCBM<PP&!PLTZ&)C-^2:_,^$X<K86KG^'4.\C]/]2^!NA?M-_LPW_P
M8^)/@+6;[1]5>;[-<Z;);13VCAAL,3M<*5E20-*-Z!67]WRK-GY[^.7['/[,
M'P$^%VL7_P`>?B#\;)=`U+Q%!K%YXANM6TV^N4OD`A4QM;1LT/GB2)7W@OFW
MA$97Y\_H)X5T?3/`GA?1?#FHPP_:);:.TG>-%Q*T4,DC9QUY60G/4LQ[U\E?
M\%R]#U'4_P!D#7WBC-Q8VMFGVF`0+(0\M[9B/Y3QP(W*C^(YQRE>+F5-U*#E
MNTC^GN"<7C:N<8?+%5=.E4J)-)VUYKW3>S>ETCP;Q+-_P3%G_9H\#:O=^*?&
MEUX=T/4=7T+3_%]O=127<RW_`)CW]E<^4GF)OBD:2+S;>.1T$;QG$Y9I+FU_
MX)B?'0>'8;F_^(A.@?"\0VN;B"Q:?0;,W2D-\T:7#+B8.L1:5C;X&&C>O!OB
M?+-XJ^,'B?QK\"+2+4=#N/C[HS^$42^8V-_JPCNYY1&T6U?WDL\<LC*Q:1'B
M)R`,63\'/"WBW]DS]GR;X-^.;:T\3W/BK4/`FM7<EN))8Y=2GGCC62+S6V".
MUEF8$$RR13)D=0/#A*=6T%';R7H?K]7*_8X>%:KC)J<Y-\SE_#YXSJ-R5M+/
M1_WCZX^%O[`/[%OQ"^$.E^*_A3^S5\0KS0?$US;:G::U_;,=E<W*1"=8)D\^
M]A>%"L\CJT,<:NNR4;B%<^]^`O@?X3\#?M*ZW^TMHW[-OB^+Q?KFAII^I7TF
MLZ8\?V=C&IC\H7Y5!BRMSN'H<\YKW+X<^'O#GAGP-I7ACP?86MMI^DVBV-I;
M6^2MND(\H1`GGY-FS_@-<3\7/%-UX4N_$\MF;:&;_A&]-CL7FE$?F%KB\66-
M#W94"L!_M^]>S##*-2+MKH?AF,S_`#+%\\*E5RAJDK]+WM^"^Y'SM\3(5\,/
M9_VAX#U%)KS5Y)='N)+NQ)2P@$RRG"W;G+N8OFVJ&6-OW@S@?G3\:OC#HG@[
MXL>)(X=+N)-3;Q#J2>8\22M'.LCR,T$"D#=F8;IG;8,9$@X6OT*\17FL:I=Z
M5<:AJ-S*-/E'EK+(7,<?DRHJ+O.$6,EE`&`.?6OR4_:`-G<?M"?$>36;G4$T
MY_'>HQ:G>:0\;7%PIN75T#N&6.146)UE8@;67Y9$&P_L/A5'V.88QOM$_#?%
M;!4LPR[#\SY5S_H>Q^&?C7X&T/P3JOQU^-.I&+2M/F6=K*2]6[S,L0)BACEQ
M;FY9=J+Z8+,D9^<R>&/C9\6/C5X#3]J/XF7MUX6M;BVG'PV^'>F3R0-=6BG-
M[/=SK;F6=MC!H[AO(C1E6.$PPSEV\]TCX=^&4T-/$W[0:V@CTA%;0?#%M)+!
M9Z7$K'`/F2'AY)$;,G[V9P&DPRNUS6UKXC^)/BOXT>#0[436%G!"(@UJ\=LR
M1-O2(AE41(K1R1Q*ZM\RG!)S7ZUB<#+'UU.>B1^*X!T\GA)T/>G?XNB\O\SR
M_P")OQM\6^'/BYKGC;P[=6NHPZW8&&*YOHF*261FCNBFV`\;BIB99"R%9)5P
M28<<1J,[/?/J<MC':OYDTDP41A$4R,454A`C7Y0X!C`7E-H`Q7OGQ=^`W@KX
MH>&AKWA;Q7:OXB^QW-QJEK=@+;W[&4LK1LF/WK$;L"-(F,?[UHRLC2^6^(/V
M??VD/#D,6JZM\.M?EM[FU%I;3P:=+.DT:Q)L0>3D/C:I&YF.0#DGFM/JT<)6
M4K'V.4Y[A,YP,J$G^\B95I<36LJS3SHA^8A(GSL+?>&?TSWKL_`=S+:I'K&J
M3QVVCS22P-)?6X>.YV1@F%XUY93EBJGYV!W*0O%<M:_!WXOS:])X>@^%GB9]
M1AN4MIK3^PI_,C=D\P0NI7"R$?,&WCY>]>E_L^_L<^(_B_J6GR?&[QA-X-\)
M:C<P1Z9<6(MICJTDK2HUK'F;]S*[*R1M*7221%C5"S`U>,Q]#ZJXMG/+#TJ&
M)6(G+8U_%5K\1?VT[V_^)MT+"]^'_A&7[#+:R:COD@7R;@NSA=HV_<WL#M59
MXYI)%6.5(O+?$GP8M['QIJ/B?P_-:V\\2VJRZ;JGAV&ZMF2&%<6_V<PCRE+;
MD\H&.;"@B4`5]7_%OXF?#']G*PL?!'@RRL9_#$EJC:0NE3_9[EK.2?:)HYPQ
M+DRH@\XN7+!!,RS"5I/FWX@74_A2!?$7A*Y?5?"U[&TL30V1>?2'B50_E)&5
M>:V9B`;=P5AF7:J#?D<=..'6'YI;,Y<+F^+S#'NI&'+%Z<K^U;33U.*NO%OB
M7X6QP:M\/([BUANI);>>:>6WU:PL_,C262*PM[J.XBTV5V1F68N\R1JR),1Y
MIDMZ;XI\2^,_`.L^.;KP]JOV*P:XT_5+_0Y5\I2MO:H8Y$E5Y$A*NLLDMPP?
M8J00A&2Z#>AV'B3X1^-OAU)K%I>QV*W]H9WO"YELKB)6C\Z*4.058/;C,ZE=
MI0*%7`4<+:V<OP)C\3:OX"&FSV?B'3/[-U,6VJADD`+6_:,R0>4)&D50H;*C
M<^[)KS\TH>SRZI*G=Z7_`/)3T9XC"RISC6I6FM%I8_1W_@D5\/=9\(?L;VFH
MZZQ8^)?$=[K%I;RVPC:WA(@LUR,G.YK42`Y.8YNI!Y\H_:O_`&>_B/\`LV_\
M%/O"G_!3+X;_``,\5_$OPOJ?AUO#_C31?`.G_P!IZ[87K03Q++:V>Y&VRQBW
M56S(BB"Z5VMO,@->;_LL_P#!7?XH_`WP[I_@'XI_#S3?''A_2;"*WTR.*0Z;
MJ4$4/V>*)/.CW0M%';P/'M,89RZEY"4S7V-\.O\`@I-^Q!\8-3LO#/@_QCK6
MBZQJU])9V6A>,=)\B6^=DC*LL\!:W1G)$:*7#,X08W-$#_DWF'"/'?#G'&.S
MRG26)H8I3C*$6[N,TTDM-UIL?TIP=QSP?F'#&%RA5W0K4N7EOUE'<\O^.G_!
M1WX,?$7]ASX\^/O@OJ_C&T?P9X&.GQ^(;_PM=6!BU;4X[BTM1%Y@#R21SM$)
M,QJB/);[7P2:_-?]GOX<_&Z_^`G[-O["?Q#^)=WX%^#'[47B^XO-8U/0O#44
M]_>Z['JHMK33G:6[<O&WV;172ZVQ1H+Q"\<XM29?VS^,_CK]FB_\/Q>"_P!H
MV^\)WVD>*F1+70/&$4%Q#JWDR*VPP7*,ET5FCA8(-Q1BI'(!KE_C[^P[^Q9^
MVK\%=*_9_P#BKH1L_#?AV",^%[OPW)_9DFAK'`;9(K=A]R,1*,QO$8W_`'9*
M'RACJ\/^(<!PA!Y8\GKT(UJJES-.?*E&RDFEK:3>G3U/O<WI4L7551XB,I^7
M4^8?^"C_`(8T27_@LS_P3Y_8)^%.B2Z?H/PGL=-\1:';">61H+&WNE(B+RDR
M-L@\.`%G)8[V+<DY/VKOV5?^"@__``3(_;2^(_[;O[`FD6WQ3\"?%;7!KWQ#
M^&M]%)_:]I>"XDED>*--CSK$UQ<&TD@WR+]O*/;R(HDG^_+C_@F_\`_B3^V]
M\.O^"C'BGXM^*]4^)7PT\'2>&M-A%U9)8:A;N+])KFZMX[57^T%=4GR8WBB#
M;0D$2A8QXG\=O^"='[?UMXS\<W/P7_X*G?$;PKX1\<:]?:RWAK7/AU9Z]-I%
MQ>$^9#8ZE<30S6=I$I#QQPK&(`#@NX:1OV?&9G##8:DIUE[)4[5.=-*5WKJM
MI'B8>$JM>6CYNEFE^9\__P#!2WXP_"G]JC_@@G\1/VLO@]X?AM;+XC0^'-0U
M">*PQ=S7MOK^G6,T,SJD?G7%L;;[&LFV0/'`A5I$42+D_MG:[?\`CS_@A#^S
ME^SM\.Y-,N+OXWZ/\,/A]:W]RZI%970MK.[>5BOS.L5WI\D;9X'G"OJG5/\`
M@G;^S')^P2?^";EJVJZ9\.(]*BL&DCUJ-M1)COC?/=-/-"R^=+=K),_[GRHG
M9HXX/()0\IX,_P"">W['7P\T/X(>!+'Q[X@UVV^`=]J=UX(M/$.NP733W5S<
M_:%N[HP001W)@<*ELL9A,6,/YPKXO`\09;@<KY(PFZ=#$N5*-I-NFJ=Z?JG/
M0]2MAJE7$<U1Q7/3Y-^O7YGP'X-_:KM/^"7_`/P57\4?&7PW^S=\2/A_^SU\
M7?$9L/&Y\>?#>_T6TTZ[,LK/>:<B22_:H+=GDN8E2-93:WMS`ML)!!./3?V>
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M3T&X1[#]F/X+7KN]K#)_;GCID4YY)3[+:3`;,Y_?>?Z_NZ]$_P"#?7XO>/OB
M+X]^.GQ#\4W<.I:SJS^&7OKQK""W6X:*/52#L@1(XRX$8)[R.2<DU]9X=9!G
M>49]BL7C81IPQ&U..RY-]?S[GY+Q3Q9D7$/$>"H86JY2A[3WNGOPT/T]M[9I
M;9=(EC0>8SR/!Y0`8.3N!'<$DY]<G/6ENHYM.=)[?2CD*(IHGVF)<+L''0?+
M\OTXK-_M_6WNY;#3[6ZEOHH;=XI[B)T3$VZ,;)&39(J-&24#EQD%T?S(]_A?
MPK_:0^,5[>/H_P`6?V?O$L^L:M93Z\/#^C:.''AZP:*W-KI^HS3W*(VH2%KB
M1C#&T-N8Y+4S73VXN;O]M5E9'N6T/?)+LZJY@MK*T0@/Y^U<;_,QOSCKNP,^
MN!FIKNYFN'^S'4(5PRO>27"!E++C!&>XP,'MBO//A]\;-=U_QD_AZ?\`9]^(
MV@6C:?-<G7_$6F6<-G_Q_&""WV)>O<^:\(6Y!\CRTCN$CN)H;E)(4\U\0_$?
M]J76/VF)Y;CPAJVF?"G2\VVH:@FBP26\B6S17-_*8B)=1NKR9VCL;2*".&!8
M%U&[+S`V2JO=M<=WH:?Q_P#^"GGP;_8Q^-WASX>?M<V-SX)\`>+K*&'P=\8Y
MC]JT";7S</%<Z1=,B%]+DCA-O<174^;6:-[O?)&]I)N\<_;@_P""XG[/FD62
M?LO?\$V?B%I/QO\`VA?B`B:7\-O"?PWO+?5+#3;B5+C9JU[?11R6:06(@-Q)
M`S^8%53,L<#-/%[!XM^+6A_&7X>:MX`^*O[`?Q`\5:)JNGPRC0_$_@O1[VUU
M>4R><=.,%U?R0?:(+M;6)FN?*MVEQ+;S/:QR74/GG@3X0_#[X=^-[30/V+/^
M"?.A?`/Q+J,26/B+QS=_#?2[(Z?IBZ@KS6\4FDB5+VXD2&":WCDE-KNFC:9G
MGMY+%Y]EKH:.NJ>Y]CW^JV>H1/<76GN(K?S8EAMX5D+QB2)=Q#>QQ]"163K5
MU;WKI,+$?:$R[F#<P53P1\T/`(`KYZU/XJ_M._##XI+)XL\(>*O%_A-+?6+=
M%T#P_I\<X1KRYGL[F\D%U&7<BUM;"".RW)&AN+O4MOVJ-+'&^-/[8WQ1&JW'
MA#X+?LG^-_%.H"WFEDO[>WLH;(1BZN(=B3W5U`)[E+>U++;B,QS/>6SBX$0G
MNH=XOV)QUW[;8]_O/B7H^A:P^CV4S23!56::*T5D`7A1P.@'`]*>-;\1O?07
MDL>%:"`VTDMI+F./^]&2?F_X%7@;?&KQ_P#"6UN;;PW^R7\0O&3PZ$VI37EA
M/H]M#?70NH;=;&-;N]CF$B*[W$GF-#%Y$0<S>9((3<^%/QE_:-^(&E:QI_Q2
M^#S^&=;L]9GM9V&I)_9U_;I_JA`QEEDFME258EN)H;=KF2VDG:TM%D6!26AC
M>1ZM<>+KG7].+6\DC1-C]W@H3]:^>/VL/V;]0^(]I;>._A=+##XETJ,L(DE^
MSG44C08VX9`LB*@"$LOW5^9<9'MOB*\O_#6A7$S1-<RVEH98Q<3+'O'E>:@)
MP>6X&<'KT->*>./VK=0^'W@NQ\>>))_!DL4!6X\1:+%K?V*\OHU9?-ATPW5Q
MY=S<16\T-R8P%BN4DA^R3OYHEC_SW?#?'?$?B!F.<Y543^K5)07-HI/G;E'U
M_'4^PS7%9%#)J6!QRUE"Z?9]SX=^,OQ'\2>&M2>3Q#I%]X8\66,B7<D4ME-I
M-U#,'$L<FS8C0E`F])8UC!.#N?K7T1\#/^"S7A`_#I-*_:/\-ZC+XGTBW6&X
MO[%;1!K<:*[2WHBDFAA$@,6UK>*0?/(CP1!3)'']S6ND?"7XY?#^R@UG0=#\
M6>'KEX;N'^T;".YM)AY?R2+$^]2/++88LS[A\WRUP5S\!O`GPNOO.^!_PA\$
M>&+K4D=;O5K+P_%;/`@VX0I`B&X0[$XS@;5Y&!C]HQ56GALHA/$J\]&_*74^
M6R3A_$996=3"8CFA/5&=\*_VV],\::;<>(-5^#GBWP9X8LK1;[5O$7Q!L?[*
MC$)SY4=LK23274K'&7!4#C.PXC;\^/VUOC]=?M(?M&II?AS0DU'6[;6H)[;3
MS8Y?2;N.%[>&WE*@[[D1W$LDEN3M$GD1NY$,UJOU9XY_8D_:%^,FK:?>?%;]
MM#4+B"W>,ZA_PBOA?^SKMBAB</%/)=3I92EX8T26VAC)5YMX<,X/H7P"_8C_
M`&<?V7_#H3X6>$'?4);4+>ZWJ9%Q>7*>9*2-WR)`B[\$0IAA"N1\HKW:.:0Q
M65IT5>45IZ_H:8O)\SS.O[+$/E@>5_LS?`'4O@QX/>_UFVBNO$6I"-+B3?YO
MD0(RHL&2&+;&*W$S\DB,`9PAE\J_;WM?BGXIM?@-;>&[NQ@UY/VC-,N;N?3I
M3%"]C#INL37T!20L4?[/'=Q,"TA8G`,0=%M_JSQKINI6%\ULFHS6]O-;NQN+
M>.`36N`<3+YX*OL^\`RLIQR".#\&?\%HOC/XY_8<_91^&_QF^&_D:GK6@_&Q
M=0DEUJW::&\DO],UXW32+;O;,(Y/M4^/+*@EE(8'!'\]<)+&XSCRC'$/_:9U
M)JS6B]V77R['Z1AL)@<FR6%"B_=33_(S_P!J'4=-_L+]H7X'6VC6][XQ\7^*
M=$;POH&ISK;R3:?K>EZ)X5-_%))%)Y:"\:XM7DB`,)2..5"L\,<O'?LN:;9_
M%G3O"7P\\?:AXOTWPQXOOBMOI?A#Q1?:1I8DF^''@G4+31Y_L97;`MK%?O#/
MYB@BR9"I%S*C=;\$/^"P_P"RK^TU\*-1^*GC3P)J6@>'M&UW3;C7=.U46]XF
ME7XGM98;DX8K+!%<NJQ7#+"7="\4$94QKNCQ]_P3'^#FAZ%\3?!/[9'AY/#V
MBZV-<L_#=GXRTVZ1;F+PS'X:MV0.#?/%!80.(2993-,]PUQYO[C;_1F7/$X;
M*L1A\9AI1K))[<T922M[NZ6R=O,C%5:6+Q:G3GI8_63]@W1SX=_8E^#WAYO$
MTVLFP^&GAV`ZK,A5K[9I\"?:6#?,6D*^8=W(+\\BO9/XOPKA?V?-16^^"7@[
M44E,BW?ARPD29\`OO@1^@5>2IW=.]=U_'^%?KN7NJ\%2]HK2Y8W];:GQU915
M:5A:***]`R"BBB@!DK!%D<_-A,E/SK^=;_@IF!\`OVU?B]\--+33;^XU3XB2
M^(;Q]1\-V5T;2*ZA&H1""XF201>=)J$B7$;1;F6SM"K2@B./^BROYX_^"[GA
M/Q+X6_X*7^/=>UO2[F"RURSTJ[TJ::U_=7%NFG6ELTJ/WVSQNI]"IJ*K]T_/
M?$9U(91"<.DCYE\?^+9=?\0:I%9V]M8V4NMSWZVNFP(&D=EV`EW=Y<X'RJ6Q
M;@W#HJ+(J#Z>_P"",FHS0_'+Q9X=@E):3P2[B*$DJTL=Q;Q@KGL!-C\*^0&B
M*.T#.Q93L<N<DL."<^Y!-?6'_!&VXL;']J/7K_4+J*WBC\!3JUS--@1G[?9<
M8_SUKGA\1^9\-5Z\N(Z3?<_:WXU>.?\`A#?A/!\6];^).M03Q:++JFC:+I/V
M$W6JW<6E75T]I;)<V\AGG,,4SB,'[D;N0$CDSYMH&K^&/&WC[7OA)^U/?:!X
MI>_U&U&HC4;QI=/M)4M9[F!7L-1\V")7MXI9H9K)70LES;S322V37=[TG@+6
MO$5[^S_G0M&\,^)[G1]5CN;#2-?U`P6[B!%O8Y(Y5@G>*594$J,L4F3;O\HV
M^8O!_&#]G/X3?#^ST.SU_P`,:]XZ\8^%]/MM01O!VFV\4^@A]8:ZL0I@2XU>
MQTQIOM=G;VEJ;H164,X$;M`9%Z9T[QN?T!BI9C'%\V&M>*OJN6/R?\WF>L-_
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MR_L.;SH8W5'C6Y?[8P9PC+R(U'HJC`'G][_P3?U/X@ZK9?%OXJ?&"6VUFYO+
M+5M7@T[3'LHDDB/F+`56\D6.*(+I>U6WQ"XT:QN'BD"7"W'=_%EO"EA<C0_#
M+O/':33)J5W*',K7*1I`X<NS,S"&TB!;/S,">AQ5TH)[[''EKS%<\\5HVVT>
M4W,VIIJZ6%Q<Q2":.XD>0V$S*=AC`B*\9C(E!SVS7YW_`!$T;P'\.OV@_B)X
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MK%;2VMM^6/EP[KFWN1Z/L]Z]Q_93^*?[8GCK]F#XGW/_``4@^$F@>#4MX)8-
M.E\1WD,5G=P3021RQ7,,?[M8-Q1=Y_UYFEC_`(:]/%\=8FAB:BC2]V$N7X[?
M^2=3QL%P!06"I4Y3U<7?W#\9C\0=3L+Y-:\1^.-+OIM6NRUP1XAM[J7?DAG?
MRIR2Q,Q)//-?4GPYU3]EGXGWW@S3OBQ^UKI^E:7H^F-<2P?VY9@M>2S&YV/)
M/*WV149\8,;$X^_!_K6_4;X9^#?VG?@O^Q-\*OAQ\-OA_P"%M6\6^'?!&AZ5
MKFG^(/$SZ9!%-;V,44IBGBLKI7.Y#\JQA>.'Q7S?_P`%&_VHOVX/!GP"NO@E
MXQ_96T*&_P#B]+_PA'AG4O#GQ8F:6/4KQ)HX9'!TN$(N=IV>8`_3[OG5QXWQ
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MMNLZ3K:^;;/'&JLRR,'`Y`YX<>5(T%[?#WC+1^^==/PVH_6U4IXGX-?@/Q]T
M/XG:#\8/`UI/>0Z%I^MZVD^I:9IVLZ9<W%F;V1O*U?2[A6D^TBWGN()$55F*
MQS/#<QA)(VG3A/'7A2^^&"0^(O#][;ZQX3OS<W%H]Y,_VNS=$V-:WNY%,=W$
M/E,FT1W,2P2@,&\NW_<#]ISPC\8OV?-"T#P=^PI_P38\$>--*C20W=K]NTK2
M;+3\M_")Y80['IGRW_'^/Y$_:M\9_MM>+=-\.?!;XI?\$YO"_P`%5^)7CG3?
M"6F_$7P_?:5J5QI4UW=Q0LY-J9L`0O,R'Y?WB,V%\FN_#\;)/ZQ'#0LO^GD%
MM_<^-_(]&7!,(WB\3O\`].]O^W^A^0'Q3T_X>:@(M2\`_$(V.JQ7INK.33KT
M&&SN%&U7E2$$2&X_=*;F'.#!L;>9HHUI^#?BSKD,FF?#SXFZ9-H>KI8M!8WL
M:R"#689WAVK)G,851"-@3Y<8QP-LOZS_`/!Q5X7^&O@BUT'X=?";P;X&TT0^
M&M0\1:[9:/X4MVU(2H\%K',^(=T2+'>RS^8?F_<[OO0Q5^2O@35/#GB.[2U%
MA9F739D\CPU?/*);"7$(2[M9%`+*TVQRA`C"Q2[L1;*[99@\SRJ6+BN1S4C/
M&82AA<)7P<FY\J_0ZM!'+(!R5"#!;J?KBK>GW&IZ3J-IJ^AZG>6%U9R+/;ZC
MI9D%Q:LCY\Z/RN?-3&Y,]T>JP6*&/S(USQQ\NW(^G;Z4++(XW+#Q_O5_.4FU
M)GXC1Q%6EB?:TUL?J'\+_%OP\_X*`_LFR?#KQOJEOI\MZL<WFZ4D4J:%JUM)
M^\FBMY<@I$\TYV&6*6:TNF5G@+EH_BB\^`OCC]G;XQ:CX*U.34?"_BO1+A;=
M]0\/:G/;O()!NAN8+F+!F@D3#+(>65@W>L7]E/\`:)U;]F[XA1ZG>ZG)!X=U
M<)%K"10F7RV'W;DD?=1?N2Q=6A\Q_O>37Z#/\,_A7^V7X(M]5UB_&GZA:1M<
M^&/%5F3<FQ0_OGM7$/SW%DS/YX1?WL<SM/$/FN%E\_&OZO+G7PRT/V%X2?''
M#_M,OK>SQU-:O^9=CY2U.P_;GLUNW^&7[9OQ>^W:3X7'B+Q#I6G^.=8>32M*
MD6VGBG_>R11W$9BGCF'V:29XUW&2.(H0*OQ6^,__``5=^$$6MZ1X_P#VM/'E
MJGAZ*(:]_:?C&"]BLEE:98TDD-PQWL\>`,D[O)&2TT-:W[3'P=_:1_9NUX^$
M/B5=Z]9V<]DUII>K6FL31:;K5@DGV@Q6DT$ZQW,#-.'>-V,:-/AXP_%>'^+O
M'?BV[M-<LM5\>7MQ#K[@^(9+F5V_M,QR?:?.F9OFGE$C;@6Y4]>:5*-.5#2Y
M\1#.LTRJ:PV85<33G'[/1^:\NQU*>#O^"FGQ#^)>E_#C5_VH/'MKJ^L^)-8T
M.%KKXC7,<,6H:7##-?Q3&VG_`'/DPS1<_P#3;]S7S5\0OB1\7_&MF-#^)/Q6
M\7:Y##_RY^(/$-U<#_OS--7HMOK_`,>/'NIVWPN\%>.?'FM27]X;72_#EEK-
M_<)<7%T9XIXH[83`9F^TW,)QQ,;J;_GM7Z)?\$Y?^"4>D^`/%UE^TE^V3/;^
M(_B%-K,\^F>%KBZ-[;:/,)_^/G5'_P"7J^\[_EV_Y8_\MOWW[FM7"AADIS/N
MLEP^;<0N%+#2GR?;G,Z/_@B]_P`$I=4_9D^&\G[6G[1/A*UB\<>+--'_``AN
MB75K_I?AO2IL_OIA_P`L;BYX_P"FT,/[GSOWTT,/PM^WG^TXG[4?[2>K?$O1
M)?.\,V0.G^$L?N?.M83CS_\`MM-YTW_?F'_EA7Z`?\%W?^"AC>#?`:?L1?"S
M5[6X\1:_I&[Q]J4%UYTVD:?,/.ALO::YB(\[SO\`EU'^I_TJ&:'\G+9VNE&F
M$X]"?2NQZ:(\OQ#S;"86$,LP7P0^,KI_KG_"OTV_X-TI+TW?Q?MK*P\UY[CP
MTAG_`.>/_(5K\R4_US_A7Z._\$"[VZMS\6;"V\V3[3_8$7D1C_7?\A6NS+=,
M4CY7@7_DIL/_`-O_`/I!^JFH_P!G>+[,I<7$ME!#,,S:<?*E\G)X\W_70_Y\
MF:O)?"W[,6B_`?PB^E>'OVB?B@VC6>H6<VBZ!;:X9H;`P^3###YODS7,WG&'
MSKGSIIH9II[F::'R9O)KJ9KS5+;PUJFFP>);71-:_?0VNK:K:>=%;7/D_N9O
M^6/G>3-_RQ_Z8_\`+&J=M\'/%&L^+H?%&F_'KQG_`&7IUC.MSX<MQI4UO---
M-Y_G2S36OG?],?\`7>3Y-?46I):G[][:NV>/^,+GPSX/^&D>D:+XY_::\:ZI
MX+N(8+2[^P:Q#?7,,Q\GSIIK6UM?[7AMO)FF_??:9OW/[F&;[5##-O\`A;3_
M`(=^#OAKK^L?#.Q_:1UF"QTV9+NUU0ZK'K.JM_I,,,-M_:WDW,UR)KEQ#--_
MKH4M_P!]-;6L/D^C0_`GQUH4.J:3<_M9_$82W,/^AWDVG>&O.T>;]]S#%!HW
MDS?]MO._U$/_`"VK!U_1M%_9R\!Z/:^.?V^==\-^';*X,":SXTU/0(IM5FFM
M#%Y-S<W5KY4\W)N<0^5--/YTTTTW^IJ7"=3X#95?9)\YQD_ASP]X;T*YTGQ7
MJ/[0FHZGJMA:WRZ)H7BS5OW4-C86%L;6WN(9H9H/]=+---YT,UU=&YF_??N8
M8;>L^)_AYI,G@+Q7:_#7]H#63]CFU"TTYX=9OH;">W\Z:&VU2VN9YH9KG[3-
M+Y,TT,W[[R9O/\F&&:J>I>//@MXJU&#QG\-OV^-,U*XMM.@TO4=6TWQEH%Q-
M<P_OIOW/G036T,TWV:X_U,,/G?9?^G6'R?/;G5O"_C."PN?%'_!1/4M2-_X@
MMIK#49]1T:6XF,UAYWDS0VUK#;>3-80W,T/VG]SYW[[_`%WDT/#XA_9%]8H+
M[9MVWCDZ/X7EL?"7[/?Q^NO[*GN=)O+35?'M_JE]<P^=YWG?:?[:FMI_]=_K
MO.\[]SY/_+'R:O\`P[TBV\):-X6T+_AGSX_?;8-&FB_M.[^(DQBMO._Y^?/U
MKSIYO)MH9H?.\[R?/_Y8S>=!7=>"+7P'\0/$.LZ3X.^/GB*YBBT:QU2UTS0M
M9A^S6VGWWG0PS6\T,/[Z&;[#-_SV\G_ECY/[F:J?BO\`9PM_&,,UOJGQS^(T
M4$_G37<FD^(/L_\`I7[[R?.\B#_ECYW_`'^\G_GC#Y.:I5Z/\4*53VR]P7QA
MX&\,?$`%=1@\?Z;>_9_[,G.G?%76-,\K]]#Y,P.GZAY/G?N?]?YWG>3YT/\`
MRVFAKN/AY\.M,\`Z3<Z3X;TNZLX)=2FOC]KU*YN9?M,TTTTTTTT__/::;SJR
M_`/[/_@?0X&$VM>(=;\X7,4\&N^([J^MYH9H?)FAEAGG\F:']S_VQ_??\]IJ
M]'TRVN+R6*T6XSY!BB'&/\]JS?P&1P'QA\.2>*_A_KNAZ-!:WU^VDLVEM?>9
M"@O4C#6[MY1$FTSB&4^5Q@\U^?\`X"_8B\9_'W6M3\=?&'Q)XA\1?$[Q1:$Z
ME:ZWIUSIR^'[F>WF'F:A-<6OEV\<:P@PQ0QW!.!%$L,+QM#^B_B.UUF[NKC3
MK1WTZ1WDV3VYCE6(0L,J?,/EB4].(L\TMF\238NY2@;@O@DK[X'/'YU_`V3^
M)V*X2XDS'!T(<ZQ.)J37V/?<FGIU/L<QX.PF?.AB:\OAA:Q9^#NJ?#KPAI+?
M!GP1XMM+R7P7HME:7&DG4X)KZP@:#9;-/'&ZR6ZND3[-T2[CYN>M2>(=8)MR
M`R@+)GYF`'XD\`5\P^'/C5XKTGXZ^%_AI9_!VU\0(VF:EXY\(Z]X,U(7D]]H
MNO3ZBT>F+]H=$<7=W:VEXQ#"WA5HA,`EJUT_7>)?VC[0VOC'3;^0^$9_`$\-
MMXUU'Q7!]M719;NUC;3R;:PGDFU.6YENK<PV]E/&659XWG2:-(Y_VW.N#>*J
MM"A#+X<[JP4I/;D<K.WEZ]##+,TRV#J1?N1H_N_N+WQ)_:@\)?"7Q'<-XNU[
M3M.TJP8V^L3:D]^NJY\BVF3[%IUO:ROJ,>VXA\UT<0PR;8DD:5IHX>'_`&A_
MC'\6K35O$WP=^&7Q*3Q#J3EC:7/A7PXNE0>%_+=#='5=0GN;H7$"!@A^RPQ3
MK.5M_M%LS"1=#0O&NB1>*-7\=>*GCGN?`WB&[M?'?C+P-<[&CLM$$FH33F)F
MDE=6NUBL[BTC::422B-IIS#N7R3_`(2_Q1X8\<Z/^SUJ-W/>R>*]$M%^,/AK
M0--FADTW6?$VJ6JZI=7;07$-ND=M:7BP62JTOD/=37=PTKQP"Y_0_#WAG+H9
M;6C4PUJM!NG+GGSQ<M'*2^_0\;-LXQ*J*M3G[LMK>>FG][N>P77CC3_&^BZ-
MX>\0>#?$>J>&/$D8LM&\=N;:*Q\12K:M.[)Y%P93#-%;W6V?[/%:S0AUB=XY
MT>;\_O\`@Z*URR@_84\&Z!-*HGNOBG;W4,`_U;QQ:9>Q2%?]UYUK[6M=4U(_
M&^?2+WQ/K.HK-X^\6ZEJZ%9KBT6<16<&FS0W"6L42VUO8B2P9)W%PEV)($^T
M0(T@_.#_`(.N=2O8O"WP3\/6TXBM;G5?$4]Q;YP"T*:>L+'_`(#//7Y17X=P
M.6>->%PN!G[JO.7KRMGT67YABL=P[5]K]EI?D?"__!,'2-&^)L_Q,_97\5_V
M!:P>.O"J?9M2\2:C=6]O9ZA:3!+:5OLL4LK)#)=K=$&.12+0C8_W3[M^T%\)
M/"NI_L[_``K^%MS\.(H_%?B>SMM&T8Z@C6$MOJL]V+5A=2-*9(O*N&8-N!WI
M'-\D?W(?BS]C7XKV?P0_:8\(?$;6[O[)I5MJ0M=;O#9M.UMI]W$;2\F0(&8R
MK!.[(%!.X#`)X/[J?M!?`'38_&OPR^)2W`'CG7[V/0O#L6HR/+8V&NZE=G3_
M`+0[HS-.+JXO2LC.95)N+J<X5XGM_P!XS.,H8VFUW_R_X!.!_>4I1[(_;;PO
M!IFG:=;Z5I$,<5G;0I':P@Y58E14C,;?QJ0.OO6M56U&TH'9S+EO,'7&23D_
M[/!"_A5JO<A?EU/.844450@HHHH`A>24S&%8VP?XB..E?E7_`,%Y-#M?!O[1
M/@OXK^,O!/CI]"N?"IM+3Q;X`UGRWTF6"ZD-TU]:SQR07<"+=VKQPJ]D\I:Z
M1YY1Y*V_ZINMQ]I9T?Y1CY<GFODW_@JI\'O#_C?X?Z1\0=4^.ESX`O-%NY;;
M3M2)`L[B2X$+*EUP3Y(DMHF=E&]8UD/W02./,*\L+A)58+FL<U3*Z>=OZI-\
MO-HF]?F?B)+X#^"WCW2--T3PQ^V5H%AOWP-8?$OP#J&EW=NQG9@4DTN'5(4M
MF-Q))\UXH!+;X0%+U]$?\$W_`(*^.OA1^U+=WMWK_P`-+VPNO#MSI*WOA3XB
MZ)JDLX\R*82I:6^H27)#"%6X@7&>5%=#XW^!</BS4M9\'_%_X0^%;OQ#9:X\
M?B%UT]8YWNT)&Z.XL)86\J10)$+NS!&4.%8,HD_8;^`'[-5U^W]X<T70-%\4
M>%]9MK6YC$4.JI<:9;3RV=RL23//%YVZ5E+QHLK;@A`(VD+\7E''&58W'_5&
MN6:=I>O4X\3X-9WD=>&/IQA.FM>;FUMWM_D?HG\&-7MM&O-0.H2VRQI#]OCT
MTQLRW,40,L\C87+9A-R%0@#<Y!R037`_M&?&J7]GCQEJ.O?"KX!^);/4XM"C
M?Q+XYOO`TT^CZQ8127#I&-2LIXHM-N'$KSG4$2>.&)OWZRR+#"GOOAC]EKQ1
MX6DM]<TSQ3I&H21M(9=.N-$%I%<JP$91BKR(H$>X<Q.23DX)(KL_"'A7Q+X6
M\-+IWBS0VUJ5)7V6MDZRJ@*)'MB:;R5CC"@C:2,G+`#(%?H52$*D?=>A]%@,
M10P=52KQYX]5?KTMWMYGP6G[8_B#X%?"W5/"'@?XD^%=9\1?8Q+/XEN-?,MI
MJ6OS1VEYJ$T<MM=1Q[+JZUF"V@^6W2V\F^FE?RK6.WDW_@Q^UKXH\4_%2Z3P
M9JZ:3>>+?$VB6S>--1F>:.'1;=Y;H6>V92ENDMC<:5)&)78Q7/B\1@B4)"/H
M3QS^S?XY^*?Q#TOXG>*-4U:QT'0;JXU/1O"Z32"6&[:*%(_M$9DN(KHB5[R<
M285H"EA]G5'CN3<Q7W@9?&NIVLUU\/\`5VO=*U&"YL;VZT&]WVTUN)<-')-"
MNS]W//&&3>#Y\V`1*R5A&E'F5WL>[5Q^7_5FITN:3^)]K[*R['I0^)>F7]J+
M.YEU"*0JQ69G\L[2I8AGWHVT$J,LBX!7CFO!M<\.?8(5DOK26VN9U%Q<6XU.
M5]DDIW,"&;&[>S`C/#9'48KKO'E]IOARRN-`\1:S+HIO%%K&;F18Y4:0JF_#
M'(4!U8G)P$)R<$UD^,/$<_BTF[WQ7#_,WG1$,95`R@;'W<-S^M6Z7-J?,;=;
M^?<X-HY$NIY;FY$B>;MAB*#,87Y70L">=X;(R2/;I7Y<?M8>$_"/B#]MGQ;X
MH^)J6UIX>BUPVMS91Q.QU6-(X9/LI2!@["8[+>0X*1K<!I'5Y8Z_48(D-G"K
MVB6K$%WA28./,8DL<]\L2?QQ7Y1?MU^-_#X_;.\5^';/1YUEM[L)J$EIEF25
MEC&X#'#LJH^.OR(?2OTWPY]G+%UO:-)<G7_$?G7'7UGZE#V*=^?]&?4]O^W?
M%H7_``3XT?\`9>_8^\"ZYX(UVRE34(M7\,^*;"!](@DO6O\`4/L\=O/)<RH[
MO/#%;M:Q+LE5L+Y?'C?CG]JWX[6-U9>#_CS\>OB9X]\*3S6O_"6>%+SQ7*@U
M'3R%&I6!\N"+>5B>5,+<O'*65'#PNRMX)I?QO'PI^'=[\3]$MM466XM(UDL[
MF*.*.X+NH*%!WW[%\Q?G.7R,Y%=;\2='UC29-,A\2:7:P>)?$K:5=7N@QI?$
M:#!=1-=)%<M<VL7GM]@W%T5V9"%+'O7Z-2R?AS"SJT733<_>N[.5Y=F?FL\^
MS_$3A4E4<(1]VZT5H]T?=WCC_@N;^S9\?)8+2^_9-^/,[VL#0M_PC'BV^TL`
M%L2&X&FWL7G*)&5-S*P4NP]:\]U;]L+]F'XA_%;X8?$#3_V9_CXFG^!_'?\`
MPD.LZ7XA\3Z_KEM.8+&\^S/B[N[A8I8KXVC!EC#LKN<<FOE[X9_#E_@EJ#V?
MB..VN[73_"$5F=;67RU9IIX(8(\9QNS#.2<DY*<\BL[]GWXA>+;[3M6UK4=+
M%EJ5_P"&K\:N`4\RW\ZSEMXE.YL!1<2Q`'`)*XZUY,>",@I_NX5):^9[$N-<
MXQ3YXPB_EW_X8^U/VJ/^"D?[5GQ8^.GF_LO_`!Q\:_"[PBVBZ=;W&GZK\/;2
M6)K]GF$I3^T$BG\HPBW7<PV,Y<+L(+GG=#^+&F>*/CCX4U#_`(*B?M/^*OB'
MX/TK3KW4_#.H:7H=[IXTC7$N[,6,P&A1I<J_E"^<3ED"F$+N<B//SAK6HW6I
M^`K+44A%NUEH4,<+M$IR(+BX@3)+=_N\]Y3_`'*S_'%R/C#X%L_A7X<UW3Y=
M1\0M:QF:2Z>VB@E\[R8YGEBR(XUF`Y)`.)?0UZ,N$\ACEKP])*,OYOM_)GR<
MN->**N=TZE:35-NSAK8_1"V_;'_X(@^&=D&G_$[QL@`*6V=3\:.R[@$`7S)`
M`/D`.5(;'WCU-CXF?\%GOV//&_QR\">)[[QUKEM\-?#4USJUQKX\)Z@;/6-6
M:![>'2GB,3/YT0N/M_FJ"D9MX@C2232);?`/PJ\4:#\=]#U%;8Z?Y?CGPV;#
M7]/C@^5=4V[8"Q8;QMD5BF`"1C(ZUX'\*9?$_P`-_C5!X2\6>"$OO.M+K3[G
M3=6@EC_M?3I)"3'&A*DE;B`;'C(D,B`+)$43?\]/P^RR+3G5;^9]KAO$+&5H
MU(1II<FQ]6_MQ?'CP_\`ML?%?Q_\8M"UV!_"GB:TL/#?@[Q"NEM8GRHA#/Y%
MTMT527S9;N:%H96CMIY=/C`FB<0NWSMX0_8<T[3O#GB/XJ>,7T[3+W3O"\DM
MIX3AO)'FM&>.5K6YE+;98X9?+#1V<BX4JD\IAQ';W/9S?MDZ7\.?C_I>MZIX
M2;6_"-I$[^'[N[LH/MME<[3&+Q)$C8"0,Y9E4*C%=ZQ$8:NK_:/\:>&_"G@/
M4?%?P\U31Y](\7:;=P_9$N();QTN!(^][ET5RI9@6FDD?+))'O9ITS[=;+\+
MALGJ8>_NPC_[:SXO,>(LUE4;II_[3>_EZ_\`!/D^3'F-M/&XXSG^O/YTE$KH
MLA#2G.XC+IL)^JY.#[9XI%D1SA'!^AK^5VG?0^0<9)V8DD<<Z%'7(]Z]<_9)
M_;1\??LI^*[99HY=8\)/<I]MT;S<31H?]9)$6(4$9_U9(#J``T9^9O(Y'*#A
M"3VP*:(GD79-;,VX]=G'-3*"G!Q>QZN39QC<DQ:Q&&E:2/Z#OV1OB/\``C]J
MWX:&U\/:[H'C/PMJ<\3:IILT$=S;27<9@F6.>WFC8+.L?D2F.5`Z;8B,<&K?
MQK_X)R_L+:%I2ZQ:_LJ>#9;D22,\@L959&SS\R2A0H/\#`@=*_`7X:?%OXK?
M`CQM:^//@-\0-6\):Q;"..34M-9426-)$G,4T&&2Y@\Q=SPR(\<QQNC9AFOJ
M&7_@NW_P4!O/`MIX6\4P^!M:N;&T*2:[>:%<I>W()^Z1;W$=N/<1V\0'\.T8
M%3'`T*>%<*4K39^X8/Q$R3,,/">94O>[-*2?W]S[1U;2/`G[.%M<7'PKT#0_
M!,4MK]GO+W0]+@LKJ:W:5IGADG@A2:6)VA&$+$'^X:^3_P!J#_@K/?:3X:/P
MW_8_U][?4IY'75/&PA5A8H#N"6:N")99.29VRD*L53?*WG1?*_QJ_:1_:$_:
M(OGE^+/Q%GN;.>X:232-.)M[6*-B-B$!BUQMPG$QEQE^3@UP-M9/!_H\=F0O
M3.W&*RH9>L/[U3W_`%/'XK\2EB*/U7*ER1_FV9=U'5M3UG5KSQ)XAUBZU#4M
M2NYKC4K_`%&?SIKB>4>8\C2%WDD>1N'DD).>":@@0JF6SD]0:@E6(8\J0-Z\
MYH9IE.&9@?<UUR;DC\:K5)UW=LM5^DW_``;Y6AN9/BT[/YB+_8'FPL4"-_R$
M/[]?FVT4J#+QL!NQDKW]*_1[_@W\:)1\76N(PJXT(@A^H'V_/X#(S]:[,MTQ
M*N?2\$*_$5!_X_\`TAGZ2V]OJ%]"T$S6BPO%Y,UK-!&\4H_VY",58T[4;R#3
M(=(TBWL-/M;>XRES%`H-S'_SS*?\LSWQQ5:>"^D65=-U,+&3A0XQDYV_SXI%
ML]0NI`90LH,V3$3L/Y&OHK2/Z!YHVO<UI/$ZI)*VG+<^9G]W.K%`GU/05CG3
MUUNUBLO$.GZ?K=H+[[6BZE;12"TGCXCG7]V^'CD^>/VY%6FT6\6W6(LUM<RJ
M3@<K@=>U1V::U:QB#3I519'VGRTW\XSCCVYQ6BK:68.4>Y3L_@W\(+.X>)?@
MKX0,%S#LF`T*%'N(?(-KL;_MA--%C^X\L?\`JI"#3U3X!_`S5=7\C2?@3X,A
MM(VMBEK_`,(K9DE[>U-M"@&,YC@)A23_`)90H8HMHDP>A@EOWN@+[21E3^Y*
MR??/3CUYXXJY/I[7=G%!=">)[>Z"P-%,-[$XX;OGD?F/6K^LROJR>7#I',^$
MOA+\-?AVCR^!_AIX9\,1SP0P7":!H%O9[H(ON1?*6^:/_EG_`,L_05T.E>&[
MM+L7.IZRZ1[/-^SVR[DS_P`#S4VGZ9;:=$]N;N<^5D2@R!MF#C!].:L&&:))
MTA<0&*%E3'S99/OC\._I4U)1J+FFQ\T*2T9))#=6]XTSMP'WB";]V64_Q._&
M![U7O=1C:!8TG5';_6/M`\SZ'O4ANY;0F:6W6%(6+RO-(""X&<9/&S'?I4-I
M9K->I9,=Y/*(G)3CT[5AC91>"LF*-6G%I.27S/.O'?A/6->806?Q#U72YHKN
M1XI=`N3;@Q>=(3#\Q?A@4RP;#")"(HJK^,7>Y72?`UAJ>GPS:]K$>FVJWFJR
MV+O%@RWLEN\.3]HBL(KN10,$RP1G@C-=!J>U=6N+(C>4N&5%P"6()#`#C.""
M#^/2O"?CW^UK\#?AWK&DZQ+^V)\)O!/B[PYJCW=O/X[U:SN4CE:SGMI`]J;^
MSF#E+EU#PS)M`.?,7-N_^<&493FN,\2(1QU"2PJQ#<O==DY2N[:;-I:GZO7Q
M%&IE+]BU]YP6IWVN?M'_``R\9?M%>%UT/4-$U;XR_P#".:UJ-Y=?V+9VOPX7
M38)(+&:YU.9?L=G/.]F]^+1"\S2R*()]GDMSE]HHUW]G?P1X!\,Z]KEKK6@>
M++KQ#I=KX?\`@W="T\0L+I;#1M0M+_4DGAT)[73$C"><TD]J$#&*[6%%N'^`
MOVF_^"6GA/X<>%5\8?M>_`OQ->^#/#\=GH>NZQXDT9M2@A&W.U5D>:)F4#*1
MY?(&\2,\H&%=_P#!>7_@E+9:PVB2?M;6T<\,GEL]CX1UJ=0`>%21+/8XX'W>
MO:OZGS+Q3XOG5DLCRF525.\6VGR\O1I6ZGQ.&X:I.TL37MS:V6_WGJ=]X&^)
M7A/X-:1\,$\$GQ'XIU""UL]0\16FH+I]K8V[:M;W>LVT\LEZ]Z(+N"%8T:(7
M63"?-+%]S]_J/PZ\+W:Z2NM)JE_:Z#,;C2;?5M3N+J"WG:);?SHH[B9UWK'N
MVMM5H_-F56D2:0#XI^*'_!R-_P`$X?`6L1:+X6F\<^-H)EWB_P##'A%8;;']
MYEO[FW?(]0N/:O+/BC_P=-?LQ:!#"_P8_9S\<>(+C>/M,/B6YM-(2/GG:T$U
M[YGTVIGU'6OS/&4/&GB?"TL/[&5"_,GR^[I)WN]5:VQ[]'+^',!O+GL?IYH]
MC9Z38I9:3I\5M!"S-%9VL"A(BW4@(,9;O7Y!?\'6NK:7<6_P4T.UN@]U9KXC
MFF91]ZWE.F)%^&^VE(/?)K!^+/\`P=4?%+5["P7X+?LJZ!H]U;DM=R^,?$EQ
MK$<@SQY<<,5GY9'8EG`]#TKV[]A;]F?X3?\`!P1X3'[=?[>MA<6VH>"O$TW@
MRQ\(>"K]['0[S3HK>VNU>6*3S;M)C)J3*6CN%.R.#`W*[2_0^$_A7Q;P[Q9#
M-,WDDDI)/F4F[JW3_,US+-L'6POL:,;'X3VL,@N(W>$%?-P?,!V\8)!QS@#K
MCG%?K'_P0E\"?MT?MZ_MH?LZ>#/B+?\`C34?@9\(M=3Q!9Z]+I20Z=:MHR_:
M+"R6[,:_:6^UQ6B&V\V9XX][*J+%((_TS^#W_!,7_@G!\";R;7?AC^Q]X)A<
MS0:A9WFNV4NLW=G<(08I(+S4Y9;B(\*X".%Z'::^Q/V2K&'4_B;+J$]A&4L-
M.80S(%*6\[NI*QN%4@,K.-H&"%;G@U_33I6W/FKNU[:'TY1114%!1110`444
M4`(`=Y-?/G_!2GX4:=\8_P!C_P"('A&?66TR./1UO[F\BMUE_P"/.2.\\LJ3
M@^8(?+)(;`<95A@-]"5F7UA=RW\DJ6B/'*$1\@'<O0@DD$``MP.!N)PVX@8U
M:$*]*5.6S-\+B)87$PK+>+N?AO\`L0_%W3?'>EZ3HNNW"Z?/X;2WT?4&OXKF
M-M1TJ2^DM[29H[F$3,8+JYCMTWK%NMYX"506@W^S>%O#&I_"/]M?X8ZC?30:
M?I__``EMO!?7%S>/`EP\EOY>VW=(T^UR!K0)+&S%HEG@8*%FR?`/B[^SC^U=
M^Q)X]^)WC[PQ:_!FUL=(BU&S3PL_@BRTB^U>PO;W5H]T;:-MN+R73]+M=,UR
MYC\U!%8WH:8!K=S)]3>!OVB/#OQG^"WBWQKX\\`2>&=8\%^-K_P3XWTZ&\BU
M)]$N;?5+>&6WDNXD$,F/-MWN/)"1@%VA8E%C7^>>->&\SX7XFPV>89>THM\D
MTNCO[LFENHK1OON^_P"G?ZVT<XP%3`QO!6O9J]_YM>G,]4NVQ^HNCN9-,AD8
M8W)G;_=]O?'3/M5FJ>AZC8ZGID-]IUQ%+#.OF120_==6Y!![YSG/?K5EYX8\
MAW`//'<\9X'>OZ&P]2-6A&:=]$?E<E:5DB-M3L4O3IQG'GB,R"(*22HQDCUQ
ME<XZ;ES]Y<JMU:`L1(`>X(P?P'4^GUXZU\,_M_\`_!1CXQ_#GXHZA\'OV1_A
MU8ZOJ_AWRD\7^)-<TBYFM;626U%Q'I]K$C(;N]6)UN'^8QPQ.%<$S93Y(^`/
M_!R!\0OA_P#%B+P'^V1X"TB;PS<'R?[?\%Z;/!<6+Y5/M,T<UW+%*FYD4QXA
M$&Y=K3';'7C_`.L>4O,98-33G'=)I\OKV^9]/1X,XBQ.5O'TZ-X6NM5>W1VW
M_4_9R#R[Z`2S*K@G[C`$*02#^/KGI3[BVAN8&@N8$F4Y^2500?;I7._"+X@>
M%OB5\--%\?>#_$-MJFF:Q81W=A?V88I-#(-R-R`<X/.54[@<JI^4=)%-#/$L
MT$BNCKE'4Y##U!KWM.FQ\PU.,N6:M);KL<Q=_!WX4:E=27VI_"?PS-.Q!,TN
MB6[L3[DIDU^5'[6O@#X66'_!2CQUHFH_`7PC<VV@>'M(O85GT"!1<7-]/J(D
MW2QJDJXAMK-5"2`J48G&X5^OY)&?EZ>]?G=_P4&\*Z*OQGUOQ=:6P_M.\\23
M6<\J+DO!#H^D/&"1_=DN)",_\]#7P/B#F6,R?()8G#2DI)K9\O5_\,>AEF'H
M8G%*%:'.NS/G/6M+_9M\[3[.S_9%^#<=Z)I9=-&JV&H7;JRD222INU!9`ZEE
M8R(?E)PS`UD>*O`?A_QGXYD\2ZSX(\"6>M3--/>7ND:5J2W]V\Y3S)WEN-3F
M9I&V(/,?@!#S\QJ;XBV/BF[2WU'PU-;236`D4V-[8&<7*NF(T),JE8ED;>ZQ
MY+K"HP3@5P^IV>HQ:GH^MO?:KI$B+]D%B^B:D#)'-<,88;B2WN%6211N@"EI
M55KF2-2AD&S\/P''7%[3J+%2B_52?Y'TE;AW(JM/V=2@K/RB=QI7P0_9]/AZ
M/0[SP3J=XBP+%*;#Q9-;"5&G>X5F&QF):4N4=F^[C)S5#3/V<?@3H%OJ\'@+
MP%=6']N1I%K"W.N75P)MMS:W0,@W#!\VVCZ$?=((&YJI:.VI-?6\&CZ9KEQ+
M<NLFM7.O7&LV[12KEU8-(LRR(Q4JQ-QM.^Y5&8B19/2/AM\)[+1O#UEK_P`<
M_BYX9\(17&BIJVN7?B#Q1''!9:=YTMK=:C"MW*K&TBOG@@+R,2GVBW\P_OD9
MO<PW&/B7CL0HX7&U)/MRQ.!<,\*8>C[V%A&_9[_C^1Y=XA_9RT+Q#X>M_#4B
M6<>FVL3Q6H2PG+0HW[S!;[2`3OW'#'EFPN20*W/"GP5^$_A;1;KPS8^'"+.9
M9Q)'I=V]N\<;;B8U(\S`(S$-P+*8]ZYE9J[3Q%XG_9"\6W6I:=^SC^WU\./'
M4FB6B77B6^L[ZW2+3X3-$B1AVEDAEFN&E2UMUCRS7,T>%^4XY3QKX/\`B+X$
M\3S>$=:G\97=Q;74EK<O!)HJPVCYN+5P97C4C9*A("*X?<%'F@"-?0QG'GC!
ME$[8C&3AYM02^])G`N$N#L7+F6$IN7_;]_NN9?@G]EK]GKX4W&FZEX/L_%L*
M:;/'=3VT?B:)(-0>)OE6Y`M<.C$\H/EYX`&*XWXH?L;_``I\;^))_%.E_":Z
MBN9KN\N%BM/B5]AMUWL6CAC5='E6.&,G]RBD;,?Q"M[X=^)?BEJ"VES)X;UB
M:5;&Y6XL;N739+A;J&>&$[6@EC,J_.6,K8R81N(:10S=#^)_CW6[BZTW;:0,
MUG]OL+[4=+M;N,V8"DS%+?4GDE#AUV.JD$GCH:YZ?BSXJP=ZN/<EZQ?Y0+EP
M!P;=3^K03>C^/_,\W\2?L?R:XY@U#X%6-];13(YM;[XW3)YF.A8Q^%Q*N[^+
M:5YR!BN^\`?L%Z%\??'5U<^(?`&D?"[2M)T*WA8?#OQ[-JIO/,U*RL6WQW.D
MVFYO(OF_?/,[,;:%2GRB5>ST;QW::E&L>CZ;K%[*=0M;-1;::Z2"XFN)(22#
MNVI&T;28W-C=LW%@17J_P:UNRT?1/$VI13Q%#H=A)%)&P92!K.FDD$9!'RIT
MZCD<5Z^7^,W&V88^&$Q,_=F[?:OZ?%;\#FQOAYPG2PS=.C`9XF_X-H/"$6J0
MQ>`_C/JMS88'FS:QJ,5M(G/.R."S96_$KGVIT/\`P;'>"9#BZ_:$U)!G@?9H
M),#\8!7ZJPQ1M&K%>=HSS3_*C_N_K7[12HPG34GU/@WP1POS?[K'_P`"E_F?
MELG_``;"?"(H#)^T[XG5L<K'IT(4'VY''X"IE_X-A?@OM&[]J+Q5G'/_`!);
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M964D%2"#@BFJ-+LC+_4KAJ_^[_B_\S\R1_P:]_!S'_)TGB/_`,$%K4W_`!#!
M?!#_`*.9\3_^"6V_^*K]//.MMGF-/M7G+,I``!(R<]!QP>A[4+/9L=JWB9'W
MAGE>W([<\<]^*7L*78'P9PX_^85?>_\`,_,#_B&&^$O_`$=)XF_\%4/^-9\W
M_!L3X%7_`(]_VAM38`<#[)!'_*!J_4]KRQ1Q&[!6(SM9L$#\3Q_]<>M3;%_Y
MXM^?_P!>E[&A_*-<$<,+_F$C_P"!2_S/R0\3?\&WGA[PCH]UK=S\6+RZAM8'
MN)%.NK#N"(7;[NFMC"J3[XKD?B5X3N/^"(OQ7D^'O[/.H_\`"5#QUI=A?:K)
MXW1=UJ+>YN(XEA%D8#$/W[[_`+V?DQT-?K;\?;UM+^!GC+42"#9^%-1F5@>X
MM9?Y#FORA_X+QZ@^H?MIZ3X?N62*.+X<VTI8`^9N:_OL8(X_Y8_I7'BFL-!R
MIZ'Q_B!EF6\/\.O&X"G[.I>UU<Y:/_@LC^U)J;L[_#/P`LD3,[^387\R@*-I
MX^W`GG]YBKE]_P`%:/VH([:>2RTCP59M\OE3V6E/(K9Z<RS2"OEVTTVQB2.0
MVWFRKYNZ20[0R'H<+5;Q)/?M"ND061N8W"[(S=.D9V*6;&U?09KP)YCCY^["
MJ['\[0X]XEQ$_9+%37S7_P`B>X>+?^"I?[=$T\T%C\0;73RT]O)Y-KX;M'>%
M9%!=<S6[\!6#9Z;2&Z$&J5O_`,%./^"A0N+B,?&>9HX3&L5QJ'A[2GD\M[A8
MU0C[,@5=C@X/``8EP$8CYK\01SZ;I:O<6D,T\MT\$PNT-S<RHDCJL"RNRRL_
MF;Q@)GS(H8_NXSN)$FG:=++9Z=:Q645]):SO?W3H-FUXQ;PR0>7,6CE1B_F2
M#[*[3A=\B-(.J5?'1^*K8^JPV8YY4CS3Q4FNY[Y9?\%4_P!NVYU!KI/BY;7-
MG:G$\MMX<TR2.7_1Q(")&@"("[!02>3P.:36?^"I7[9EXUO"_P`:[]-UU>6U
MY<6.A6"K#Y*LRH"T,0=2`S*5)9A`Q7(!(FT#]C3Q_P#$/5+/P/'<Z8FJ?\)#
M-;Z/XBC:XM;>QU&QU62PGT<7S1S327%RB07L+R$2H83*T:[KB9^A^-7[+NF^
M$_`WA/XFS7FM>'VUOP3I0U+P]KJF]U'^W5T_6KUGN+O4D!M$E2R\IH+=9%=B
M3Y-LX@EFYH8[$8BO[LF?T!F7@YQ!EG#\L;6S).<:?.Z=W9/DYN5RZ/FTY_AO
MH>2^-?VT/VK+Z[CU2;]I'QI#83[KBU\GQ%<Z?'/"B[#&8K<1F(Y^;>I4*/F3
M'^IKD?'G[:G[8'AUK&VT+]I[QU);JHDNX;SQ3?13DF0QQCRHKA>0PPXSW!X!
M!/&VVH1:,]O;6U[>W!FMLQ6VFA5;RPP67:I+%H@S#"CD]0"`:R==^(%SX>AL
M8/"'PDTO48=0%QYU[J^FR7$4=JT<"@>7%Y(\V1H48'=\I!SC->A0G653D3YE
MYG\^X#&9M4Q?).I:/>^G_I1V>O\`[2?[6&N-%I_Q$^,7CG4[6-((YAJ'BB_F
MB1GFVN%9IAL^0`Y^<?+ZL*Y:[:Z6W:>[>.1E3>21\V![D#\NM2'XB^/?%-G;
M6/B-+J&[N##%<0!Y#&0L$V7R$(^^+<?\`)Z4U5#M'/+%N9+OS%24%]Z^G%1[
M2K?65SR<=C<6\;3O4;OV=_\`VX_-_P#:(OKG3OC#XI72]3?RE\17ZH(OE4)]
MI?[H[=J\_:\+Q,)9V)()SL`.[MSU-6_%VN7VO^);_5;N4M)=W<LS$CDL[[C^
MM9XM9IIUMUVY8@9WC;D]RV<`>^<5]#AZ4*=/W+W]$?V3A:4J>&A!LB61RP)D
M;KGJ:[[X#^!]%\7>-[6PUV&ZFB&9TL+6PDN)+X1Y=HE1,,00CKG(Z'D8KFO"
MOP]\<^,O$,'AGPCX4U+4M3GF\NUT[3[1Y;B:09RB1H"S.,$[0"0%)Q@&OI[X
M;_L`>(-&NK>+]HWX]^'OAW"OG1W>DV2W&MZS:(D8";K2S#6T+M(SHT-Q<PR[
MO.W*HYKCQE>C1I-2DHMGTN1X;%U,="I3HNHEK9)M?.W3N<[^T_J7PKU[P;_:
M7AR6"[\06@MM&NC;QX-QY$+%[M$C`3"^2D0(^41$$HK!=GSM!:S(S331%U5L
M$_P[O0GIFOLG_AD#]FGQ?'9Z(_[4'CZWT]&5+2?4OA5:0Q0KO2-T$4>LR#<I
M$;D(&8EMK!F85Y9^T)^Q'\1?@9X2D\?Z-XCT[Q;X9BD6*]\0^'IW*V1EEFA1
M+N&14FMM_EX1BK1.6"K(VX9Y<MS#+[>QIU9.7]Z-OS/H^+<GSK%XF6/JX7V4
M.57Y$^5?-'A'DQ7LGR2!9V;`C'`';J>*_>O_`((P?&7X`_L:_P#!+;X70^)M
M;FM[_P"+'BG7=6U0F+S([21;Z33%N9&`.R$0V,,>,%B[.P!$;X_!<:9<P/\`
M:4C*(&`+/\H7(!&23T(/![]J_;GX8Z?^R9X4_9\\!^'-3\$2ZKXCTKX"^"['
MPQX6@EN8UU'7]0AEU.=Y5M7@+*)KF,NKN=YN73EF`K;'XEX6BIIV]3GX&X?I
M<0YTJ5>$G2C&\N3?LF[[1ON]%YGJ'[0O_!4"X^)?P?UGPOX#^%TMG::E97/]
MO'7;L)>2V-S<26HN$BBWALVR&.5F/[F6>-4\\HT\GW__`,$;M6\7_%'PIXT^
M/_BO7]4NWUKQ)%H]C9,L*Z7!;:>C*T^GE'D$\+75Q>P_:3+*9?LPVG"''Y&^
M`_&_CK7O"VL>!OAC)9WWB,:U+K>J"6`@WEC)&]F+01Q,T:!9M2G\Q"F%>4%&
M18MI_>S]B?X#R_LY_L_>#?A<VD?9)+31Q<:E`^U!;WLTAN+F%8T)1$6>9EC5
M"4"*.<H"^&5U<9B:KK57IT1]1XB8?AO),&LKP--0JQ>K^)V]?A\M#VJBBBO8
M/R$****`"BBB@`HHHH`^$_V^_P!C32/$_P`4?$7B'P%X$G;7OB_-:>$]<\7Z
MKXKC6VT/3-9MK73M=NK*S=U87W]E:#:6\'E?.9KO,>[-RI^*-=?Q$W[?OQ+\
M7:3X-?2O`?Q8^&,?Q8\)Z3"A2&-#<0Z1!=2;4D2W;4;--3O+@(@D%O>0^:D,
MEN^W]&?^"N'[.W@SX\?LM77B/QF/%V_X7ZW:^/-*;P!XD_LC68FT^.5;B6TN
MUMY9$G6TGN]BQ[6+L@\R+?O7\F?V4[CXD?#KXC_#/QW>_M(:QK?AD>(M5T&Y
MU*[L;+2/$>BWMSI/A3PDL,]HTSQ:A':SQ:'''=V3S20.D[W+S23H4^8XLA*M
MD]>*=Y\GNK6SL^GG8[\&JU/]\E[J=F^U^Y^YO[,GB72=:^!7A>YL=+O=/BBT
MM+9+'4+1HIK;RF\D12*6;8XV@;=Q]N*Z^\NKG[/)=6Y(62(M$P)(8X!R00`.
MF.#WKY=_94^(>A7O[+GB:_\`$/QA&AV_A:UGO+W6HM5@OY?"]I]C^T"X$MQ"
M46-$,EQ!Y\3_`+ORV?SHY-K>E?"CQS\1OAEX(U73?VJ_$.@+/I%[;6T'B2*2
M"TAUDKI-E=W-WM+CR(Q>OJ*@2`,L4"R.2NZ4WPSC%F'#]*<>L4O.Z2O\^Y&)
MH\F+EY-Z>6_Y'P9H'Q(^%Z?$[Q;X$U74K&PO[KXO>,4-T]Z\6ZZEU;44MB\@
M)9?W211;@-S)''&,JAKYB_X*T_L7ZI\9_#%G\6/A+X%:X\4:5*$US2-/L4DN
M+ZS\N0),T:$>;);.,#RU,CK*2'_=1BO2?^"Z'PM\4_LT_M5Z;^T98>(+K3O!
M/CW5+8WNMKI;3PZ'K,4,,4K/%'$5+&",3I!GS)9#<LJG8QKRKX\_\%-O"FK>
M'_B=IEM\;D\'ZI96KR^`],\,7$>LRZP[AVD-S>VHFMH7R8E1K6Y3R3+,-\WD
MQ@_S_G'"_$66\;1S#!O3GDWS7M)2;=GZ?9[']$9!7PV*R>B\-)VY(J2O?5))
M_BSTS_@V3_;OU.2ZU3]A3XF:W++'#;RZEX$%W=JK6[(&-W80"0NQDQF=0"NT
M)*SDL2S?MMI\9BM$C=@6`R^,XW$Y.`22!G.!G@<=J_G`_P""*/Q,\0_&[_@L
M]X-^*MU87LI-OJME*RW[7\T"#1;A(O.GD<EY9!;-N<[5S&0JQQY5/Z.-)D#:
M?#+"BA&C&T1MN51V`/\`$!TSWZU_1V25JM;`)U-T?CG'N&PV$SZ])?$KOR;W
M_$N,PP0#TZU^87_!5FQ^,GAG]J.?5/!W@2Z\2:;_`,(;K&LZ?H\3QQ_;M9DM
M=,ALK-9I$D*/+_95R%PF!\Q)`!-?IU&)"[.V-IZ#O7P=_P`%7O'FD^#O'^@>
M#=9T]V?QG>:7:Z<R8VO):6WB"ZD#;@RLNW`(VY_>#GO7A\<*F\CE*<>976GH
M[GC\.T9XS-J5).W,[/T/Q5^,W[>?Q9\!?%,>'_C=^PYXH\.7[78$>FW.N:1<
M76-V`J03:.DLH'0`,C'O)GFO1/B!^V+9^$/`\FJ?$C]E[QWX,LM7LO*LM2\9
M_#*Q6V6*1)&5H4NM7@A\H/-YX@*RI)+OD<LTNY>NMK>W0!K<*J^6H4V\$<6<
M#CA%''MS6_<?$GXEW?A(^`]0^(&N2:"ZXFT-]6F-H_'>+(4_D/PK\Q_M3@^7
MO2P<EZ-__)']1KP-S/%*,Z&,O>V[<?\`TFQVG_!,W]H_X5_MF?$#6/"OPK\$
M^(I[#0M3ANM1TFV73UFCM+@2!6CS>W<%UY:VQ,B.J).%5!$69G.=X]_9#TS_
M`(*E?M[RWGQ2_:IA\`>`-"U9(?`WANPU6[NM9T>\N#:":&U:[@\BUF_M.#S(
M+B)C<PVZVM@8Y+6..WT[9_X)A^#O#W@[]K'2D^%OA#3M)O=1U.TGU*XT?38E
M>=XY2F6&QSN\F609YV[7;JP%<_\`MZ_%OX(?"?\`:1NM#^#VI:5IVIZ+XUO-
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M/&WQ2MI7L=1;3KRW,.E'[(MNZ2"VD29(RJ13"6`*D8D"H27?;&S9"_MI_L;6
M_BF>^;XQ^#;II+[3X[:2\L]/6*W5"R+=%X_*GW0(Q)'S'"A%63[U9OQW_9ZT
M[QQXZU^^T+XR?$+PU'=ZK<22VWACQU=PV\JM(Q#&%VEC4'.=L:QH,X55``'$
M:)^P)\"9;J)OBCJ_C'QG#')\]MK_`(JN-A'IB,K7Q%'+>"HT4I5JE_EOUMH?
MOF%\*^.,30C6P].+32>LNZ/H;PG^V#^Q/-K%KJS_`+3'PIN);5Y6CF2&VL[J
M(/&L2QQ,;G"*$:<$,#N$FS.`[3>U^'/BOX4U_P`(P:QX&\56&M:;XJ2:VTS4
M]*OUN;>^,#_:)5BE3Y7*/9R!NZF,@@'BOF71?V:/^";&C6"VDG[`&CW4B84W
MLWBZY=^!C.R>.9?PKV'P%X6\`:7JGP=\&_"KP<F@>'9_$?B".UT=YEF\B*'P
MMXDO-FZ-(E*&7><*BD87);DUR?V'P]_:6&G@\5.I-2V=E96>FB1\MQ#P=Q-P
MO@I5LPP\80O:ZN[M_,_=2Q91`D6[YEC7(/7I4]<YHNL^;\1-2\.^8Q^RZ#IL
MYW8_Y:RWJY^O[FNCK^A\'=8:*\D?CL_B9YG^UM\9+#]G?]F/XC?M"ZIX4.M1
M>!/!6J^(Y-#,NQM0CT^TENC"K;6`9O*(';YOFXS7P!_P;F_L\V_QT_9U_P"'
MN/[3=Y#\0/C7\8/$^LWT?C3Q#I0GU#PS86ES>Z5'IEB[NQLX_P!W<,?LHA5H
MKA+9D*V\;'])_BC\+/!_QF^'GB+X3?$G2%U3PYXLT>YTGQ!ICS-&EW8W$30S
M0,5^8*T;LIVD$[STK\RO^"9TO[6'_!$_3-2_X)Z?MD?`KX@^._A+:>*-3OOA
M)\;?A/X"F\06%OI&S[5-!J>FZ9#/>Z<1<R`C=%*6N;ZY"M)!;FYKIZD]3],]
M:OO#7A.W2\\5Z[8V4;7A6*?4=36)99V0G8S/PQ,:L>1D*"%&WIXC^T/^T7X?
M_9.\*^$[?PEXF^`?@[P!<HVEZ9J_Q%^)Z>&M/LF2V'V&TTZU2SDAN@R1RY5)
M[7RDCRJRJ!GS#]L+]M#]AC]K3]D'QS\/?AUJMY\3-7UKP1J4/A[PYH'PLUGQ
M#?V.H36,T=M++8VUA+<6#J\F"TT2!.^""*\B_P"":O\`P30_:-\)>$?V?/VV
M_"?Q)L_A[X\T;]DZU^&/B3P!\0?AU=W_`),"ZD=1$A$6HV$UI=).4#1N'7:&
M39&WS!V:"]]"_P"(?VQ/VL/VN?B-^R7XW^!'Q%\(?#,^+/B;XOT37O!FL>&-
M1UQ+/6]&TCQ1:WC32VVK:>FHZ>_V1C!$88'$JPW3294VM?1WP6_;/\>_M=_&
M'XF>`?V8?"NDVGA#X1>.&\'Z_P#$+Q2+BZ?4_$UH8WU33;73T>W=([>.6.,7
MLLRJ\S>7'!)%F:N5\._\$QOB5\(/`OP@N?A=\9M#UWQI\(/C)XF\:V]UXET6
M:RL-=MO$%SJYU*Q=+>:1K*9;;5W$-S&)%$MLK-`8Y6C7I_A9^P=\3/V6OC;\
M5OB%^RG\==$T;PQ\5];N?%NJ>!/%W@B?6DTSQE=1"*\U>UNH=1M)OLUR([9Y
M;"7S%5X#]GFM4E**68)J_J:G[$?[:-M^U#K7Q)^%OC_X:'X>_$_X6^.)-$\?
M>#8M>.HVP#D26.IV=TT-NUW97D!1T>6W@E4B6)D7RT+_`$E7S#^S7^SG\(OV
M"/"7B_QWXH\:W7B7Q;\6?'5QXD\;^(+?2)VN-<U:8`&WL;*+SIUTZ&&-O(M3
M)<"TMU>1I'7S9J]P\/\`Q&\2^(--.KO\,=2TL1*3+IFIWMHUZY*[D""VFEA^
M;(`WRJ,GDC!J7)+<:O(H?M.0&?\`9U\?VJ%MS^"]4"[1R2;67C]17Y=?\%R]
M,@O/VT=/N)[$.P\!V"9#`?*+[4__`(H?G7ZD^(?$=MX^^'VIZ1/H-]83W^EW
M%M>:=?I&9+65[0L89'A=XLC>%+H[1[@4W[L*?S!_X+GWEMI_[7.GW$SA/^*!
MM&R>^+Z^X_'M7F9A%O"SY>I^7^+;;X1?E-7/BR^D2UC)C+',)4`#))V[N`.3
MQ_GM7+OJ*^(]0^R0Z'>M,\DEK;36<Q9(@=A!V#+$^4R-@`DB0>M0^,==U:^F
MN=/T[1[UXTB@>XNK6VDN#;[BSS+M`W$[$(&`>2,XZU2L[_6H[MCH.F_8XI'D
MNY)K&+:LMI;J%*/&7W1*C))&\F["*7W$$3@^=EF1UZ_<_F3*,E<J"Q%2ROJA
M-_AM;AA=ZRFY[R*:QMUMHHK>5UG=9X9A%"\=P%#P`MYBN%VOC>Z@[HO;6*PF
MU1XK^87S"!X88DAANG#W6WSDCMXF5<,ZLZ@M,`K',D.']X_X(U?L_?#K]JW]
MK<Z1\6H_M^D:#X.;5K?2VO@(=3N8;RW3;*B1A;BRCV(P20NS@1><\T<[6[^&
M_M]>";SX!_\`!0CXV?"35M0TB:WTGQF;BTE735%O8V.H10:E;6B0HF8XXK>\
MM[<JH("PLP))P?H\!PQ]9QOL9/773TW/U"'#.)ED3Q\)KEO9KS->V_:I3P?8
M0O<QB2]M;PV\OB7^W];@<RF2=PV^WOXD#/\`;[X!<;2EY<?+YDDTDE;2E^*/
MBOP9K5AX#\(^);SPEX=']K>(=-T6TNKW2M+'E3[;R<$R)!A(9`&=0NT2D<!B
M,/X8_"W7?B+_`&?X!^%?A75O$WBBZT:WU2^E\&6\U]=QH?)26Z8V<(*IND=&
M8Q8W%%D+%US]K_\`!-/]D[QM\1OV!OVM#\*M(NKK7_B)X(U'P=X?MI[^&&2X
MU.VT;48$03L(84;S=1@C+R<K(CAF'D_NNUY?@\!K[/5'O9=FO&7%*>4U,PK*
M@XN#5WR22_'\3\^[37/`VM^-4TVV\:VRW=X;=9M+&DM&#&J,[Q;QS."S/S\H
M/E'DXK/\3Z#XDL_&MM;>$;$M`RQW4\VEJK-"@V9^1W"X_>QX/0[UQG(K[F^/
M'_!/_P#8?_9R_P""5-K\=?B'\4/AY:?$^YUNPT'3_B>GB76=5T<7<.M1FXTZ
M,Z7!<^8ZVMI=096T/DRPL/N*DB?(&H:%\0/@EJ/AL7WA:QBN_'WPVM/&'AI+
MB:*6\31M5P+:7?%*[2*&@58U>)6A:)05&]-WE8Z--QYZ2L>#FW!V*R1QQ+DY
M1Y+26FAS</B*\LK:YM[RUDGNHKLVZB*5LRQ`@%Y3[%E_U>>OM6S+>6.G::^I
MZK<-;V5HC/<3,V$10&RV>A'RGD>E4O"?B*'Q9IVGW]QI!M)=.\J+5K">U"12
M/&\;*R.Y!8,$/F<#&1@-53XNZA;3_"CQ/<+:1@KX7U3<S[E&!93%,#&-V_\`
MI7AM-2Y>I\;3PM&OGE'"6MJE?S=K'Y:7;-]N?;U\W(Q]:]3^!'[-7BWXOSKK
MEQ?1Z)X9L[T0:EXKOXF,5FHVLHB1&5[B=MPQ&AW?,I8JK!JX;P;\/]5\<>+[
M'PMID\)FOKI(@2WW07"NW(Q\H.3[#/(K[`G6PL;&R\+>%6FCT/2X9(-*BNAN
MEQ)(/,G=4/\`KY3EY,9W@*@("IM]#,\<\'3Y:;]YK_@7/[]X,X3?$U:7,VJ<
M-VOR-GPAX2U+X8_"66;X)?#W4K#P?=7,MEKGCD::7GUEY$3-I<WJ1^6L)#1N
MME'LC`*%O/=%E?H/V>I?`%OKK:]XW\1>%;93<1PA/$MA]JBAA!ENGN#!$CNL
M9N;:"*X$:_O8[Z51(A)(^F]5^$GPK\0^,_"W[2WPHU.Q\3_#7Q;\,]?DUSPK
MJPAO#X9UO0_"-Y"MG>VSHPD:W=[=H9S&I=Y5=6D\Q7GROASH%]X!\8_#'P/X
M:\87\$WA7P9I7C:]T])`=/U>_CLKWQ(+ZX,=R%6Z2&>VL$<QL7@0[9HD4*?F
M,91K8BG>K+7J_P"M#]LRJ>68?#?4L/1LHOEYE\5^USC6^&7@74/"&E^&?A1\
M)]?M?$VJWMK.JR?VA+<M93QRV\%M(Y,2;Q+$`#'&R7#WD;_(P^R18$&D:YHF
MC?V[<Z1ML[NXNM'G6^M5,$KHD$=W92IG"KLDC1K<AF0L3E&.:^@_"/@E/A=X
M$\.V'Q!O[O0;>SMO"UU\.O$$_P!B;^R(9++6=1"^;)!'%'##JVH6IN(KH[XX
MK@1S/M2*9N/^(OBWPQXN_9Y\,:/X6EU6X/ACQ1JL337&IS7D=[#-I^G^9?6P
M>*.:*&>6TGNOL[*'C$L[287*CPJN`HX.DJF'J-OS/T#A[-7C:"P.(HJ5.HW!
MM\VSNI=?2WG<_-'XW_`7Q#I'[547PB^$GA^XFE\5:Y9GP-8P(L#W#WTH%O`C
MEP`8Y6-NK%@`T9Y&":_H*^)?[&WP/T[XD^(OC)XHM;34=/U2+2K2T\)R6SP6
M=C960M$+(L:37$[-'9Q)'$NW$1D@W`R;A^4O[/7PLL?C-_P5[^`7A6^O9K0:
M=$-:B=(=Q\S3GU#4X5.>%5IK4!N<XEXR>*_7CX\?$SX=:9XCC^'?B`W&HW,M
ME)<IX;@DM2EQ'%,J1K)!,5)"R"1DD8"UB,#&7RB4+_H^$C''9;3E65VTOO[G
M\M9EBZW"'%F*H8*?+!2E#UC>]M.Q>_8<\-?"/Q7\3/`WP0T[P\;;4+N>;5H]
M-?3)3(MOI\%K:W=S<,D;QI,+>>SM99UV0R2S@(4WA6_4Z-%95EDC*L1DJS9V
MDX./T_2OC/\`X)/_``[UVST_Q-\3O%$B6L,FI#1/"VA0Z1):V^FV5N`2D#A$
M2X&WR8WD3<GGVMV%*`-'']H$`]17=0I*C3Y4?*9CC:N8XN=>;;;?4****U.(
M****`"BBB@`HHHH`RM;TR[DG%Y9S1QY.&4K@L>/F!7#$G:`021A5..,'\6_V
MDOV9]>?XQ_&#]G+XH?$/7-.F3QW9>(O!?C>>2\GU#P]:7BS0076GRY@,LPD?
M2M.9T)'EK<Q>8K%G;]LKFWF?+)<%3Y@9?ESCC!%?*?\`P5!^#'A'7?@SK?QJ
M/A6^N==T#3[:-9M(LY7DEB35=/O(WE-I&]QLMYK99MY'EQQBX+@+(6'@\14<
M34R^<\/-*<8R>J\CW,AQ>'H5YX>O&\:ZY/\`"[IJ1YC\%OBQ%^S#IGQA\1^%
M+*TUB#2?`-]XSM--2<I<">U^VO)$2F["3L'PZ*"H0I\V^/'4^,9O!_P:_:*_
M9J^#'QKTC35U?Q!X8U"VO-9\,W,VF:=!XAL+'3(E9;:.2&T:WF26>T`DMR6W
MV,"%2H2N#^#WQF^%WAKXP:7H'CCP4EZVHI9Z3:7^HW$4EC:0O<74%Z9(V<K$
M%MG2-TA`A<;I9RS+`6]$\=_\$X/&>M:I/H5M\9!?>&M#\#^(=+^%[:_9S2ZI
MX.O;V72Y[%TO_-:61;&:RD,,X,-Q!&\:>;<LN^/YGP[P^84>%<-+$2524M;K
M2UU?6]COSVIA(9]5@URQO)?A9;=#'^,GQ4_X)NS_`+"/A+X&>/OB(NH_"[QA
MI>EZ*M[]L_>:?;7,=Y-::A>"+8]E&9]/FC+^4L,4B2(\:Q0R^5^<'QO_`.#:
MKXKZC\4O&%A^RE\9]!USP[H/B".TO=,UN:6UOM/,D,=ZL<S%%MY0EO<VV95?
M#;PVQ<E5^E/&O[$L_@[X=:?XD^,_P_U;PI9:])KGC/Q[X+;7HC9Z5I&DZY8M
M'IJOIKA)570+S79%3>[27,DLI;S%4USWQ.^&GQI^'F@_'+XS:IXM$/A'XLZY
MXYL+>W\-W8BO--O_``[<7^IZ6T[MABY73+^T\B(!0LB!I'\P*GTF,C"M:6(I
MWMU1ZF38NKE,Y1P-:UW]K:]X[?<_N/I;_@D1_P`$;-+_`."=VB:G\1_B-XOM
MO$/Q(UBS:QU"ZT>61[.QL_,6;[/$"D;2M(4@<LZH4*`1;<R23_=^G:QILEM%
M$MXK%E'E_,&,@QD-P3G(Y!_BZC-?E-KO[3=_^U?^SU\7/''A[X@WGA77O%/A
MGX:Z+XID\+B6[DL-6G\2ZAI=\;:&QGFD?S+=(WCA0F>2UDC(`,@V97A7]KK]
MIKQ+^T;^SCXMN?C%XDTG4/$^F6_@/QGX0O?$UM;0P:]I.MVZZS<7UC?@6_VB
M>RN0$C5%O#Y\*PG<BQ/U4,=@Z-)1A&R9XN/P>9YGCJE?$S3GJWZVYG;RL?KD
M^KV,0(,G`8+D\#))P/QQD>Q![BOD/_@J;H/@F^A\,>+_`!;!;"32=/N[C0;F
M=B-E]/J.D6**O'WFANYU`]9#3/VC_P!OWXA?!/P;\1=/\):-X=USQSI_Q?TG
MP%\,-$=)(H;^XU+3M+O;>.Z9YPJG;<WI:4RPQN;=%SSNJ/\`:Z\9?`O]KS]B
M#X??&W4(9K?POJZQ^)[5]3<1SV+0:5=ZA`LY!8!H[BUA+@,PWP\,W#5Y7%/L
MZ^3UX=HZ>IRY1&OAL=1KK3WO^"?EAK>FQ:;X@O=#TZ-RD-W+!:@+EY"DC`*%
M'S$E59LXQA3SVJBT\43B*\E,<;N%$\X*J!MR6)/0#!!SSP<`CFOI#]C3POX.
MU#]O[3?AYXS\'Z5KFF>(;B[66#5[&.Z2%FLC<B2-)0R1N'0?,JAL,W/->X_\
M%+/A;^W%:_#SXZZ9\,M;_9Z\*?!J3P?J%M<7C>$=3?Q)I&FG18AJ%Q/<)>6]
MG'<([W<\(*NRP&`C<9"J?D_#O"4\^R^6*G4Y4NB3>WH?U_FWC;5X=Q&&RVAA
MN92A&7,Y)*UM]5Y,_.7Q9'\8DFLM0^"7Q&N_".K070,^K6>OWEHWE,$4QL;5
ME\U6VJ2K[E&P``ACCF?%'[`'[6'[+/A71?VSO#_PBT#XW_#GP^T\GCGPIX.U
M[5DOS;![99K:62WAMKJU!MKJ2;[9`LR1FV1I0\>Y+CZ*\"?L,_MB>(O@UIWQ
M6M?@UJ.K:;)H_P!H?4[4Q*UXB)CS8K4O]H<28+Q!(V,T;*\6]'C9\[X3I^T3
M8^(9[#X*:3XLEO\`3G"7EEH.FSS-9DN\6)5B1_+SND0,=RL)94^X[!OJ\JXV
MXBX/R_\`LNEA6Z3>_*XR=^[LY-?*R[GRG'WA]P3XD8MY[@<;36)C%.7/53@K
M]'RW4->_W'A'Q+_X*(_\$O[[2O%>A>'_`-G3XQ:W_8VD:A#X<\)Z/XFM3H%Y
MJ%O^\U)K/4U$\[P0K<2ZC#=21;=D$+S02A_+K/\`V8O"?[?G['UKH_[7>@?L
M]ZDVC>(M*U&"--3LM2BT_P`6Z*RR6\MR]F'MKUK&52MU$MP(W7;;3.K1B.23
MZ[U#_@H'^U/IOBZUUK6/$=I%KFD0_P!D6MY<V,:-&T;9,+JS[BRJ&7#*6+LP
M/SLS5YS\1_C#\0/BSJB)XX\47<\2,1:VDMV^(V`7<A1G)$B_>S(!+&K%E.6&
MWT,)XH4,GPTJ%+!RE&JY-QEM=Z/6Y^?83Z/><9KC*4\5BJ5.*>DHS4FO\/?Y
M[G`>$/&WB_Q_IT_BCXC6\MMJM[?R_;('TF6V(&XD8:0#/XFM=FDW98#D<[6R
M,_7O]:]'_93_`&:?%G[57Q0?X6^%]6M]-==--_/=W=NA*6ZR)$WEQC82Y>15
M579`QR=V!N/!>(;/3]'\=^+?`.EZFMS/X0\8:QX<O5>/$AN]/NY;9\B,R*BO
MY+.FY^05'!-?F694:^(OF:H\E&I+E6JT>^U[V\[6Z;G]><+YME&4RH\-SQ*K
M8FA#7FNIR726UOE>_6Q`VU@%7&,\Y[U[7^SQI+ZQK/@#4F"NNCMXMN<#^`_\
M(GXBC&?^_J8]J\1D\Z&58YX70,V8S)&REU]=K`'\0"IW)@_-D?1/[#;&6+6$
MNK8?N-'\1F/<02Q;0KI%`]/O$=\[OS\G+:GU+-*$Y:>]^:/CO'##+%<!.4=9
M1DI6ZVON?K#X6:[?]I7Q7N_U(\">&R@/]_[9K>[]-E>@UR7PT,.O1VOQ%A`8
M:UX:T_$F.651+*O/?_CX;\O>NMK^H,#-5,+"2[+\C^":BM*PC,%&37'_`!0\
M>?#GX<V4'B+XE^/M$\-VEQ="*"^UV]@MHGF".43?*4YPKN,,#P<'&0W7M'N&
M,]\U\3_\%RK4)^S#X9G;Y@GQ"M=H*Y"L;#4!NP<]`QJ<PQ4L'@I5DM4:X*A]
M:QD:4G9/2Y[S?_MP?L<:?'LU_P#:M^&=L73)2Y\>V!!Y'3,N..QQSQ[TR/\`
M;Z_8D@1D/[97POE8)G>WCW3CD[0.TH'.,G&.M?S>_MH?'/P-\(M<T./QE)=3
M7-S%(R6]I9EF9.3O.\HO7'3CGCI7A,7[>/P=\^-I]'UU0KN"PTZ,*P)X.?-K
MR,#G&,Q>$]JJ1^O8#@7@*IA(3QV:3I5&[<O+%_BGMVN?U8O_`,%%?V#<LZ?M
MC?#!65BO[SQYIRC<.W,U;_PN_:[_`&8OC5JSZ%\(?CYX*\5ZK';-<2:?X8\4
M6=]<"!2`TODP2M)M!95)V]6`K^3?Q1^VA\.+3PO<#PC;ZI<ZI=Q3Q6,46G#Y
M)EA$0ER_WD9R2-H+#!#*IVAOTO\`^#9_Q=;?$;]KBZ\1W>EM]J?X53&XAC3:
M(9)+C2I6X1RI1U*3*<#*MR%/%=M',,3*:]I3LF<.?<$<'X+`UY9=F/MJE.//
M91_X)^G.D?'>'3?$WC[XV7T/]LZI9W&J6>B6#F*TT[0](L]0N=/'FZK+'%#;
M?:]0L));@%YI@HAS'LM2R\AXG^-7QK\?:5'XLG^)_AOPCX:U`:GI+ZM>71M-
M,BOTDGFA>`ZKI\<M[&(_)2?]\J730S>7;*D,[RW/%=IJ7P]^(VI_`SQ+K&B6
M6H:IXEU+6OA/J/B"1+2"_.J7#3W-G]J$+W,-S:7\CS11V[I).LEK$3&/F3K_
M``W^P[;>)/$4/BOXQ>-]4FNX7U`2V7AG4+O3;.ZBD,,%N(Q%(C6ZB&-E:W:2
M9I6DW32RA0M<<_K,Y<J>OW?F?F]-TXQNUH._9V_:/\+G3['X9CX>>(-)AL[2
M\ATNWU?07L8_.AEN98])TM#;VZR1P16TR1*T$$T45I&DB/*)S%\!_P#!??6(
M8_VRM+2&5'6+P/8>;&3_`';R^=T_WBK+@=/<5]L_'GQ9\)O'=]??LH_LSZ/H
M\%]KL]OI7Q2\0>&(;,1^&]*N[\6T\,LQAE0:C<DS10VK*9`6FN)501KO_-+_
M`(+>^-KB3_@HSX\T%G,@TNSTY+8%ON-+IUHW'T,C-COSTKV\JPF*QS=).[M?
MY'Y7XM47B>&%""UE-7^ZY\JWNHZ=++8^(%T.QN)$>XE^TS21*Z9C58P64J6&
M0YY'<?A]U?L6_L,_LS3?L)>/_P#@HC^U=X2UK5]'T'P_K.K:5X4TO79[5[RV
MT^-)&G,MO-#.US-<V$D4<<DJ*S.^5<21F/\`/&:[U+5KD37#2%YDVL[2,6&/
MN'K_``_K7Z`_\%?M6A^%?[('[,'_``3"TV6UT^ZNO#D'BSXG:/I%^T+;;&%,
M1W$"*([FVN=1ENKEBYXETL.,L-R_H>+X>J8*&&I4E:=2_P"&_EH?GG!>299A
M8U<?BVG"E#6/3^NUCF/V=?`.G_\`!/J[_8L_:6\?>-XKOXA_'/Q6NL7=O<O(
M^E:/X6N;&..ZR`L8^TQVVIVTC.V$$TIPI$6Z?A/^"R?PVU6U_P""O_Q,L-.T
MRYU.]^(EKX6N?#FG:<RM<RM+I<&EH+=`?-G9Y[%E4*AR<'H<UW'[3GP_\8?'
M+]L3]FC]GS3Y-70W?[+G@W2]!L+@-*NE2WDMY%>:E';+ELK"D2RL4!`M`SE$
M0./N3Q!_87PM_:)_:Z_X*)>)?`%AK^K?!'P)#X=\+:?="6.XGCL?#,?B*ZPQ
M!18[A]5AMD9E9E^S2;2`\@E\?#8IY1B5B/BD^;3UV/T&&'AGF%Q66T8\E*/(
MU+O*UY)+?1?\`^7_`-C?]DK_`(*J_L!:7XK\??"CX6?"O0&N?#J2:YXB^*-W
M+J-K#%8+=2+Y(TR]\V":=I=\OWH76"(,%9"7NR?\%%?V@OVH_P#@@W^TW^T?
M\:];T>]U34?%C>#=&M?#6DO:6.GZ=?Q:'ICPQQ/*994\V^NY6\Z>5Y/,(,@5
M8XT9^PEX<O-!_P""%/[4?Q'O?%%_J_B_7/`GBZY\4>-;S6)+R_U6Y7PR9EED
MNY)#*SAYF93(VP*^3N-:?CCX4+X*_P"#</PG\(O^$%U"#Q%X\U'PJ^DZ)#:?
M:KO47E\16-Y&QCM?,:2:2TM@VP!I%;Y&4,,5Y&88IU:DFU9L[LFI/!9=!823
M<+3?O+6WR_ID/[>'[,=_\2O^"7'[%_[,'PV\-P7$NO\`Q)\+6]MI5A"UO')Y
M_AO69[N0,$EVQ*LMP[`\QC+^9&17"_$K]EK]B27]F3]I#Q"T?B71/BI\`[VR
M\/:[XC^(-_<6BZK:65K;6UG#96C2"V@MKV*W,&G*_G3CS;0^9(LL:-['_P`%
M*M8\??LF?M$_L2>`/AQX]\JQ^'UEX@U/7[V2`Q+<Z?I&E:?:7$MPD,<S0P"Q
MN=1\PB.1H$D8H.-IP/\`@L3\#?V>_P!HW]G?PU_P4Q^#GB'3=6BLKW2QXCNH
MKB06^NZ7<.]C:2-`L)E^WVUQ?!&R83"CW44C%HTB/DUFO9N/5?UN5G%"DL#B
M'.#DXT]5Y=ET;]+GYX:%9Z=X=TNVT[2[26U@B):"!9RXA9_O\ODM[9KSO]KV
M^U'1OV:?%.L6T\\3?8XHF*/P$>YAC;/L1)M_$"O6;J*TBD>XNY4PQ^5,?=KP
M'_@HAXK?3OV<Y]+TRX*IJ>L6UKJ"@\,FUYE7\98%/MY?OQX.&YJN(YNA_-G"
M-*KF/&6&3U;E%OT6YX]^P-\)+WQKX@&K)Y,5UX@U5?#.@3S*'6*XG4)/.%Z@
MI!(L9..1=Y7+J%KZ`_9N^%T'Q!_X2GXN>*M`_M/PQ\.-$@U[Q-!'(]M#J:F^
MMK9+#[2D<@MY;CSP%W+OV)*ZHQB*F[_P3'\/^(?AEXT\$^-[?0M(OX/!FA)K
M.H+?E#'"NI7RV-G>H"N6NH9]3L9D+@;&2-B%P-OU[^RIJWA#]AG7/B-<^._#
M%OJ1\&>+-!L-;TG3)+"<1ZG-XA%Z;>VN(`AG:ULM)MRL$TK^5>K-&Q7SG1L,
M2XXC$2G+9:?+I^)_J#PY]9R;*(X?#QO.I"+TZMVT];-??W/%/@G#\3O#%AXP
M_9%TB31K*[T7PIK\FI^&/$]U-S?J]@^J0VUU;+;A)([?0X8U#,\)$=R$ES<1
MBNI^(?P:^*Q\;:-\-%^,$%WXEB^(EY\-/#U[9Z3#IEX]O8VMGID<TEQ"HEFA
M:"9;?R)/.1528!Y'GG!P?@EXR^%_[,OQYM_'&G7EAXZLGEMT@ET.PNFC33)[
MK_B91%-2@MS-</9"XM%`MV1H;V24SPRQ1H]C3_VB=6M;?PSK]QX477/%_A'Q
M7+J.C^(/$&I3S+):S3R78M9;>*6-IYX[M[B<W+SLWSF-UDC6-(_+Q.+HTX*,
MI?U\C]&P7#V95,6JE*B^1KF;E:-IM:Z2:;UM>VAU7ASX,?`WQUXY\3^$]%M[
M/0;S6[6#2?AE%I]Y]OGN9Y)KB>UFNLW@6.Z>&S6SE1&CC#:H&\F)4<1<MX@U
MO6=$LM2\(07][;&]T0Z?/H=U?W$CP&TL6N-08--&\31-J$-QL,<^Z-HI%:-!
M(<<!XNUV?5K*6*+PQ:6>B-J$]S%I=C&\D223)$KQK-,[W$B9A1@DDTFT[\8W
ML#R7CSXXZ]\-].UGXH7OB*\NKNULKH7E]>2B6XO&NX98)$>296PTYN6WR??1
MI/-5E9"!RPJPQ6)]E"-_0^GQ>75\ERB6-E6BHJ-]T[2BMFU?67X,]O\`^"/N
MD_\`"7?MV_$GXG*UA-9^#/AQ9Z&X;]\_G:C="]$H<C".HBN+9O3S0.1NQ]L^
M.(O%?BWQU#X,L+W_`$_6M0$,5A96LR-?6GR&*)4W++.!)($^=1;".[$<OFE5
MW?)__!%_X;7ME^PPWCCQ#K)DNOB5XJU'4[VZMXWM[HCS5LF@>9AYLS8M)IT$
M;!A]KF*'<K$?IK_P30^$_@SXA_&'6_B3_8UB;#P=?"UTY(]C1G6)0)97^^&\
MZWMY(\Y3KJ2/PZ#9^DX6E"CA(4K['\49]CYYKF-7%26LIMZ:Z-^1]E_!7X.Z
M'\'OAEX<^%]N$E70[=%:9%=4NKG:9)IMC.V%:9WD"YPIV`8$:UW51_9PI3RC
MM"X##GE0#@>W)J2M#A"BBB@`HHHH`****`"BBB@!"<@CTKG_`!OX9L/%.@:A
MHNKZ;%=V5W;^5=6MS`LL4T;AHY%='!5UV,=RD8925.0<5T`0!BW][K4:VD0D
M$K#+!MRD]CC!_2L90<W9[--,N$N22DNA^1O[1_PR\<?`'XQVFCZ?\+(_$MUX
M>UR:]T"YAADNKM],C6*_CDLE@MW)O9FTVU@EQ!);I##.SPB*)S'^FWP4\=VG
MQ>^%OA[XBPO#/_:FCV\\URUD81)(!B5E5B3L#^:5()!#@HV#N9GQG^!_A/XE
M6(U/5I]2BO\`2,S:9J&E7"P7-H2N&$3[64Y49V,K*3M)!*QE/FOXS_\`!0;X
M(?\`!,OP[H/BO]KWXB>*-3\$>/?$=S9CXFPZ!+<P>'-0DM7N4LKZTBDDNE$P
MA<0?98954AE=((EC9_%RC`?V-0A@E\/-*5^UWHCT,PQ;S*N\3+27+&-N[BDF
MSZ6^,.I>)/#O@"ZF\)>"H]?D2_L;>ZT>X$2"6PENX8KHYF:.%0MJ9V`+!<QH
M#G)!X7XS_#G]FK]H'X47?A+XW_#*75/"5GXF$^J1ZKITVGII<\#?:'OFDE\J
M1HF,F)KF`O"Z3S!V\E[F0^@_"7XS_#3XY>`['XK?!_Q[HGBSP[JS2KI^O^%-
M8AOK*Z=)VA<)=0.89-DB&,[9&PR/&-Q4FMO4?!>B^*;5[FZQYEQ8S6;W4'[N
M9K>3.Z,31[)HP3AB%=6#HISE<GWI1C->\C@C)Q@M3YON_P#@F-\"%\8KXR\!
M>*O$/AQX_%'@[5KC3K35S+92Q^'(VCL[5VD!E='MY"&+R99XH)<D*0_G7Q?_
M`."5NH?$W]LB\^)UQXYM-.^'6HSSZC=>'M(A2RO[>[NM(%K=7D31PE&E6^TK
M0;Z&1R/WT=S(53R5:X^KY/V>5T7P(_@7X9?$[7_"\,%A%!HT]F8+J2QF5I&E
MN6:ZBE:[EF\P^:URTI9LR*4D8R'KM$\.WMEIIM=3U@W%Q(S--<00^2IR6(PF
MYAD9QEBQ;`W%N*YJF%PLYJ,H:;_,Z_K^*C>49]''Y-+7]#\NOB%^RE^U>_C+
M7OC1\4_@AXYUGQ%X5\5>"?%>LW?AZ\TB['B^[T"YN["[EL+47<4B-=Z7<17<
M<!AAC>XMYK95618ED]0\`W7P3^.__!.R]_8LUS2M<T&\\+OI&B>,?#OB#1)K
M+4M%T_5KU/(DE0HJJ9;*Y=L@J%^<-M(('W['X?LK2W:VM"T89B[,C8+.<[F;
ML2<\G&2>2<\UR/Q]\&7OB/X+^)-!T2!9[Z7P[?1:<LL6\>>UNZQ=>N'.[/7/
M0CI7FYAA(?5JW;E.IYI5Q/)"HM$]+>EC\D/@?\1_"WPH_;C\`_&"\U2"ZT34
M-4M&DO+:96AA@NX3:+-OZ;%#/,<<!$'/S9'6_P#!5#_@FOXG_:6_X*":C\8O
M!'[..E^*M/\`&'PWT&R;7);:PG5=6MKC43.S23?-;A;$Z:/-.P2*5"&5T,5>
M"_&"T^%EC!9V_P`)-+N8O#FG3:CX=T#3=5#,QLM.N9;6/<0`2QP0&;;YJ!<$
M=:PO$USXRUBQ@MM"_;1^,^@6)D;?I&F^+]<L+`P1(\2Q3P6ES+Y:.NS]W:JV
M9I&$WEE6E;\JX8SZE@\'5P%?FA&[UC9/<_HZKPACL]RO*.(,&XSJ0I>S<91?
M)I=)O35J[]>^A]UV_B_]D']KCXG_``^\(?MJ_#?6?AQ^T/X7@&G>"/&(LYK"
M1));I0PL+W8T,?GSVIAC6?YR\MQ;VSS%G9L?XZ_`'XC_`+('_!)/QC\)_@]\
M>-=N_%_AOXLVL_Q#\8>'O$-T-?O8K_Q7:7L\E_>V<Z7]I.^EW]M--(\OG):,
MJR2-$3*?E+P!\?OV@?A!\/?#_P`-?`/Q:T34?#/@R!(?"?AWQ186?B*RT-H(
M@+2\MIM00749CBA:*%?M"Q1K%CR=[1";K/V:OB/^V!\%O#GQ3\3:SXPTWXS6
M7CZ>ZU?XLVWQ`O-+U33=14VL-M-MM[>YCBB#6$*VPA13$(U5"KQ0A(ON<)Q)
M@OJ]G*4IM<J?+:R_FZZK<^.S'POXJR_'.NH4>1OF<;MQD[WY=5%Z[6DK>>Q[
MW_P3/U/XF?M>^(/CY-\8O'-O)<:O\-O#OAGPX;&P:UO[)DBU99;B9T=G:5YK
MR*1F!0_*F40*,Z'_``33^`/@']I7_@BQ\,_"WC+7QI\OB:3PSJ'BOQ1+=SQS
M:TEOK]G-/;2W,<L4[27$4362/YNY$F5%!5=A\"^%/[?/[0O@3X_6_CCPQH/P
M\T>P.E:MI5GX5T+PZ^DZ9)-J,MD7U"]>6^D6>Z3^S85$QC$:Q2RIM1I#BEXD
M_;\_:K\7?LNW?[.'P9^!_P`)O"*:1XNT?7?!FD>%DN[;3O#$.E:MIVJ6XVV\
M-PDMJ;NT9I0Z0(B7+0@@(#6V`SG*E",:U=5)1NG[J_.Q'$7`W&]3%UJF%P4J
M<)M2BE4TI_CL^G;9'T)^S_XU\->!O^"T_P`2OV>X?A'X'T?PYX7U"SMOAG_8
M_@Y;/4M/U6;PK97MR\]]:L!)#-#J%^&BECD4&"$H59!D_P""A'[*GA?]DGX?
M?M*?\%"+OX+^'_'/B7Q'X^\/W?PU\+:KJ]S9:3!)?VV@:"7U&)/*5W?46N[J
M>(.WGQK$/-@DD9AX;XT_X*&30_M.?\-ZZ1^Q%JGB'Q1;Z':6NF:;I/Q$LM)T
MS763[3!]JNH[O3E?[2J:BL82WFO))([.V9A&MO)5>U_X*&W'C3X7?%7X%?\`
M!1C5=)\<:7\9=7UJ73Y?AX_F2:"#IT:6&GZ&FH6B)-/"]E;O%<W'V>-+IFF9
MY20:<,9EE2C.C4=-P<KP5M]-$TMK/J['STN'>)\-CH5:%.M"K3@O:R4KMN_O
M<LKWLUM8Z7]K?]G#X03?L>>%_P!N_P"`V@OX;T/6)[>Q\:>&[R_GFBL[F[OS
M8K(DDI,C.FH-%`"H16#I+LC">6>!^#7C>X\#>")-0M;AUN;[Q=8:/YC,"<ZA
M-;V`''7<\_3CT[YK!^/G[?$7C_\`8:LOV`_@-^S_`/$"U\.6_B:WU7QKXY\?
M65AISV%M9ZM;:K!#IUE97EX;GS9(&B\SS?+1H%/(E9X-;]GOP?;^/M0\*?#V
M%V8Q_&+P9=7!"'F.#7],F_B`/2%B<@'DYQ7YOQ;A<OAFF%FI)*2M.VJ3V35C
M]-CB^(\9X;XREF"DZ=*?N.=_:..C2;>Z6Q^T7[-]QYWP"\"/@9D\'::Q!/0?
M98_\1^==S7D7P#UYH_#_`,*_"T;8CN_A6;L[3WA&E*OYB<UZ[7[3E-)T<OIP
M?1+\D?S)5UJ-A7QA_P`%PHWD_92T-_+SY?CZV<\]OL5Z/ZC\Z^S^G6OFK_@I
MI\#/B7^T3^SS)X#^%'AU=7UB#Q';7L5D+V&$^6L;*3NF=`/OGO4YS3G6RVI"
M"NVCIRVI"ECZ<INR3/YD/^"O6E7=_P"(O`AAT\W/F6%[#&<%_,;S83\H)VY4
MG9MW9YS@?=KY1'[-'QQ+&X/PGUZ/8>(WTB0#CU&VOW1^-7_!(C_@H'K5]IVL
MVW[+TEU+##<6[W'_``D&CM*L4A0D!_MH;&8U(7H/2N!7_@C[_P`%'9Y,G]DV
M_?:F0Q\0:.-Q^GVW`_"O$RW$X_"X*-%4G=>1^S9=PCP/GT)8_'YFH2EIRZ:6
M/QWU%/CG\%_#^H^&-8T?4?#EEXOLXH]40V1L3JEI;RQ310LY6-IX1/##.8PY
M1YX()75Y(8V7]!/^"#_[:^F?\$U/C1/\9/&O@J;Q5\*M0T";3O&OB;P7#+<7
M7@Q[B\M(TO;NW*K*+?SK>U25"$4FX5X9)3LMY/H9O^",?_!2:\L;R*7]DVY6
MUNHFCN+5O%&D>5<HW4.OVS+_`(DUW/["/_!"#]LCP3^T'J7Q;TS7=8^`=U/X
M1OK"+5].?2]9T[5'EE@1=)OM+^T3+>6<B>8\MNQ\G-J'!5UC9?7PN,Q&)G%5
M*=K'A\0\)\.9'@Z]?`9C3KP:Y7'53MZI-'[%>#_&W[/'[8/P8TOQ9X4U70?'
M7@3Q;8+<V4]L$N+"^BCD.]0AX1DF5HW20!XI`4DVO@#(N/\`@G;^RU>>$K?P
M#>^%]?GT&U=&@T.;Q]K;62%6W*P@-[Y>[WVUZ#\,?!>I^&_`6A^&/$SZ:][I
M>DVMO=S:)IS6MLTT<`BD^SQR/)+'"!\B*TCR*K8:1SR>P(/8UZ%?"X>L[SC=
MGY7&I4C&USR3XE_"WPQ\/?A+IGA'P)X<L-.TRU\8:"UMIVF:?';P6Z-KMD\@
M2)`(U')<?+G<"Q+,2Q_%3_@LUI9O/^"G7Q6N7XWW>D"$XSD?V'8+C\^:_?77
MM&C\1:>EE<-A8[R"XS[Q3)*H_-!7X2_\%=&BUC_@H3\1]2ADA8-?:<$99L[7
MCTRTB8'Z,C"OM^`W1H9W)U8^[R-'Y)XPX_ZKPS3L]7/3_P`!:/F"S\.P2SIY
M$2,J=\G^6*_17_@KE\"?A#?_`!8T#_@J?\2/BUH:_#2Q^$NFZ(OA<B=+_P`3
M7:7-]?6FF69CC<.;T7GELPS]FA6>YD!B!*_$?A>U\/6-R+;6YM2\]QF)+-8F
M9C_<4.55S]&%8?Q(MO%'Q%.AZIX_UWQ!K<'ARP,?ANS\7ZK)<6FEVXWC996\
MDL@M1(MK$NR)$W"W4-D*N/N>)*]+,ZN'6%J<DZ?-^.Q^*<'\4X7`4<13Q5)S
MA4C!:-:N'SV?4_:+]D_QM\%/B?\`LU>`/^"D_P`>/!>AZ-XOT'X;72^)_&6I
MZ/!;W&DVUBDL>H,DL:*T5JC)=S+@$11W,H4J)I(I?EW_`(),_M>^#_VI/#OQ
MY^''[4_AR]:W^._C77O%*:9JUS<7@N-$OK1;*33)WCC!CCL].M+>U67Y<X$:
MQB2$B3\W+SXC?M9>*_@-JG[+'Q&\3>(]/^&NL^)K>\L/`MK86ZV6H77FQM"L
MMP`9%4W$22BWW>4C@R%?,)<_H;^SD+7X$?!7PCX?T&T>XNO$'A^TUG7M3F06
MT]]Y@E6*%S&YV6]NL3YWF/+K+(<NZ,W\Y\:<68?ABG.I27M)?95_U/Z7X"J5
M>.<VPV`PDE#D7/7:U4GRVY86\_D>Z2V-C^R7^Q7K_P"S)^Q;I$MYJ>F0RG1+
MG5S8:EJ&O13QJKWEWO,,)S*^)#'%>8M+;:EK-.WV5?!?!GP[_:\C^&NOV'B?
M]L3Q9XYTCQ;X2N]%U7PYKVIW$\0M[F)HY&:62<R&2/<!O1HYRJ[%FC7Y1V>O
MW$'BKQ]$/A_]KL#9N+JXOYI`DMBOF`F]=6#;G`;<8F)="X\MB#&'\&^)/[>/
M@._O==G\+>(-/;23JUS+9+#>*T;;?]9MDAWY'H,5^(XGC#B;/DE!-/R_JW]>
MA_1N!X,X=RYQ=:R2BE9Z;>7F9?Q^_P""CWQ`L/VLM#_9Z_:;\5R1_`'1()M%
M\8^%_#\":=;WVBZCIEQID\]T]BGVF2&W6[DEB@M@(MUG"PB66.*:*C_P4"_;
MZ_9Q\8_LV^&_V!OV&+#7[+X;:9KBW_B3Q!KNG7-NE\D,_P!LATZTBU*,WC'^
MT6CNIV1(1!]EBBCWQRL(_D7]I'X^_#CX\^($^(/A'5FN+_2XH[26YM$\N,&%
MY6AV3`!I';<_SIM483</WJX\TNO$>JW5M=3Q:DRQL?WD-H@17'/R$$8V\#@8
M/[U\DY&W]CR"MF<\JIT\3\;W/YOXZS2DLUQ&#RV2Y&[-]H_W3M-9^)+WUTD2
MN<M'O*^7TKYJ_;R\87]YX:\/Z:TSM97=[=R2(1]Z6(1A3_P$7#?7<:]=M&OF
MN#`EN6E:':SF3[IKYM_;5U.Y/Q!TOPJ;[S(+72XY7C4_ZB:5CYA/U58C^%?4
M4Z/)&ZB?`\$Y%@<+G[G'64%?Y'T9\)/&UAK/P&T"Q@\&R+J&K:+81GQ`;EUE
MMH[&::W>*-8V`,<LULC2LY<L8H6"IL%>P^#/%OQ?^(>H:_X,N/$FGW1^(.I0
M7GBJ?7[*TD2YN83+,+F6:6)G@$?G3LQB*`B1N-N5/R3^Q5\4]'GM4^#'BV^@
M@6:ZDF\,7,LV<7#J/]!;N%E*[E]&QU\P8^I?"NM7WA#Q!'J.CHAN+.Y97BO8
MP8W!0*RNISD/&_(*XY]*_.\^CB<)BZE)75]C_3'PM_L[B#AJG*#3Q$(I6ZJ2
MM;3Y(]RT#]EGP#X+N[VW^(/BJ35H;;;:RV\4GV-87&^1FF:/S80NPVY1E)9F
M;E2R@UJ-\5/A+X9NM/\`#7A6_LY(+"(1:=:VFD)>F:X1L,`D:G+.C2-M+[B3
MM`)KQW5?&]GK^I22ZG8WUQ;W;[IX%E<*`DC,B+&D91D^<YS&S$*`*QV\3WH\
M):UKC>'K)-.TJV:YU?6-8V36FEJS!`Y5G$$9)S#"1%OGD9$CW.ZK7RD,-CJZ
MYXIM+J?89EP_B*6'^LYWC&M+VNE^!U7QM^,WA?QIX.TGX9^#=.N(_)G<RVMY
M'%&D5VS(&C0A06&7P&#?>9%4,Q<1_!7[3'Q(;XE^,-/^&W@35;6^L;+4XT:X
ML)-[W]ZZ@;OF.QMCNR#!9'>29T=D;Y.K^-_[27C#XQ^*]0^#W[.NFZMXAEU:
M+[.;W2=*FFN]8M4@(E6V@CQ+%:F-77@&3R8=K+`DDT%>K?L>?\$C?BX/B'9>
M*_VA]<TS2([&]-PNC1.E]>2W".X`>2,M;HWF>7*0KS,RQE'V#(K[W)LLH93:
MKB))5)[1;ZL_F[CCCO`XJ/\`9&"NL,FN>5_BL^A]3Z'\;/&7B3PCX+_97_9.
MT^>YL(K+2_"7A?4[LH=1U9XUM[2!HD1U2V9B/FN2Z`K/&"R.BHO[N_L7?LSZ
M-^R=\`/"?P8T75)K^;2[-?[;U64@2ZMJ#D275[(=[DRR3,V[,C80",;@H-?$
MO_!$O]@?1SXEU#]LOQ9%K,MO!<W>D^"%UUQ-/J016LKC5YG25CY;%;NWBMB(
MTV;IW@S)$Z_IW:Z8EO%'%)<R2^6``9`@R`<J,*H'';`%?58*A6IMU*KU?0_/
ML[SG*L?2CA\KP_L:4.KUG-]6WV[+?]+-%%%=Q\Z%%%%`!1110`4444`%%%%`
M!1110!%-;&7+"=U.?D(Q\OKC(_GGKQBOSY_X*]_\$Y_&O[7W[.GQ4_9T^'_A
MNUU"'Q%X2;7_``,U[;VTL]EXJT^X-VEM%-<-$MLMY`\MDL[S8B2XNB=BA5F_
M0NH+K3XKI6'F-&6()9,9R"/4'T'\QS@UE.E&<U)]!W=K'\,W[.G[7/[3/[%7
MQ-@^*7[+_P`:?$O@W5;:2V,T^D:HT2:@D+)+'#>0!FBN80ZAC;S*Z9RK*<8'
MZP?L5?\`!YC^U/\`#>RLO"W[</P'\/\`Q*L(A;0S>*O"<XT75PGF.;FYFA.^
MUNY=A39#!':)QRPSQX?_`,%Y/^"5\/['_P#P5@77M:T^2T^%GQQ\1S:KX4NK
M"\B=K:XD>(ZE9;651`89[D/$A&P6\L"AV82>7\N:M^QMX#TOX=V/C+4/'.J6
M/]J1/-I&EV-J-5!0Z98:DL'GH(@'=-6L8,;%S<2F(QXC>4YU:ZI.S3._!9;5
MQ<'-222[NQ_3[^RO_P`%\_\`@G9^U)\'++XR6_Q8'@6SN+R:RN8/B7Y&CBSN
M(\_)/=&:2QA+JN]%^TLQ!"D!PRCZU\&?$;PKX^\$Z1X\\$^*-(US2]:M$N=+
MU;2;])+6_@<966"0$K(&&&&"1S][H3_,/^R7^QQ;^'_V8/B]^S)\5/BQI=G!
MJLZ?V#J-Z9(;6TU>QU"]M4MGNV7[-'.9;6]?R5F+&*"2;:\(+K\.6>K?MA_L
M)^*;CQ9\-?B7XT^']YJ=JMI;^)O`7B.XLHM8MN&7RKVSE'F1MP5VG:RD8PI`
MKSLMS18S%UZ$XM.#25U:Z>JM?<]/-,@KX'!4\3"+E%I7:5TGZH_MODOIHTVF
M/!`)8RJP"#_>`()]LBH98+AW>Y-R%61F)5B"`AC4;L`_WE]>C'\/Y1?V>?\`
M@Z6_X+!?`>^B'B;XN^'/B+I]IIHM;?2?'_@^VD$>R,)%.T]@+2[GE!&UGEFD
M)QD@GFON[]G;_@]8\#2PZ9IO[7G[$.JV"II875O$WPZUZ*]^V78'SF+3[Q8!
M#$6R0K7DC#CK7KUJ2Y)0EUT9\\I<LE?0ZK]L_P`+>/[7QU=^#M<^'KVMU:>(
M8_#G@V#2(M\GB-+/3/*F:*"/$DK27%K>-M`E/[IVV84Y\)U#3WT/4I]'U*/[
M)=6FZ(PN_ER6[;CN145BR<Y'``&,C!YKUSQI^T7^R?\`\%7_``MXZ^-GA:P\
M2ZGX+U-K:U\.?#'QIHT-FD6IP3S:G<)<WEM=2M#]HN[A'*P+=-&J\JV^2W'"
MI^R+8^$_B''\?+3X^^/[3Q1J=HMG?Z=H/B;[+IEF@`V1OF"R^VVZ_=\K=+E1
MTK^?<VRW+:68SC5J\L]=%;3M?73YG]1\`\?YYD'#5'#O#.I24E:5I-VZV:NC
MF3=W,=R)OL]PC1H6@D)E8I]T$*\B%3\R;@H+$$\J.@4I$R;6L(61F("M;(V]
M>,H"`Y&-J@G*GY%/&T8W/`O[(W[1GP\^+NL^)M+_`&AO#GC:'Q26F;P[JWA#
M3],\/V\B*P5!/J4DEQIJ#/!LA'NP.<<5A_!OX#_ME^%_C%J7PP^+'AGPEX\;
M5(WN-,LO`VEZUJK6$?)5(=4LHHK!6`X87)DD..>2:R63TZT;X/%QGZ7?Y7/T
MBGXR</5*C6)PLH^MG?SMTMV#5+W4%T^]O-)BDU*]MX'GM]/6Y;?>R^5(L:ES
MGRG<QB%7VMLZ\J0*YO0/&_[1/A'Q4NOVDOAW0-&ALKEKR\\-:[?2WTP^S2LB
MPQ16T'F*SK&"%5U;`(.?FK1M])^/GPT^.=S\/_C]\+?#6G6MTP?PSHLWQ(BT
M'Q!$",>=LEMK@SG9MP@$2Y4?,.2=7Q-X<^.]O\1;;1/`O[,7B"_\*RJKWFI7
MGBK1;>[MT)SN6V-\?M(`Z,70L.H!K>G@UECM-T[]W42_%NQMBO$O@[,Y)2K3
MAV5K)O\`PM>\>C:%_P`%#?`?P_\``NF:7X?_`&?/&_BSQ?(&-]':>&=4LEOV
MDDGDDGN;C4!##`Y@6%)I_P!ZY8ED*X0KX!./C'XN\2KXA;P_X+\,V\-D!I\&
MHB37[^R$H4S1"YQ:1?-M7<Z%AD$HP!!/6_%_6M(^'%B%\-?#GXH^)I-Z&73O
M^%771$FT<JL]N]Q9G=U.V<$]A5'PIXQU36_#8\7?$#P7XH\!6I(\V?XAZ5+8
M9R,_+OSD<_PJ!Z`=*Z*^'Q5.DJD*'N[I\RL[]ME;[SBR#'\#8#%SJ3S12G4O
M>&TE=WU6K6_D:UM9W*6D::I>0W%R0&N;B"$1I)+M"%U4,^U=HVA-[K@Y)=OG
MKW#]@[4M/T3XR6.O78$5G9>(='N96?A8UBN`SGV`"Y'T%?(OQ%_;*_9H^'.H
MQZ/#\5++Q%(\GE[/#*/=,A'&-K!6/3L#7H?PY^/.D^)?@%\3]:^&G]J'4K?P
M5>WVGQ:CHMWI^Z6*WE*!7GC5')+)\L;LQ(/"\8^<Q>4YPH*<Z+LW'5]+OO\`
M,ZO$/BKAK,.#\1A<)7A.3M91:;T7YG[B_LF%?$_P]^&'C"-BHTWP%>Z4[9_B
M6:QBQ^=L?RKW*O'?V-M`C\%_`G2_"=],TDVG:WK%DD@Q\S1ZG=EL_C$WX`5[
M`KE@&`XK^BLIG)X""EO;_@'\*UW>I='!WO[1OPRL-;N-#O-;\AK?7(=(,U_"
MUK;W-Y-(\:06US,%@NY0T4H>*%WD0H4*B7;&TFG?'+X4ZK>0Z)!\1_#_`-JN
M;RZM8[!M=MS+--`AEN8D7?N,D,6))%`/EJ2'Q@D:&O?!GX=>)+JUO=5\.HTM
MAJK:IIKQML^PWK+*KW,(7`BE99Y@[KAG$KARP8@Y`_9@^"X\4Z;XW/A>9M7T
MG6+S5+'4IM3GEF2ZNH1#*Q=W)=/*2)$B;,<2V\'EJGD1;/23TLQVH73OJ5T_
M:A^`:V>H:E/\8?"36>E6EA<:K<C7[;R[*.\"M:R3/O*1),&4Q,S8ES\A(`+2
M7GQ[^&5IH.H>*(?&6A75CI.KKI6I2Z?>I</#J#31P)I_EQDL+N22:&-(3\^^
M9%QNPK0?$+]D+X!_%/0?$7AGQSX,DO++Q7?1WFO(NK7<3W$T<=G$K"2.57B^
M2PM`1&R@^62<F20O>\3?LS_"/QC\/]=^&'B'2=0DT;Q-+-)K=M::[=VC3^=M
M\]$>WE1[>.7:3)%"8XY#),65C-*7(.5]4%2&$=-<KDGZEL?&CP"-&F\17?C?
M0(M+C:ZA-_-J<:0B2T\W[;EF88,`AG\Q2%*?9Y,G@[,V\\=?"W2+XVVI>-M&
M7S-9@T;R[C58`AOG"N+%'D8$3^2`YM@<M'\RH-^*BT3]E/X)^'=6M=6L=,U)
MWLM3U#48;:[U^[GMS=7H(N)7ADD:.4G<^T.K+%YLOEA!+('M^)_@9\-O$5AX
M=T9$O=-L/#%_:W6F6.CW[6D9%LH^SPN8B&>%'6*01$[2844@Q[HV7M(Q5]`E
M"ES<JD^5[W':%\;/A)XAT2/Q%X8^*.@ZAILP>:*^LM9AF@D6.60RR"168;5\
MBXW\_)Y#Y^Z:Z/P_XQT[Q+X>LO$^B:C8WMEJ%FMU9W=G>"6&XA>/S(I(I`,2
M(Z?,''&*P;/X%_"?0]?@\8V7@6&#4;6W:"*^B51((V:4A=V<X0W-UL_YY_:[
MC9M\Z3=KZ=X?T+PYH]GI'AW3OL5E:6Z06%K;Q1QQ011`)'&B*,*J)\@48&WL
M>M*C&K;WQ3C!*\-B[J6N0:7=V5E/(%-_<O!`#_$ZQ22_^@QL?PK\`?VU-=DU
MG]K;XJ:G=QB68>/=6@7>HPJPW<D28[_=49_2OW/^(]OJNI^+O`=_I^/(L/%4
MUQ?$\8B_LC4(O_1D\=?S\?MI_'7X%>%_VJ_BK)XK^,>@V\4?Q.UR&>.RU"*Z
MN82-3G5\V\3F4X'3Y:[<#C9X9.:=FS\,\9LMQV9Y1AZ>"@ZC4KVBF]/D5O#T
M$_B;5(]+&DQ7]R_,=M)%&%E;Y_F42,4C/R>F.:P/CAX;LQX>L9/#WBZ>WENH
M/MMBNF0N]Q(8E\SS%S;I*CJBOMRY`-V^0?)8-YWIO[=7[*-C*R7OQ-LD);=)
M)+X?OI#(OR<$QP*5'R??7GYV_=\C%:7]M/\`8_U77([QOB[K'B&\N+FTBL[>
M/P?=!YHV$QGMTD<,7D!F5.%0$``=23YE7/,QK?NY.7+Y+7[S\BX?X,XBHS]K
M'!U.;^]%I?<T=A:?%#5=)FTS3+[0XM1;6=&\RUMG@GA=E=<&!$*R"4.?F)BS
M)G[KK7NOP0^(O[4OPU^$EIHMVWAGQ[X9^U1MHNG7RF2YMKN5H2Y@FM&B2WMG
MBO=-E"*\NS[1;J4)>'?\WZA\1O`6M?%?PY\+?`WA'QC9Z_X@NA_9OANZ\'+8
M3RQ6DUQ;W+.9MCPI%-:W/G;SMB%M)O9%#2ID6/QU^"_BZU\7_%;X1_`7Q)+8
M^")EOO'5[K^M`*EU>,T!B1(=1TN>0S7$"N@Q/.CH(59S(F/E<3E&%S2G[/$T
M[KSW/VC@7)>)L@QLL1A:,Z#Y;.R;/:_CW^TK^WEXS\(:CX,\0_#8?##PZ#!<
MZ_8^'].NC/#8!)$WW5W=E2D8$%P5*!E0J^R5=KY^:_$'P'\/6EP-#U+2H;^6
M*4PP9UV"_MS*7=&S);S2HK$Q;O+*Y\N1)<^7\QV_B_\`%SQQ<R_"KQL_PJ_L
M#2/B'<G3O",.M^(;BQ1X1)$L-]>[Y9@CR1W<,RS*`DD85D+"%"O"^)/VB/$>
MD:CKO@/P-%\-9M0M-*@OK_4-/\5-JEKK,\_D2QV=E;P113371N/)0K$LAC<2
MO(Z1*6KNR_*LNP'[O#4XI:_@?H&;T>,\[I_6YU9>UTT;LM=M;E_7_A[<^#-7
M&BV2(A@C>'[/:P2^3&C[.,B/RVW^6N\J0>!M*X&':?:W4]W*DRH%S^\#1&,8
M^3IOV_W!^9]:T?B7\'_^"B7Q6\%?#./X7_`;QA-KVL+=_P!M:!IGP4U;2['0
MV:54M@;N_'V6[1U+,9/W<<3QO&S$;)7H6W_!(K_@LUXFNVN=;\%:=X:LK8>7
M)JDGC_1[2V+_`///=8W+9?\`V<5[E"FYPC4G&S1\I_JCGE6%JM9*3WMJ=-H/
MA(A/-CL+F;S!YLCK"<1GT^3>V/\`@%?$W[6/B#0_%/QT\1:EH4^^VCN%M4F0
M_+*8D$;,OL6C)'UK[/7_`(-X?^"E7BMI?%'CWXD^`-+N)6,;S>(O$]Y<.55-
MSRO-!9S+&H_VV4_E7J/P5_X-J%\1:OH$OQ0_:3>\6ZGB@US2=!T5(/+F/)6*
M^GED7!Z^9+`@Y/%8YOQ#EF61BJU1+FORJ^LK;V[GN\*\&1R+%5,5*HYRE&WE
M<_*2.:_T[4$N;=R9(&W;XG97R""&.,,F.,'`(XYKZ>^"_P"VW^U/XHU73_AP
MOPLTGXD:NLPAT]+C0[J7472.&-#$@L98I)4*1KDLKMDD\]*_2WPU_P`$:?\`
M@G;\`[N/3;CX=WOBNZL+]98M6\8ZX]Q(\@(_=-;P)!:O![20L?\`:KZ#TOX0
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M)9)YITMX`L^I6ZV:%TCMBFI2HJH\F^-MAVS1(N.75L[Q:?LZ,</3M=V^+\?Q
M.O,L_P`YS:*ACL3.HO5G+VWP'^$O[-WP'TCPS\)_AMX=\/WGBR>"YO7LK:&Y
M18H(R\6;G+BXE`,!:XDDF>8N^68+&L>=^R]^SP?VW/CQ9_LOQ2ZG:Z&='BU/
MQ]JNEE2B:-%<O;BR!E!\OSYOM$8&PMB)E9&7?+'H>)K2;QYXHTGX=?`_P]<:
MI&+&VT+PAIFE32RBXBBA985%PTV3&FV63[295"VT<DKG:AD7]'/^"<G[&FG?
MLA?!>TTK49].O_&.M/#>^,_$=A&S074Y`5(('<`M!"NZ*,`*-SRS".!KB2(^
MIP]AZF:<33S&=W"$>6-]=>OZV9\SCUS\M&*LEN^Y]`^'/`/A7P?I6E:!X4TF
M+3=-T2PCLM+TVRC6."V@C14CB1`,*BHH`084<'&0I&S117Z89I)*R"BBB@84
M444`%%%%`!1110`4444`%%%%`!1110!\F_\`!7W_`()J_#__`(*E?LE^(/V>
M?%=H(=?M@=3^'VO?;&A_LG6X[>58))&56WV[ES%/"4D_=2-)&%F2*1/YD/$W
MQ%^+G[+OQCU3X:?M4>'+WPI\3?`MQIVC^*;;5[;[9_:*Z?,+_3X-1B,C?;[&
M>XBTZ4S1R31FWLK,0+Y7DNO]CCV5M)(960[CC)#D=,>A]J_-C_@X9_X(G7?_
M``4V^%>G_&/]G"TTZ#XV?#^RD31+6\:.*'Q3IWS.^D3SN0(9,NSP.Y\D.[1S
M;4G\Z#.I353<ZL)BIX2;<=;[_P"7_!W/R;\1^*/$^D?L^Z+J_P`*?AAX)U'0
MO#_[/L&A>,M7TK4K:6S^SPWFN6L<<L.&DM)_$5S<Z'<2)`8KVXDM+EO-01W3
MQQS?$?X4>+O!$'Q?_:?\76_A3P3?ZYXAT/0O!\FD:@\5^D]QI6HZ;JL&AV,%
MG::;96UGXCT\3M?ZG=/<1ATM?+D"2'XW_9W_`&H_VB_V)_BG_P`(3)X3U2SU
MSP[XF4/H&J:=/:ZEIFJVTK*BE77S4F2X,F^W="CN\T;(5ED5OT0^/?P!\3?$
MSX02_&C]KCX:7W@30]9L7L=0\/ZOH-[X'U[2(K=Y#;Z/I]H;-],EMT@LO#EH
MFI7<#RA+0;KE(X8%C\W&2^K4_9XE7C+7F\[Z)-=E\_(^DP\ZN.PT89?5<7>[
M@F[?-/1V[GP-H7[&]I^T1\.#\9/!USX9\$R,-/-GI>J>(!;6UW-=S:C"L4!N
M2&4DZ9-(J))+O61RK,T3H/%/C9^SU\6_V?\`Q;/X8^*O@C4M%E\QHE?4+9@,
M@X*ERN&P!G'RD@]!TK[_`-<UWP/X&^+7P[^/&E_$2#2/"'@;Q7H^KV6CZMHT
M.E^?<1^)[SQ!%Y4<5[>QO%%%JU_IZSR3;1/$(F^6*65?+?A=\'O%OBF?3O!.
MK6EQ<^$M*TW40;_5M7\JQU5F\/6[/#;QO.T5PULUO=7,OD*'B61=S2,\$31#
M%OXXN\?Q.[$9&L5)4O9.%9V]Y<MFVVKM7T^%O2Z5T8/_``39^-GQ1\%:!KWA
M[PWX[N-*MH-5M[J"VADW1EIU\AV:"3<C86"%<,#@$#Z_6_A_]L[XV:,6E>?3
M]0$GW9;ZP,4@0]%S`4W#IUS7YY_LAZI'X?\`CS?^'X;4@:G%?6A1\)Y91A*H
MV_PDF$*!U!/!]?K![CS%9>-NXG[HR/Q%1CLGRW-+RQ%&$O\`MU)OR9_-'&7&
M'&'!F>VP&,J0@_LQDU%-;NVJNSZ'T7]O&]L88H=5^%D3RL0;N:ROF0,.[;#$
M?J`Q8CU/6NHMOVYOA+=E$O=(UR+SF"F9K>*54QT^:.8O^:(3W4=*^4($21?]
M6N,8W;1D_4]34Y25A@R.4'_+,N2OY=*^6QO`_#V(?PN#_NN3_P#2G;_R4K`_
M24\3J4E#$XB&(_Z^THR_)H^V=`_;+^#N@ZW#J&A_%]]%O)F58KW['=6[(2P5
M55U5?+!*2<D[>?858^,'[27P.^+\.FR?'GQ[X=\=OITHDTZQ\3/#XA>!NS+&
MXEPW_`0:\_\`^"?>C7OA32-2\96-HUO=:_JUMI]HLUM]GC:W@F7,JR+DN9'N
M9TYX_P!&X`R<_1+)I%OJ::A>O.\B`B22ZE`(`/3@#'3L!7Y#GDZ&0YN\-@^9
MI=8N*_%+?[C^Q>`LUSWBSAZEFV.PM#VM2-XKD:45>W5JS=KVU5NIR>N?M7>'
M-1^'4GABW\*W=EHQ@38OA_X37&FSO$5^7RKB&PA8#:&(*28_=C!(//(_#[]H
M+X7_``9\*ZMXLN?V;O%M[I^FH9;V_P#B!XHOY'B#;%0K#>:Y!((RTD1W*C\2
M@8^=2G3^*_%^@ZK]HMM/:,6,<H>X=%)FFDR"`K=2`1U!Y&>N37R+^U+\6=.\
M<^.A\/-!:`:9IEY)+?RS0%9;V\^97CW2/&[HA/EDQ?=F,RY<&/'H\-TYYYC?
M8KGM_?DFOR1YOB3C,OX4R%YGBH0IUOLQIQ:<WUNU+1>?X'VK\1M7/Q9M+2_\
M"^(Y_"5E*BS17?@IX+Q+F%AN5@]^MX""I!#!1FM+P-9_##0=`.F^/)O'/BB2
M1&MIKJ^U[2[(J6);)2VTF,A'!P2.3GUK\_HOBQ\6[.1!!\2-=*1#;$LFKRNN
MT<#@D`C'^R/H*VK3]JKX^:=&L"?$%R5!'F2:?;._'0;FC+8`Z<U])B>#,XJ*
M4*5>#5U;FBNC[J#/R++O'GPWQ<>7&X2I"5E?DDGK\Y(_9KX2?\%._@-X7\.7
M>F_$.V?PP-'OAKVIZIJ_B?1].TR#^V-0UEK>U2XU&ZMVN),6E_\`+'$&Q$",
M9K#^('_!PO\`L#^'[Q="\/?M$61O2N,V?A;^VD+=\"SOQD9]&(]S7Y9CQKJ/
MQF^!>G>'?'NL_:=3\3?%0W>IW2VR1F'3-"\.ZO<MD1JH(,NIN<D9W/UYKXJ\
M&_M2_M`?#&U\OP/\1[C18@[AWL;2!9@Z*6)5F0LPQR>0/D//>OU7)<NQ%7#>
MRYW[2$;/WGR_+2_X&RS/+,P?US"1DJ$U>*:7/\[-K\3^B'X?_P#!:'X;_$6^
M0>'/C!JEY&PR8M/_`&4/%UT[9_NO;W<JX]#CFO</"/[?_@C5K)+F]M_BA>9Q
MO-G^R?XZBQGOS9R#]3^/6OYD9/V_?VXIIV2^_:9\7J1G>DNIR*H!!W-Y:B1"
M%P3R<87J:M+_`,%&?VUH+7[)<?'>[9`,^1=:79SN>N[`D@8LRG"X[\=W6O1I
M9=6C&\HK_P`#E_\`(DU,50:M"+_#_,_J5L?VV?A5<1@#P7\5V)Z-)\`?&,6?
MP;2>*F/[8WPQ))_X1/XJCGH/@9XLX_\`*37\K6I_M^_M8ZHB_P!K?%*`_?\`
MD;PKIY(13ACM%J<D'C.0".<5G_\`#;G[3995D\<6:.<`J_A?3%!D#[M@/DG*
MF/)W?[+^U>K2R^K4@VIQT\W_`)&/MH=G]W_!/ZL+W]M3X66\0W^"_BMD==GP
M$\82;O\`OG2:XGQ+^WA\/M/MWGL]-^*=FH&0UW^ROXYF'_I#%7\QMC^WO^U5
MIUT7TSXDV\1P>4\+Z<?N_?&%M6V[/XW;Y1V%:$O_``4B_;2M;0V\'QNN+03-
M]RWT6SA?''18[9<G+HFS=NZ?WUK.67XV4N6*C?U_X`O;4^7F:?\`7S/WW^)_
M_!7OX>?#QWF\0?%/7-.A7[L.H_LF>,HI/^^IKB):P?`W_!P?^P?=:B-'\8?M
M$P&X3AXY_`<^CJ?QNK]J_!8?M\?MLB4R0?M)>*XQYBK-;P7CJJ=-RA<("XP=
MWR83:^[H*Q_&7[6?[2'Q$L)+/QK\5KS58V;#R7L$,PW9)X=X5;&04X+C*'Y^
MM>=#+ZU6HY*-TO[\O_D3H^N4>6UK?]NK_P"2/Z2_%G_!8_\`9,L/`VI_$'PQ
M=0>*-/TJREN[Q/#?Q"\(RW<-N(VD9U@DUI9'D*(,1!?-/FQ[(I<FOQ[\9_\`
M!N3XC_:?^*7B_P".OQ3_`&XM&TC5O%NN7_B76;/3/!3:A%I<MY<&X:!Y9+Z"
M3CS9#GR>/)]Z\M_X)PZ3X_\`BW:>(?A!KNN:AJ&B>.?#'BO28X[^:2:*QOK?
MPQJ6H!XU8D1LVPCY<9VKG.Q<?MHUQX;M;BZT3PYIVB^=MC.K1NHC#VY4JSL0
MHW':2.<XSZUO&%L3.DVO<W_X!.U)34=>G8_(:;_@U?\`">D6,6L:G_P4`O4M
MC=QK#CX1S!KACU$1746;'3YO+[5[5\.?^#;#]CCX47UAXTB^/?Q<O_%OAN2V
MU>TO](;2HT^TP.TD9BM9=.N2^&B0E6)#8PP()K]"4F\.6^GVDG@J?R[?=;6]
MI%I$+SV:P+)M<"&VW1J<<;@NX=C69XBU;5[-[^ZM]7&G:G?R2V?AZV\0:@CV
MUS*$0AXU5=P'FR/'CI@YQD#%)J5*4E'6._\`P"E&?M.6Z^Y__)'S%X+_`."2
MG[+VO?$.R^/'Q%^+?Q@\4>)=(TI=/TX:[XO&FWNG6(\S"QIH5K9S`?O9!CS.
MCD=.*V-9_P""7/[`/AS3_$.N:;\$KS4K'5+QKSQ+;ZE\5?$%S!JVH>;F::[@
MN;UX[IT24R[Y58LV[.=S9]-UOX^ZMX.UK5M&UBWNI;GR!#8I/;[?*N@DSDRR
MQ(5N(MOV=MT;)\CG]SYG[NN1U_\`:N\(?$KX2:A)X1UT3ZQ>7\VC7:P1M<1Q
M207<C2*S+\@F"ADVD([$LQ4QQ,*^8QO$.3X&C/GFDX_9Y'?>VA]+E^09EF4Z
M4E!N,[6:;U[VTOIUT-CP!^Q_^P5XF\+:1XOT3]B7X.17+Z;;7AMXOA_ICS6I
M:(3JH/V93E=JH3G)"@'(`%>I:QJ7A;P]/I]EJ5_:V5NMJ]G8:==2^5%$KA5:
M(0*K;8MJ[-P&P(H0#;.57Y(\,?MJ^-M,^&5[XV^&WA'QSX]\(Z"HEU?Q/X/\
M&7NMZ786ZLB2R-?B%HKDPF5)+B"&1IHX5<B-/*F\MEO^U=JOQ.^U^/?A3X,\
M:>.K6RM=\TOPE\,7FM)ED61()+Z$_9XV"RJ7M#/#(\<FZ*']^K/S+/\`,)2@
MZ-.2YK6O#_P*YW+A/"N52.(Q%/DA>]I*[[6NUM\CZRBGN'OKOP7XAU>6Z>ZL
M+:W0WC1JD\BPB*0+$H#1J2`#(?E.U?08EN#/?*MI#J,$\\TSND$UHL(FD994
M4+)@*I5E#[PEPQQ@G%>2?`7]HG]G3QC_`&BWPK\57OB+7M*U=M,\16-Y92V>
MN:;*)63[/J5KJ!2Z@3S8Y%=6CB!<`1HJG%>M:C+%K.E_VA:3P3S6L#BTN[Z9
ME=D>W"M_I&0UN2)QS@$8!!!D&SZW#2=6BXOH?(UZ<*-9/N5]=M[3PSHU_I\-
M\9FN;3RKF.X.ZXNQ*NV29Y3P^1QM.5'8"JOA.^TWPWX@TNSO;Z]OM8U`_9]#
MT6R@*W5S.JN^-Y;:JJL9Z8'$F?NC%+QA?:EI&@RV-WI*6EG:W4L.GK+<><9$
MAZ$]20?>N+_9<A_X6K^V9J?CN]MH[BP\">&6^S!IR'M-0O9)$C=4&%9'MX]0
M4E@=N_<,,<U^(<1UJ.;\=4,%RIKW/^W;J[M_2U.RC3Y<"IOJ=/\`$+X96$'Q
MC\-?"I]7BCU=9/[>\:7,&9+:QTJUG*G$LQ@W-/(BP-@B2%YA^[81O7+W7BOQ
MU\88?&'[2^C>$]*U$F+^R_!MAK%SY5H8(K@I+)>.@*S6L3F=I%$[?:)!+$H)
MB3/J'QLB;PWX!^)OCO39)YM;UCPQ-%8IYJR>1:6MK/Y%G`54&)4;S;A5)_X^
M+MAG"J!\C_MD_&WX,_L7_##P7X>^)OB#2M1\->&-$1Y/!P;3()_&NI.@M+=S
M;S2;?(ADD:ZN))0L4$[P8,SAO)^SCD-'#8SV=.FDK*7^+I%/T7J8*HY*Z/2O
MC7^UQX=T#P3XI^-6B>(DA@\)VW_".>'-<OK]DCU'5KS[,5<PX$<D0$MF\,V'
M\U))C"/)E65_S_TWXRZ5^W)\:_#'P:^$VBZ=!\(?AAIKV3KXELC%-XIO5*"X
MO9[>.,$!C`P:UE5-L4Z2S!A<&WB\7_:'^(O[2W[6\\_C3XY?$_[/\,_!NL7%
MQ>M]@D&EZ?J[0^9+$EC?V[R:C<H]XT,-O<O&^4N8@;3S]D/Z8?\`!M;_`,$H
M(=1CT;_@H;^TE\.)=&L6@27X(^"-5G+_`.A>7''%KEPCJKW4VSB"XFX*R^9%
M!;QQV17Z:O@_;4)0@[-JU^W]=#-5%]H_07_@GM^QU8_!71[7XK?$%;I?%?B/
M2OLUKIEQ"T']CV+,DQA$8PWGL?*,C'!C*!42/9,TOU>-.LD?S4MQN:?S2^3D
MOC&[/7./E_W?EZ<4K:98.J*]JC!""H89`(;=GGON`;/7(!Z@5/@5T8#+Z.78
M=4J6BT^\RG+G=V%%%%>@0%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!3
M);>WGXF@1^GWE!Z=*?10!\#?\%;/^"1?A?\`;)U:Q_:4_9^BM_#GQP\'7EA>
M:7JMK?0V4'B.WM)HYQIM_(\,JAOW8:WG>*0P2QQ/RJ[5_)O5O@[)\/?VHO&7
MQTNM9UG0/"'[0DVJ6/B[1?$>F0R6_@KXB75XU^OAS7;:>-V@1CYRP-/;2)=0
MR1-(6AGEDA_I;>"&1Q(\*LP&`Q4$@9!_H/RKYM_;/_8A^'W[1.F>*]>\.^`/
M#-WXNU+0K+3=03Q)#/\`V;K=E:7`N8K&\:WP8B!).(;L"2:QDD2YCBF,:1-G
M5I0Q%+V=1:7NK;W-J&(K8:I[2#U_0_D)_:Q^#WB+X,?M$>//!>J^`I?#-MH_
MBRXMIM#"W*V6FS_/+]EA>:>>22%(S^Y=Y7DEMU20OYCXKRO^W]4T>\F71-8N
M;<>:=K6T[QY&,`\'(X['D#@U^^'Q"C_90^,_Q+UO]F_]K'P1J_AG6+O4+GP5
MJNK>(;&TLM=\"RRQRMI^AZH]PEW!/ITL;1R:?JB-=Q&X-G<PKYWV7[!^'7[1
MW[/'Q#_95^-WB7]GSXJ6=F->\+7[VL]S82E[6Y"J)([F%W53)#-$RR)N5&VN
M-R*V5!'V:7+:Y-;G]HIIM7\SF/!?BK5/"GBBS\4:?.!=6-W'<0F8%@\BR;U)
M]?F`_.OT*M;^VOX([W3KJ.>WG19()X_NR(P!5A[$$&OSB6\CM+LO;NRX?]VZ
M'!X.0<COG!XK[7_9@\<KXH^"FG33&:632`;.Y9D5=PC0[$&.<&.2(!NI,+&H
M<DI:H_+/$O*98_+J=:FM8O4^@_`?P,_:!^(6@1^*/A[^SSXZ\1:7,SI'JN@^
M"[^[M)&C<*^RXAAEC8C;+&R94B2,YYK#\4>']?\`!'B*Z\&_$'P]J>@:M82Q
M#4-*UO3IK&\M@\8>/?!-&)(M\;(RY5]^X8/.:^F-*^$_PF^)OQ'O_P!G_P"*
MGC>71YO#OA?PG\//#4VD^$#JD&F>(K@0WVHI&ZO'%#=/J-OJ<6Z9U\S[9<'#
MK`Y3H;CXP^`K?]HC0/$G@O0OA?\`$'PDM]JEY'X>E^#=O%):^"]$L!Y,(U#5
M=-BN[N[%G:S*"LN8I+6)9&9+A`O)4PE.>M]S\QCPSA5:JTUYG">%8_CA\*/"
M?A_PAXU^#7Q.\!VEU#%8#4_$'P\O=/T]K_;O9?/968-(^7/R-DLS,L10@=AX
MN^*^@^']#M=+\1>/H`\\!EGDN;[=)O0>>%<N5`+NT*,`Q!7>,D&MKP-K7C#P
MC^S;\/X?$7B/3;_6_P!H'X@ZGXS\5^)/&/@#3=23P]I.GBY2\U`6UU`YF>2W
MFNK[>9600Q2I"L;222OJ?LW_`+2G[=_Q-U+X;_"7X`>)?"NA>,/&-QK>O'4)
M_!FD0Z<VAVQ2"W@NY-/TX^45NM.U)2RP1,WVF$;PI+1?%XWP^RW$XGVL9-7W
MN?U!PGXQX_(<NHX&5)5>71+X;1LDKV^\\17XD>`K=+:/3_B7HR`AGBD;5(P(
M0/O`@.03Z=?8UQLT?Q)_;$\>CP?\(K&^O/"^DV=Q+?7NH:FMEIC1PQO<3W=W
M=RR?9K>*.*`OF67/EJ"@A>4Q5](_M??M6_M<:SX\G^&NB_M/?$?6M;TNZLO"
MVCVW@&VN-$L[KQ0%M(]5CDG$4$DYD<3F&!8W6(W,3PR^7'MGS/C;^TQ^T7^T
M+:^)]-L?CSXC\4MXF\2Z=\+_`(<VFD>*5T?3/$$T<:'4-9:WM6CA/VD-;%UN
M=J)'K96,NMG%CT<IX-R_*L0ZEW/R9XGB#XO8[C'+997.CR4UORO>W2_1'E_Q
M+_X)Y_M2>!_"_AOQCX6\(0_$C1/$PN?(UCX1RW7B&&R\B:)66XE@M#&K,[M&
MK(S@O#<!]BH@'EOQ1^#_`,3?@;XDB\(?&;P.WAW6;E?,32+_`%*V:ZC4Q1R#
MS88)IGMHB)D9994VL0Z[@()0?<)/A+X@_:DTRYTOX<PV.H:8GB.S\"?!FX\0
M>-+#0K9;:V%LM[/!8W%PL_V^Z4V$KI%$59]1OW=/.6#9XE^TAXY\'_$[XXZE
M>_#F[DN/!'A?3X/#7@5[AA*#I%I'Y<5Z$2.+:UTZ2W3IY:'S;J5F16=J^EE2
MH4E<_G7,\KR_"X)5HT^6^WF>K_L-CP/K1\5'QT-NE^&_`6M&6\N(0%CDUC5_
M"VFIC).QO+CN"0#GJ,G)KX;_`&:-6G\"_'_P-XFN+JZLUL_$]B;XPSM$5M_M
M4:W$+D8S&\1FC=3PR2.I!#$'ZI^`<>I^,?#>I?!C08)!+X\\:^']-U$)E3%8
M6LMWK%QMSR`(]-#$'V)Z5\O>.+2;4OBQJTF@VHMC=>(9UA@F:*/R6:Y,D40$
MH922F`1M*A,G"_?'T_"&'CBZ&)BHZV?]?B?LO"F,Y.'L-);)*/Z_AL?TO>._
M@MX9M/$^A?$#0/"/A=/A=#X4UB?QSX;TWP+;:E=>(4>V4P0PVD-A+-/&(I)@
MT5NXFE=(E2.8S2U\C^%H?V2_V<_V$_'_`/P5=^"W[&6B-K?BGQM>^)-`L?%7
MARWN%TNS&I2Z=9-!&3`NGP3Q[V46Y:1'O55OM2+LKYGU_P#X*H_\%#+#P[X2
MU.WT#X`:?<>#8DM?#5SX6^,6DGS[4BT,MA/"^NW*WUM<6MJ(F4$2Y"SQ3030
MK(W4Q_\`!>7X.>!/%^J^,-"_9TO=$N_&U_%?_$;PM::OI^M:%KEU+'!;W=Y"
MA,)AN9X;=+7>SO;-CS);:25C(='D^:T974.=?W=3[2..PTGK*QG?\$AOV_?B
MS^W=\?Q^R/\`MB_#WX>>/?#^O:;JVIIXEN=*M-&U;2Y$ME`%C/IL%O\`O(XU
MG*O#!'=+YGGI<I]F\J;Z-\1_L:_LP_M$V7B7_@EC^U)\3=&UOQ[X/LDUGX;_
M`!`M-/M].\32:(928;:]GC7R-4N(HXMERX"BXC1)FB6X@2];Y2\-?\%$?V>O
MV5/@UK_Q0_X)H?L(Z9\/KO71;MJ?BSQE\0H]1:WMXQJ,%K+:V]Q<R3+=BX2Y
MV0Q\2+:RY1U6-Z\__P""8/[1'B[X2?M/^,/V[/'?P/D\;W&N27$4_P#PA6LV
M$`L=0N'>2YNII'N<)$T+/^]N%8O+(K>>)"$FX<7&-%2Q#3A%:6>[9>'J+FY%
MK?JMC[,^&'B2Q_X*'_MU:+^S]\*O@9?^$_@U^SOK\%WJWB^2RF@U#Q)J6ESQ
M%%9VL[BU\F25((6M)I8+PV[R3F6(+<VC1_\`!<W]C75?VGOV*M._:.T3]GV7
MP;XS\%7US-<^&4BL+B_FT=[V6*V:232K>^:XD9HH76WBN%@B^UW$L\K>4IKY
MF/\`P4@_9X\._LI_$SX:?"#]GCQ)X8UOXE>*KRXUCXB:5XVTO2M8U"[COC>)
M;7+VX:>9`MP+<QXC0QW<ZQ-";@0UQ_\`P3L_X*!_&/X!>`/B/\/O''A72/BQ
M9^.RFEW>D_$+XYZ?8:?:1".XBGA2&Z=Y)O/CNBDCQ%?,6,!L@`5TY?EN+K2=
M?D22Z:W9&)Q6%I)4Y.]_P/1OVL['QYXC_P"#=+X0_$[Q#J"S>(;GQW,_B/4#
M:1"2YTR:ZUB-;29T79Y$4;6+01@;(_LL&P#RDV_F[KWA3XM>)?!=G\3?&,>N
MWND('TW2-7U-+JZ@F*?OY+6"8QA%9!.]P8EDYC638V\FOTWU3_@JA^U;X6^&
M>F?";P+^S/\`LL6WA?0"HTS0];^+>A:VEG)&'^=HUU2W*M^\?"I'LCW)Y>,"
MOA7]M']HCXE?M,?$RUU?XE^&/`^BCP_H=AI>CZ)\/K:RBTK3;2W1I(+>V$+R
MNL4;NS(CSSJC,2`"37OY/A\3[:5+E]UGG9A6IJ-VSUO_`()Q67C'PM\,-$^(
MOAN1M\'QXT^PD2)BS1P7NFOH\\K*/X"VM0ANQP,U^R5Q91WEU?69-_&T]I&E
MQ/$\I0A\[/+^?]S)'A]Q&#\R>U?EW_P1^\-^'=%US3#JVLY@\5>'[TP63C(?
M6M-\2>&[E713D9-N@.>N(F]*_2O^Q-*:TN]&&F"UMM3>Y>XCMKYDGN7:8!I5
M(.44@`$]\#TKY/%QH+-J[I;/_P"2Y/S/;PDJKP%.[W(K^X/A^9O%=_XMOTTU
M;:*"#3[NT#+#*0(R)4'[Z5BYC8H2920YW=:^>_$WQ'O_`-ICXX:O^SGX.\=W
MWA#PIX3UG[-XQ\8>'-35=4\2ZLH076GZ?(DHFLX;9G1)V1Q-)*C01-`+>2"X
M]G^)^D:MJ5S'J=K-XLL;G3--FDDCT&XW63E-\D<,B>7YLSF167RX2)?WP^;F
MOD3]C/\`:B^&_P`'?^"9?A;XE:QX\+R7NFPW%UIUC,]_JGB+7KAX3)%!%(3O
MNI=0>42AO.VR>;(_E*Q)_/./<RS[`9)*.5T[U9RY5K^-CZ[A++L#C:_/7?V;
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MX#2PO([G3=)745T37M-O+2XAO4CM[A'@DC%S+:H[?9[A5GN([GS.#^`I931C
MB\?4=2J][MV^+F/7SCBF?UJ5'`NS5[R6^OQ<OJ<[^S_^S=^W+^R]X\L_''[$
MGPABL?A#:Z/-IOB?X=?&GXG3KJ/BB>WRZ:QIEM:V,]GX;N7E>:,P&6WM98Q!
M%)963VZLO+_'_P#;:_9=^./PG\)?ME?L)_MVZUX$^(^@V-U<:3\&8Y[O4;+4
MYFDFDET_Q1X9M,KIZF[\RVEU8^2L4ETLYN;A19,WE'PF_:J^/OB3X,P+X?\`
M`VH?!O5-0\)17WQB\?\`BGXE6E[XE\2;(Y+?35N]>OEA&C+/*YM+6W3R+F&X
MU"86D5C!92W#=!:^$H?A+XGT[P-^RQK-A?0W6GPVUUJ%MX5-KJWABXCT&ZM'
MO=-GM)D2.3;J-K:0P-#?PK#IL[W$R.(X9?M<=F=##WE0C>*ZW_);R^1X.'RJ
MO-N&(;4I=/\`-[1?DS=^,WQF\:?\%`-2\.:;:_LH67PE^((2VN-`^*]E\2+:
M?Q)X<U$1EGM8[>TLI(-<TV8*4>SGN8HKJ%E9D@81;/H7X?Z9XWM/`^CZ?\2_
M&-MKOB58/,U75](TIM,M=1PI$9,!N+HQ+);3QMY:SXD</+&%CRM<%\&/A/'H
M7B'5?$_BFTM?[5\QG:Q6V56BGO4DDN+B1O\`4-,7GE9HHUF4M.Y/,R$=NVK:
M==Z'IMW?Z/=6UK`/.M4U"SCXDRQWA/\`ED<QGD#.9%_B_<UA@,TQ,\!5JXQ<
MJCOY')G&'P&'QD5A)<R74R?BOKD6E6<\C%8X;"TE\FXF?>6P>`Y/7%>)^'OV
MU/@=^Q!^SI)/\1?B=I]A\2?B;;:CXGT#PY>31RS>6\4D=C<N(SLMK/R;9+DM
M<S1K(3<K"CE1#4W[6'BOQ9?_``QU32?`-E/<W=[.(I9+9!B.-_\`6,,]-M?B
M5^V]X9U3Q-^U]XMO_AEX#:R?6O$\NF6=MX8L9$@?4?LT$=UI\&WB:7S9RABB
MPQ,A7R]LB`?D?AM0CG&>8[-I.ZE?D;Z7>GW+0QQO/#EA%;'UA<?\%8/VL_B:
MU_IWBV;5[)]0^&M]I?@F2ZU!K:SBLI(DA76KF$.);[4[Z9H+6"ZF,5K:O,[_
M`&>Y,LQBYCX2?LY:;+\88/&G[6WQ8M+S6[*TGU#3='O+F2TU!XXXXH(;K694
M,K0L\`^T&TFEW;YI]\JD302>R?$_X,>$O@'X.\4?M$:?X<B\0^(XX=(M?"5C
MJ.DB&TTG][]GL;2PMT\\KFYN/-4M^Z=S"T:VWE+./T&_X-\_^"(NL_LRZ19?
MM??ML^&K>_\`B9K%RVJZ#I.KPR3WNB-<,7,U[))\IU$<[HU5G@;S#-<2L8H[
M3]:HXW^W,*ZF&>C25_S_``.67+0=I:G5?\$X?^",/A>]^)V@?M9_M@_#RSNK
M308)$^$_PEU;20+?0DG56DU?4K5T`>_=MHBMV14M8MDTL,5XS"W_`%%:SM6<
M2&VC+!MVXH,YZY^M/\J+.?+7/';\:=7L8;#^PH*FW>QR.5W=!111722%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%-\J+<7\M<L1N..N.
ME.HH`^>_VV_^">7[+?[=WA_4/#WQ^^'TE_</HTNEP:K8:A)9W$-K+AC'NCD4
M2JLG[U1("H?I@\U_.O\`\%]/V/-/_8N\1^`?@[\7?A_XRU_6=/\`!<NFZ7\<
MY]$M;'3O$EM#>0+IL;)!).UU)::>)+"X21X+A7%G."8Y`+O^JRO.?VA/@9\)
MOVC_``+J7PD^.GPXT[Q7X9U*V>.]T;5K`W4,@;@2`$@QR(W*LG[P8S$RMN%0
MU;5&BFI)1DS^%":Z\RY>21`2S')X/)/7@8_*O<OV,_'P\-^-)?#$@B,&I6A^
M2ZD41R3)%*Z+N,D;#<#+%M7D%P0<@5^JW_!3S_@UUM_@XNH?%_\`9&GUF_\`
M""V\<VI6#*MY>Z1EW,AEMXBHE@\TQ?O+=L1H)6,`$/G-^4_C7]EOX\?!V]AU
MO3/#,VH06+_:$U?P\1>>6(SO:4^6`R*GW"Y`6N>>(PWM/92E:?1/K\[FF-X>
MQ6893.5"/M8/[4=5'_$MU]Q]Z/\`M>_$;4/B/;_$>;X7^`IM1'C*Z\3V?DP:
MK!MU:YFA9I0UM>B9P'@1DC)V18(^[YP?0\#?M0_#NST"#1?B#^S(VMP67A:?
M0M)_L7QV^G&PM+BZDNI8X7DMYV,A>XO-Q=Y3Y5^R%542!?%OAMHOBOQG\-=&
M^*6D:-%=Z=JEBD[Q6$RJX<RF&>'#E7E\N167*(X.,@G.:2]FUBSE^QQPNFHL
M`MO:NC*6F+_N]P8*0?,*\$`^PZ5PU,;3IIIR3?:Y^&8G(^),LK0I5:;BIR45
M>+>^S^&UO.Y]8^(_VF_#/Q(M?#FOW7[,OCQ[C3/ATO@S2=:M/BWI:S-HKP21
M+&H?14(_<2W$;SE6PLTJ$LRAAT/[,'_!2'P!\#_CEJOCWX0?L/>)=3\2OX7M
M]$?33\4(I;6PTVTMT:18HK?2%&YX[>*5Y&\[<Z22-M)E*_*OCWXI1:5#_P`*
MX^'4D:21Q""6[_Y9V$*C:(A_MX&/K5#P#XHU/X>7,&I>%-7O].NXTE$<\-U+
M%.WFQ+#-R.[PR/#Q_P`]*X<%F.-G=UG9=.IZ_&\LCR&O3AEU:56JDO:-\EME
M=)**V];GTU\*OB[X2\%3Z-XQ\+_L%?%+4_#_`(+UW4/$.F6TGQ%AFL-(O9[6
MU,MV]S;:&)%$"P6,J[K@E1'$^"?-+L_X61\0/#]U8Z!\,?\`@G;XNMI?",.H
M6MEH/B/7[R\72WU3SH9)9%LHK-TGE:=$CNGE6=6MX0LH,<"Q^-^(OVCOC5X]
MT\V7B_XR>)]4@9I=_P!LUR:3<LD8ADX]X9'7_MM5?3_C-\2K"ZM[S2_B)XCM
M9H_.\FXMM<FC,/GYCD$1\T>3NP=W3?7;]>EW?W'YK+B"*LE%W]('=^(_B7^U
MW\$$T\^*/V<!\/[S3?"NJZ+X.U2_TW6=/FTRUN))C>M:B29-TP_M"89>-O)-
MTK]H!'Y-;PII^DIH*7'F^6Q9V*X^8G+$`_=R2?S-:&F>./&EKH.J>'=*\;:E
M:Z3KC0-JVGK?W"Q:@89#+$9XD)2?RI&:50^2F[UK$^U+;L8[??M4D('8,<>Y
M'!^HKFG6E7EO8\#.,RKYBH1O[L7=+L>J_LJ^/]*^#?C'7OBWJLO'A/P;K%UH
M]N#\LVIW-C+I5ID>H.K,,]<8&:\+^/\`H+6_QJ\0C6X+:UO;W59+JXL(DV):
MFX)NVBVCC"^9MQZ*!7K?[+FDZ=XT_:!\)^#O$&H1V^C:CXIT>X\12S=#86>I
M07TR_P#?%D]>'_M:^/=`\5_'OQ!XS\'W+G3=<$&I6=Q-C`6>W24I'_LB=GQ[
M8K[_`,/\3[',:L)O1I'[+P<Y5N$(Z:QD_P`7<Q1IMN2TRS(X8?,Q7)<9W<^O
M.#]>:0V%I*NTMCG)VCOG/\\'ZBN;;7HY&,@NFVG)`?K]/K6MX%^)$'@SQOI'
MC#4+"?4+;2=2M[N[TZWO)+-KZVB8-/;&6+F%Y(V=/._YYN5[U^HU,;3A0J3B
MKN"T5]_\CZ!TE5Q"IWLGU/I+]COX1?"#Q?X3U+7OB]\*[Z[L+;4DCM?%4^HW
M<-I%B:T#V6VVBF2:Z(GEE3S60M&WE+&?GEC]_P#!TO[./C.2;1)OA;\/9Y[W
M5$%K9:5X,L(/)LI8U_<JT\*`S"[DBM5D^T1O(QC>/`8J>6^(_BWQ%\4_'UIH
MWB7QG:W?A;5XK2[T9/#7A^**W,K+/;[(-D,5Q+;"YDN0C7(F!3!42_ZPZ/A[
MX(:7H?P^UGQ1XZMKK2[*PN+BYT[3876)[["`2F5)@VV.26**-%22-P%`WQGY
M!_(W%?$&(S#.YU95)0C?2">D6ODK_<C^CN'N%,NP60TY5.6HZEK-;W[6?^9\
MK?'KX&ZGX&^+FNZ!X5\,7G]B`-J6AB.VEE5=.:`3P2/*^X2[()(6,@)@_A$D
MB_O*\ZGM+?R=IN0`!M!QV_P_QK[$\'2ZSK?@7XJ:/>^)=2O]-T'X':O%9"[O
M'2%98C%C]W)-Y<7D_P"IS'\Q\CGFOC;X:Z5J'Q&^(WA[X>V%T!<:QK5MID'[
MGSOWTTWD_P"I_P"6U?OG`_$7]JY2_K$;2AUWYOE96_$_&.*<@J9/CE3O?G5^
MW+Y;N_X'Z;_\%5D\>^&?"7C_`$K2]8^+7_"&KHNG^&SX,O/A'J%MX+T4V6J6
MHAFTZ\>[AM+5`L$44-Q';L+B),D?Z;YR?F=]FMF4`L0..%/'`Q_+BOLO]OOX
M(?"GX(_L[7&O0_L2>-+7Q%<ZS#8S_&/Q3;S>&H9I_P!S-YT.D?VA<PS?:?)O
MIO)\FV^RPS0_N?W-?"`UQ"P/5J^JRBI3IX>W-=]SP<RIRG6LEH?IY_P2W^'F
MG>)M'\):IJ>AO8ZS\,-6M]3TQK5OGU6TUNQU]I=R]#M-O:%?[IMA[5]TZMJN
MMZ8ZZDFBS7NK7$,<3+:Z7'OAMC_K@9BR0S@?O2!YT/S*$^^`U?%/_!,;P1I/
MB6'P;\9-*U2272;#P%<^$_$&DW77^U;;^S[^&;_OSK%S7UO>>*=)AABL]6@B
ML_\`1X;@SSZ/]FBMIX?]3^^G\Z&'GR8:_+L34EB,97J/IVTOU_\`2O>_`^PH
M7IX6%-KX3E?'O@'XPZIHT.D1W/A5;C2DN+FQT_0YIK>>>!62-9(HSY:,X=HU
M"&0J'16QE0:^%]'_`&78/A_\,?"_[;UR]KX>^"OCSXK2V.KMX*U:_DU?1--N
MKV71'U/3K$S)%=O?F-D26PB>ZM;2^62,7BY$7W]JGQ+T+P_XEE@\-Z3_`&QX
MPU"#RIX89_.BA\G_`);3?\\/^6/_`)!KRWX4_"WP;^WO^P%\+OV/_P#A.[GX
M=_%G]FVZ\-6^L:'J^E0WTNC:KI=A]@$US8^<GVJPOK:9YK:YAFA\[SH9H9OW
M$T-?//`X>5=XAW<TK;Z-][;+\3Z)9MF%/!QPM1J%W>\4KI=CI_C5X`\9>!?@
M7X$_;9_X)"?M%Z"O@[P[X+&F>*](35M/CT?Q3H=M9PV4.J7#7L\-D+[3?[.0
M3>:UG(;2U-N;NWCLXXWX.R^/'Q3_`&R=!\):G^U[\0XM+\"/?Z3XGU/P^-.3
MPI'JELEQ:PI)#;SW$\MX;.^O]+26.:Z>W6\N,6QO+VT%E#S7Q=_9%^'/P7T6
M7X&_L_?&G4_^$\UW5+C7?VF-5\/I<S:9JNCXFOQI]_H4-S-##-?32V-M##_Q
M\W.G_:?WTT/VGSJ&A6?B35[J;2_#?BC4+R*">;&@V_BFYFTRUU#]SYW^@_:I
MH;7]]_TQ\[]]-_SVFKASO,:F%C3IR3DWT1ZW#F7PQBK34E%1UNU]GNM=/Q]3
MT'X,_#VU\7?"NYT[XDKX;L;6%](?Q;J'A[PO;Z3<>(I=.'E64NHR*9I+QK63
MSB@FE=XF0L`T\/FQ^X>'-)\*>#818^%X8H(;F5$7;_K=Z*9%1WDR650=H!.`
M%<#A%QXQXI_;6_9H^#_PLT?Q9J'Q.:/PW-/<Z3I&K0032_VK<VTTUM-;0_\`
M/:;SH9OWW_+;]]-#_P`]J\G^)OCG]JOQC\3M</AKXC>&[SX;:KJ4&B7,-I<6
M&K2S?Z3]FFFMIIM)^S?N?.N)KFPN?M/[[3_LL,W^D^37KX+!4:%I22<N]ORZ
M+Y6/`S',ZV*5HMJ+Z7_%]6_-_<?5R^(M0U'0+#6H;VWO@]D)[6<3J(PH!$,B
M3*THY!.7`E0Y/S5AZ_XHA:2]?6KR"SFGEP%CE#SW,/RC)V@9^XO/^R/05YUX
M;MOA[\'/!FC?#OP=;6ND:1X9TSRM'M8!-%%;6T,7D_OIO._?_P#;;_KM7Y7_
M`+3_`.V/^VW\=/B/XAO?AI\1M?\`!/PYAU$Q:!<;3I\L%O##_K9IH8?MW[X?
MOO)_Z;TLUR7&YO@:F$I*TJGQ/=,\=8C#86=ZCT[?\$_0[]I/6?BA\:8I/A)\
M*]7M_"WAJZN63Q7XH8EM46(PD^38A,+#-,Y">8[*D)E4;9I`%'F/P*^"'P;^
M&?B_P_\``3]E_P"$NK>._'6DP&WTOP_H$$>I:I9^>\3SRSW$ICM]/@D+B4RW
M,T*NBNR!XU5!O?L2_L(_MK_\%.;"PT_QGXSU'1/!TVF0Q:CXQTO1O[#TR_\`
M)F$,\UMY,WVB_N23+#-!#Y-A^Y_?>3-Y-?M1^QI_P3I_9D_8*^$T/PA_9N\%
M-HEG,8'UG4?,WWNK2Q#Y'N9NK_Q_)Q%^^E^3YS7RF4\#8_+,%3P>8U(J,=XT
MG\7K)?=;_@C>;K':T%[O=Z?A_P`$\?\`V3/^"4W@3X?WVB?$S]HJSTSQAXPT
MG4[75M*TR(R/I&@W442@R)O"OJ,JS23RQ7$T**C"%Q##/`)3]K^5$5"F-<+C
M:,=,=/Y#\J=17U^!R_"990]CAH\L>PI3E-W84445V$A1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$,L,+'$D6XL<9"
MDX^M?%O[=?\`P1P^"7[5-WJ7CWX8Z:G@3QY/YTS:MID")8:O,[EV:]B5=V]V
M+YFA,<N9B\GG;%0_;%%<^)PF'Q=/DJQNOZZG3@L9BLOK^UP\W%^7ZK9_,_GY
M_:)_X)L_M9_L6Z7>>+_BE\.(+CPYYOF7_BCPRZ7EIYVY(%,R+&9D5HDA4&15
M,OF1Q%G.$'A/B/PW_P`+4\`7%CIFN220R;6@U.)C)B:/#HQW$XX<`Y9L-P2>
MM?TS:I;7%Y<@M9%6#,BSQH"P0[#M#$';N(4G`*D+S@U\$_MF_P#!OA^S#^T;
M-+XY^!'B"_\`@YXRNQN>Y\/V"7>B2$^0F9M):2..)UABD5&LY+8^=<O-.;EA
MS\+CN"Y_6/;8.HT^S=S[G#\:4<9A?JV94E*%FG:_7YZ/S1^.WAW]GCP!I_AM
M=)6*\GO"GF76M17&)GP`6((^4)SG&>`:HZG^SW`)9)-"\3RP1*C%8;RW\P\<
MG+9W+C//'>MO]IW]BK_@IS_P30@OK?\`:'^'=YK_`(0M)DO&^)GAG4KC6M#A
M"BW9[>=OLS7-JC/=A-TT%F[MYQ@+)$TIH?![]L;X-^('\OQKKV@ZH]]YIE0W
M=W;3MYKXC$44IB5OW>QL(BK@@A5&!7AU</Q1E=;EINZ^\FIPEX<Y[A5_L=-6
MVM=/YN]W\SGW^!/Q#7RTBNM/N?FXBCNI,_>V[OWBXSD$<=^*AG^$WQ,BF(33
M4D3`VR07D)5F(R,AF7D^@K9\2?M,:!K_`(HETCPQ;,MVEM+)'9QV<4EO<Q,V
M$\QW?S)-ARW[K=LSR>];>D_&O2)_[/N]?\/S6T.IQAO[8TR]%S:"V>$SK,\J
MLL@41ALCRW0;3\Q`S1#/L]H?QJ=_D?.8GP2X"S#50E!^37^1YM=>%/B%9W+6
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MW?R,DJ`QJR*?**LN[:_SN!D9ZUV47_!.#PW\5OAUX2UO3OBA!HNFZ)X7MH_"
M5[X)NEE748'A0MJ,XDMH61[DD3-&CN$,F-S8R?O.'<VJU9*K&#B_/J30X(H\
M(8:6%^L1J<S3LNA^?&F1^(=639HNCW5XJ*_-O;L_"(';A1QA"&/H"">*>UOX
MIC1Y9/#]ZJ1LZR$VK`*4.'!XX*G@^AX-?5?Q'_X)@?M,V<$6AZ,NI^)K2*:2
M5YI/B#!;B3>`'*V\T+_,R!1\TJC(Q4?@G_@DM\9M1FCUB^M+[P_/'+YA3Q#_
M`&5J*LQS$RN8KS#1E1O(Z]*^VEG=6*YD].IFL#1=:S1E?"/]J&^TCX96W@/X
MQZ7K>DZGX5NLZ-K^IVUY<VGV0QFW:RNE<R&U6);>>9&@3RR+6YB>`LTDX]F\
M+?MP>&KG0])\6_#/X@^'5D^PI;W.CZA=B$ZA?L3O<64$*3[@QC!,0=7$*+L!
M^4<5%_P2E^+,&FFWT?X[^`6CEMV\E[WX?JL_S<(3Y<4A5@RAR&)(^7)(WDK9
M_P#!*KX[W%_=0Z/\7O`LTMO<6LWR>#`#NBW21H&^S95OE3K@MD>M?G.-PO#V
M<8S]W9SOJD?:8//L[RS"PH:3C#6/,MON.(^)W[:?PVT[X>:YX+^"]S?2ZWXE
MTR"PU+58(YPODE"+E&>?F6*0>83"80IEN05,7V6*:7R'X&(-/^+_`(-\0_$'
M0-53PW#X@L[S7);;08KUOL*W40N9(K>YAEM[G]V)E99HYHF8@2HQKZ>?_@C%
M\<-6_>ZA\=O!PB,_G[H_#;(QEQT&(!\GZ50\9_\`!(_XV:%;+:VS'Q"PADB$
M7AW0-'TYH_,D\TLLTT_F<'_EICS?]FOL,LKQR/#>QPM-_<?.8^IBLVQ+K8F2
M;M83]LCXR:[\>/A`^@:'XZ^)GBW4T\86^JR0:AJ,NHZ?';FVO'.UGT'2I;40
M"6U%K;Q.]M'%>7*HD+2.)/C^2;6DOQI9L9C<_:/)^SK"=_F[MNS;UW;N,=<\
M5];>%_\`@EK^U'JT;Z5JG@K4=%TB.!X[7?X]LEBME*1PL6MK6!E<$0\\_O,?
MO=F*]<;_`((^:O;Z'9:U8?&;4?$'B/3G^T0VFNZF+:R@F\SS=S;+><OS7=#.
MG0ARJ21S/`4Y5M7J>^_L!VUWI&F>(OB9X<\9PW7AKQ;#8W>B6@L63[%J$/G:
M5?%X&P%$TFDVSYS]SYNE?0;>([2]M[1KOQ+>V,-I,+>2_L`UT]NLP$3/M(8W
M#("2CRY6,2-O(VFORO\`''_!2&T_X)U_%7Q;^S[-\$X]9\0S>((];\77NE^*
M/)T[[=<V5K+,;,SVLTODS,SR%9@OEO*W&[,U<-X__P"#@[XE:IX?&F?#K]FO
M1]+F;'G-XBUZ3587!_V5@@D&?^NIKQ\.Y*DT^IUSG"3OL?J'J'QY^,FIZY;:
M#X#_`&9]/\+^%VTE=0\7ZUXA\1-<7S:CO*+#$Z2;S;QR*D_G2R'S88V@:U4R
M+,:GC+X0?L__`!C\4V_BGXU>!/#?C^2W,EMI0\2^'+;54LHFMQO5&?<$+&,2
M+G&YF`'-?CYX_P#^"W?[<WC"W1=#N?"WA&=;OSGOM`\/F667./D)OI+A2O(/
MXBN"UG]M+]O?X]^-[*Y?]HKQBVJ2^791)X:O?[*A4;@`C1V8@A`#D#>3@`BI
M=)<T6G:WXBHSK)22UOWZ'[?Z_P"(O@_\-?A2_ARPMO!O@KP!8VSR+');V=C8
M:7OFDE27R6C2"+<[HX9\*7)419D8+\V_M/?\%'/V1_!FMZY-X*_:`\,MKVJ>
M%H+/2K[0=3N9Q:1'[3")1=V%E>)#<1&YDFA$@DP$2,X1@U?&UO\`L#^'_A_X
M:O?B1^T?\<-*34=3LW.H7%];"XN+>68$,5ENY521GC9V+^7YWF!/))8B:OG+
MPU^SOXX^*'C0?#WX/^$]?UVYN[:YU#1(YM/6UCN=*CE\J*^C>9U&&;S8E[&7
M8@);`J*-;#5IQ<(W<>K1Z.+PV-P%-QJRLGI9/IV/L_QW_P`%'?V.Y_L-SJ?C
MSXE>([R9;YM3U?P]X>@\/W5^\NM2ZM%%)/%=PK")7NI?M1@B`DE\BXB^RR1*
MQXOQ[_P73^*I\*6O@KX#?!KP_P"!K2TT=[&-)YI;K[(02(IK:)/(@C\KC$$D
M4T68(OE.#7-?L;_\$=/VMOVYK`P_!#P3?WTQ\3#1K74](T]+K2(UCEC:YO[K
M5C-%:Q01PN&C*2327<@\N*!FBEE7]EOV2/\`@T#_`&0/!GC.#QW^UUXGUGQQ
M#8-)#:>#K369H+*Z@#W,4;WMW&L,\["$6<B10"VCB:)HV-U&VZNJ[/(O)GY1
M?L3?LL?\%//^"P'C";Q3HT?B+QOH6E7B2S3ZK?G3M!AU&(0Q(\J8%JK(LF66
M/]],`Q5),2Y_8?\`X)_?\&YUE\-[[1_BQ^WEXCL/&.K:;-'=6GPZ\.6K1Z%9
MN,N8[J1PKZDN!%^Z"PPD^:DHND8+7ZE^!?AU\/\`X7>$M-\`?#+P1I/AS0=&
MMA;Z1HF@Z='9V=C".D4,,*JD2?["@+[5LUVT\PQ-+"_5X.T?Q.:IA:56?-/4
MR?"W@SPWX1TBUTCP[HT%C:VEI%;VMI:1>5%!$BX6-$'"*/[HXK6``X%%%<*C
M%.Z1O&,81M%604444R@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****``#%(54]5!_"EHHV#<R[BQ^T%U>"
M12S.JR1Q@_(22RE75EPVP9."3N!XS7Q%^V__`,&]?_!-#]M&YN=:\0_`RY\%
M:S=R^;>:]\,+A=*EN3NN'+R6P1K.68RW<LCW$MO)<,`J*Q4!%^\:*F48S>J+
MA4G3^!V/YT_BU_P:I?MC_L_:+?:#\+-&\,?'33M1UNV_L_7]/UJXT#7K&%K<
MBY%UI=SJ-OI\UIE#`##J"7(\_>/,1GA3\^?'WP2_X*'_`+._A63QAXH^&WQ8
M\(2PV,>I>.=0\9Z1J=N+7[5=2F.X^SW]E#/%L:!!)<1F[42;6$Z.\<;?V95D
MOI-Z;J29/,C7>S!DD5G8AB0?G!(/S$*"Q0`8VKQMB="C45I17W&T,9BXRNJC
M^\_A^U[XT_'_`%34[CPK-XLA6?6;X6\PTNSMK2.]E0X#%X8DC89D<%]^'7&3
MLP3RC_$?XR3:&FF2>,_%']B72MLM_P"T+D6TB*<-\@DV$+T//%?V1?M-_P#!
M&S_@FC^U]<W>H?';]B_P%?ZC>:O_`&G>:_I.F-I&J7]SL=-UU?::UM<W";9'
M!BDE9&*HS!F`*_`GQU_X,UOV6O%,WF_LX?M9?$OP,7U6ZN;F#Q(MMX@M!;RC
M:8+>-&LY(F*XB+RRS[XD4.=V362PE%;07W'1_:.+J:5*LK>I_-MK`E\YX)XC
MOA8KALATVG!!!)QCH1DXK]H/^"?GQE3XD?L?_#E[X060LO#D.ER61/:Q\ZS,
MCM_"\GV='V'GYQZUR?Q\_P"#.3_@ICX)O/$7B;X/_$_X5_$&QM;IYM'T^UOY
MM'U/6$#$(OV6>W%C:L5PQ0W)1#E0[8!/1_\`!/7_`()2_P#!27]E'PIX@^"G
M[4?[&VOZ?;ZE>+J6@RZ`L&OQSF11%>I,VG7-S#$0+:UVK(F<DX!YJJT:_P!7
M<:#2EY['$W&O.]74]W3Q=86BA5UV-W(&3)(%Y^A/%0:Q\0XAI$ZQ7BF1=B_(
M_P![/7&.M9WC/X.ZW\&(TM/B=X4\3:$!$IB3Q)H2V3%<<;5-NN[Z*N/8=*XQ
M];T6[=7T>ZF^QSD+$6@9-Y'7&Y5Q^('T%?#YUF^<9;E]15:<;M6TE^6AV4J-
M"51.,CJ9-8G2+:DBX5'.)"9`=O3A>F:?\*/%EW:V=QK&O36,,E_<K*H$GS_(
M-J_(>1QVQ7!^.&UJ[L(=/\-PWDMS<OF%[8A=BGKD@\#'<]>V:GU/X9^+K3P?
M83>%-4U635E5/M`&JXX8#?\`ZP``CGC-?*\%Y=FN']IF%&%V^C;-<QQ$-(IG
ML#?%31M+>*VL'E:8`DRQV[(G4]VX['\C4=O\58$C&S3KI9.?GN4B3_T2QKP3
MXPZ3K7PVBTJ;1/'.IVLUW>V]O)/JM]F(&4?)A0N3DB7D#`QSC(SD^%OB3X"U
MK29KGQ#X5\1:Q)_:,<$.J2+J*1?O/N?NU@WX/][;@=S7W,O];:D[1<8KRN>;
M#$86+UBV>K_%K]JCQ=X-O-*L/#OANS:34WGADN[B3S?L?[@1X"K]_P#>!6^D
M8_YZ53T']HKQ9X4M8$^)7B@ZJZ)O:.WL8I(XESC*.AQ&,@CY^XKS1?"/CG4M
M>B\/>!OA3XL\5ZGJ$*W<&C^&M(OH;J.V3.$$EU`#O;<GR[=W[@\<C/I^N?\`
M!/O_`(*!_$'X2:\/AI^R=XZ'BW5M(FL]"T/5M-M-&-I+*JQQS&^N%B@_<B0O
M@L-WV<XR6&>S!87/Z2C]:FM?(Y55A*OS1BS\NOBU\)_VB?\`@H!^T)\1_P!H
M[X5^%QK^CIXMN+6'6+W4K'3H9+:W0FV2-KN1%D=+.&-Y%!)4%2P`(SR/A']C
M#XK:Y\+8/BWKU[X?\.Z'=>%=7UW2[GQ!?&"34H+#R"T42HAVRS_:/W"OAI1#
M)LSLBW?=WP6_X-4/^"V_Q;\)3Z%X_N?"?PUL])E,>EZ+XX^))N(;A)T*S/#'
MI*W\<8(BC616,>X-'C(1L?:G[.O_``99_"'PEK4FK?M"_MO>,]4MY](\E;+X
M?Z5;://;7+E/-/VNY%WYT.WS(PGDQL^1(60YCKZ5:1L;7;/Q4T/]D+X<7WAS
MP1JNK?M'6NC7GB+P\^O>*X]6T=$B\.:4LNWS!-%=EKVZD54:VL(HS-('!=80
M0:Z>^_9-^&/Q"_:*\-:%^PE;_%'XG^#$DLY/$5WX<\/R-K4%Q]H,<L-D)+.`
M/(8#%)`F"0V_(^0X_IA_9L_X-Y_^"4?[,=A;C0/V-O#GBK5!IJ6E[K/Q$+^(
MGO60Q_Z4T%\[6UK.Y!=S;0Q@\@=%%?:L.BV\<26D5N(H%B15B0E5C"C`"!6`
M0CU4"E8<7*.S/Y]_V5/^")/[?'[4_B?P/\7+']E[PM^SKX<T.)]2LM0^)EI+
MXDU^YO!FUC+VUW]FO+7[.#+=0VSF"-I]D[F9R)*_1G]D_P#X-\/V6_@M:0ZS
M^T+XUUWXN:_'+9.JZJG]EZ):I:1RP06L.GVS[IK46TIB:VOI[R)B\[[=UU=>
M=]_44X6A&T58NK4J5W>H[F#X,^'/A+X=>&-,\%>`/#.E:%H^C6$=II6E:/ID
M=O:VL:#"QQQ*,1QC`PBXQSS6]1100%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`'-0&T7<5484L6X;')/H,9_&IZ*EQ4E9C3:(##=F
M(1"2,':<LH(!/^[U_6LOQ3\./`WCJP33O'/A#2]9B0<1:G8).F3UPL@;%;=%
M14H4JT>6I%27FDP3:=T>56?[$'[(6GWEQJ5C^RS\-(+F[<M<W$'@.P624\XW
M-Y1R>>3CGK6M%^RM^S0D8#_L[>`V?NQ\'V1)_P#(0_I]*[^BG2I4Z$.2FK+R
M$VV[L\Z_X92_9M3./V;_`(?2`/O16\)68!;C!YB.",MC'K[UO^"_@]\+OAS"
M8/A_\-O#V@J0J;=%T:*U_=K]U?W07I7345H%RM+9W$R-$TH`VX4]MV<EL#!!
M^C=ZD,4^S82IR,$C@#\#FI:*-7:X7"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHJ*_
MN);2QFNH;9IGBB9TA7JY`R%'!Y/2@#\E_P#@K?\`\'#_`,2O@9^T:?V%_P#@
MG'\-[+QG\0K/4ETWQ!K%SIDVH"'42P']G65K"P-Q<*?ED8Y56S&$+!BO@_B[
M]J'_`(.YOV9/!K?M$_&3P1<:QX3TZU^UZCIUQX5\,7JQP%"Q>>WTH+?0HB_,
MQ.SR]IWD8-<!_P`&IOAS1OC?_P`%-?B'\>?B5Y.H>)=,\$7^K6$DZY9+V]OX
M$GNESDA@DDL><]+ANN:_HC=5=2CJ"I&""."*\;#PK8^#K2J..NB6R]>YX&%I
MXC,Z;KRJRC=NRB[)>O<^&_\`@B]_P6H^'_\`P55\$:GX8\1>&+?PI\4?"]JM
MQXA\-VLS26MW:%@@OK1G^;RM[*KQL2T3.@+,&5C\)_\`!3W_`(*?_P#!8_P]
M_P`%F/&'[`/[!7QP\F&2[T:V\&^$O^$:\/-F6?0K*\F7[5J-L3\TDDSYEEP,
M[00`HKR+_@FIIUC^SO\`\'2>N_"#X26J6WAZ?XA^-]%_LVT&(X;!;6_N$@4+
MP%B>"+CTAYP>1S__``57_:F_X8F_X.7?%O[5'_""_P#"3?\`"%ZMX?O?[!_M
M/[%]LSX6L(]GG^5+Y?\`K,YV-TQCG-<]3%59X.+G)IJ?*VM-+'+5QM:IE\7.
M;353E;6FEGKH>I?'K]KS_@[+_8B\$-\?/VEO-7PAI<R_VI,_AOPCJ-I&K$(I
MN?[*1IH8RS*-Y9!N(&[G!_2S_@G'_P`%2+G_`(*+?\$WO$O[4&F:);>&_&WA
M73]4L/$FGV2F2WM=4MK,7"30";<3"Z212*K[L'<A+["3^6/[:?\`P<M?'G_@
MHS^SYK_[&?P"_86;0[_QW8MI^I36?B*?Q%?2VI96DCMK>*R@VNRJRER),*Q(
M`(##[N_X(L_\$_OBO^P5_P`$D/B+:?'G1)=(\8>/K'6->O\`09S^]TJV_LWR
M+>WF`)"S%8VE8=5\X(P#(PK7"56\4U2G*<+:M]'\S;!5I2QCC0J2G3Y7=ROH
M_5V/S[_8S_X*,_\`!SY_P4%M?$-[^R'\8_\`A+HO"LEJFOM_PCW@JP^RM<"4
MPC%[;P[]PAE^YNQMYQD9]N_X[1_\_P#"N:^)/^"-'[<W_!3/]C?2_B%:_P#!
M/7]CS_A:L'B"XTM_%<G_``K[6=<_LUX5NA;#.FSQB'S!+/Q)G=Y?RXVMG[Z^
M%'_!9_\`X.*/%?Q2\->%_'/_``2?_LW1-2U^SM=8U'_A17BZ'[+:R3HDLOF2
M7A1-J%FW,"HQDC`KFP]2%2DG.I4N^S=CCPM6%6C%U*M7F?9NV_H>^?\`!P3^
MW;^VG^P-^Q!\*_B/\!/BG_PB?C36?%-KIOBJ\_L/3;_SO^);/+-'LN()HE_?
M1@[HP.F`<'%;W_!O3_P5D\4?\%'_`-GG6/!/[0/BNVO_`(L^!;W_`(GETEG!
M:G5]-G8M;WJPP*D:E6W02"-`JE(F.#*!7C?_``>$?\F1?#'_`+*J/_3;>5^>
MWPS\._%O_@B)\8OV9O\`@I;X`BU#4?AS\5/`6F7/B.VC<GSQ/;0_VMICG@;C
MQ=V^[@,(_O>0QKIK8FMA\Q;NW!)779/K]YV8C%U\+FC=VX)*Z[)];>I]]?\`
M!3?_`(*D?MV_L]?\%Q?A9^Q[\'_CG_9'PY\2:OX/AUKP[_PC&EW'VA+[41#=
M#[1/;/.F^/Y<K("O5=IYK]@*_GH_X*O^/?!_Q3_X.(OV=_B7\/O$%MJNA>(+
MKX<:CHVIV<@>*ZM9M322*5".H96!'UK^A>NS!5)3K5;NZ3T_X!W9?5G4Q%>\
MKI2TUZ>1^>O_``<@?MQ_M2?L$_L>>#?BG^R=\4/^$4U[5?B7;Z5?W_\`8EC?
M>;9MI]],T>R\AE1<R0QMN"AOEQG!(/T__P`$X/BW\0OCW^P3\(?C3\6?$']K
M>)O%'@#3=2UW4OLD4'VFZE@5Y)/+A1(TRQ)VHJJ.P%?!'_!X!_RC[^'O_99+
M7_TTZG7VI_P2`_Y1;_`'_LE6C?\`I,E%.<WF4XMZ66G0=*I4>;5(-NRBM.A\
M,?\`!1K_`(*?_MS?`;_@O#\'_P!C+X4?'#^ROAKXI\0^"[;7O#?_``C6F3_:
MHK_5%@NU^T36SW";XR5RDBE>JE3S70_\'-/_``4C_;2_X)[_`/"D_P#AD'XS
M?\(C_P`)=_PDG_"0_P#%.Z=?_:_LO]E^1_Q^V\WE[?M,WW-N=_S9PN/F'_@K
MQ_RM`_L__P#8V?#K_P!/25UG_!YO_P`VW_\`<X?^X2N*M6K*AB&I/22MKMJM
MCSJ]>NL-BFI.ZDK:O35;=C&G\>_\'D<7@-?B3;M?7FDOIJ7\+:9I'@*[N)H&
M0.ICMH8VFD8J00BH7[8S7TW_`,$!?^"X7Q6_X*%>+_$G[+/[6&@:;;?$/P[I
M+ZKINLZ78&T75+2.9(9XYX,E8[B)Y8_N;0R$_(IC8M\M:)_P>`^+/#7PJT[X
M=^!/^"?]DFL:=HMMI^G:GJ/Q)DN8&ECC6,2/;1Z?$[@[<[%E4\XW5U__``;*
M_P#!/S]J2/\`:B\<_P#!23]IWP#JGABWU?3+ZTT&VUG37L;C5K^^NDGNKM(&
M"LD$:QL@)4*[3C83Y;8FA5OBH*A4E-/XKW:2^:0L-7OC*:PU64T_BYKM)?-(
M_;:ZADN+62WANI('>,JL\04M&2,!AN!7(ZC((]0:_$=?^"N?_!2/_@FO_P`%
M=H?V5?\`@I9\?4\7_"B^U#[-:ZU=^%-)TU#I5V^++6A+9VD+?NB-LZ%BB[;A
M<$HC#]O*^`?^#A#_`()=)_P4)_9)D\<_#/0DE^*'PVAGU+PN8D`EU6TV[KK3
M2?XBZJ'B!Z2QJH*B1R?2QL*SI<])OFCK;OY,];,:>(=%5*+:E'6W1KJFNO\`
M7<]0_P""QG_!1S1/^";?[$^L_&;2+JWG\8ZZ#I'P[LWVR++J4L;%;AE/#PP(
M&F8=&V*F1Y@->8_\$&/BI_P46^.W[+.H?M??\%%/V@SJ^E>*%$W@71KKPWI6
MEI9:9#O\W49GM;6%B)C]P,VT11>9SYJE?Q^_X)U_"[]J#_@O'^U!\*/V?OVB
M_'%UJ/PV^!7A".#5[P`H\6C1SC;!NS\]W<D06WF<-Y-N'(8PMN_=?_@KYJ4W
MP:_X)(_&F#X9:<FFPZ=\,KC2M.M=.C\I+2TD1+0K&%'R*D,C`8Q@+VQ7-0KU
M,1*6)=U"*T7=VUN<>'Q-7%3EB]53BM%?=VU;[VV/SB_:B_X.)?V[/VOOVF;W
M]E+_`((R?");^"&2:*Q\5?V`NHZGJ2QG:][''<9M;.T#,,-.C9&QF:/<8ZY/
MXC_\%)O^#G7_`()IK:_%W]N7X7V?B/P;)<PQW9UKP]HD]A$&9D"-=^'RGV:1
MR0%,S$;@F%8$JWL7_!G=\,O!5G^S7\6OC)%96[>(M0\<V^BW%R4!ECLK>SBG
MC0'JJM)=2$@?>,:YSM&/U/\`VJOAUX.^+O[,WQ`^&7Q!TZWNM%USP;J5IJ,5
MT@9!&]LXW\]"IPP;@J5!!!`-11HXG$T/;NJU)ZI+9?(C#X?%XO#?6'6DI.[2
M3]U?+J>=_P#!-7_@HO\`!K_@IK^S=:?'[X36TVF74%R;#Q1X8O9Q)<:+J"HK
MM"S@`2QE65HY0H#J>BL'1?A'_@@Q_P`%._VX_P!M#]OWXR?!/]I;XW_\)+X8
M\*:'?7&@:9_PC6F6?V62/58H$;S+6VBD?$3,N'9@<Y//->`?\&<7C'Q#;?&W
MXU_#^*24Z3>^%=+U"=-QV+<0W,L:''0$I/)]0O?'$G_!KK_RE1_:%_[%K4__
M`$^05$,55KO#R;M=M/SL13QM;$/"R;M=R3ML['ZF?\%F?VB/C%^RA_P31^*'
M[0/P!\8?V!XO\.V>FOHVK_V?;W7V=I=4M()#Y5S')$^8Y9%^9#C=D8(!'D__
M``1Y_;3_`&F/VI_^"16J_M/_`!X^)7]N^.;;_A(_(US^QK*UV_95<P?N;>&.
M$[<#JG/\6:Z3_@XA_P"4-GQK_P"P?I'_`*>["O"?^#?;_E`;KO\`W-__`*!)
M79.<UF/+?3DO;SN=M2I46:\B;MR7MTO?<^%/V,_^"C/_``<^?\%!;7Q#>_LA
M_&/_`(2Z+PK):IK[?\(]X*L/LK7`E,(Q>V\._<(9?N;L;><9&>Q^-_\`P4A_
MX.>O^":`T?XO_MP:/87OA34M06QA@US0/#ES837&?-\IY]#VR02-'%(%#R+E
M=Y4$KE?EK_@CU^WQ_P`%(OV'_#7Q*O?V#/V2X?B5INK'3KCQK?7/@/6-9CT=
M;9+LPL[Z=/$MNK+).29<Y$61@*U>F>.OV]/^"K'_``<:ZCI7[#WA_P`-_"[2
M;6SO%UR]TS1;D:0EQY(9!<2M?WD\]PL0E9C%;!FP=[1ML!7Q85W*@K5)^T>R
MOH]3P*>(<L,FJM1U7LKMINY_0%^PI^UIX4_;H_9)\#_M6>#=+:PM/%^D>?/I
MKSB4V-U'(\%S;[P!O\N>*5`V!N"@X&<5Y!_P7$^,W[57[.'_``3I\6_M!_L>
M_$>3PSXJ\'7^GWUW=QZ-97QGT]KA;>XC\N\AEC``F64L%#`0G!P2#ZE_P3T_
M9"TG]@W]C+P%^R?I.O#53X2TEX[_`%18MBW=[//)<W4JJ<E4:>:4JI)(7:"3
MBNM_:?\`@KI?[1_[-_CWX`:RD9M_&?A#4=&=I>D9N+9XEDSV*LP8$<@J".E?
M1.-6>%Y6[2:Z=[?YGU4H5ZF"Y6[3<>G>W^9\Z?\`!"3]M[XB?M\_\$[/#OQD
M^,WBM-;\;Z=K>I:+XNU-+*WMA/<PSF6)O*MT2.,_99[7(50"<G'-?CM\7?\`
M@Y/_`."E%C^V+XB\7?#_`..Q'P>T[XFR)IWA^#P5I$L4FBI>.8K4W36AF+RV
MT3?-YH<DL5(P,:O_``1E_;KU?]C?_@F_^VC\*O$UZ^E:QX;T!-2\-6\LNUX-
M7O0^C/\`+G.Y)S8'C^Z<D``UR_AC_@GW_:/_``;-:Y^U<="+:W_PN2/Q1;72
MI^\;1X&_L1HQW*">6>4GT3/13GQ*F)Q%;#TU3DTU%MZ]M-3YVKB\5B,+25*3
M4HQ<I:Z^[IK]Q^U?_!93]M[Q/^QO_P`$S/&'[3/P+\6Q6OB.Z@TVU\$ZNEK#
M<(L]Y<PJLX2='C<+`TL@#*P.T9%>.?\`!-'_`(*4?%?P1_P1NO/^"D/_``4X
M^,]QK_VK6-1N])G30K"RN);..9;*VL;>"TB@2226YAF*EAD^;DL(UR/S0_X*
MA?MX/^T/_P`$1OV/?@S8ZW+>:W?O=+X@LH3NE\S0HSI,'F@<LTHG\Q>NXC)Y
MQ7O7_!QI\-]9_9,_X)%?LO?L@Z8LD-CHUY:P:YY;?+-?6>E%&9L<$O+<7$F,
MXSR!QQT3QDW4G6B](Q6G2\MCJJ8^HZM2O!^[&"TZ7EJKKYG.^&?^"PW_``<'
M?\%2_&^L7_\`P31^"UIX8\+Z/>&/.D:-IDZ0C:66&ZU'6Q]FDGVLK%8A$<;2
M$P<MH^$/^"]/_!7O_@FI\<=(^$W_``5[^`1UK1-3<FXU%M$M+'4F@$FUY[&Y
MT\BPO!'O&Z,*=VU!YL98LWZ:_P#!$/X9>"OA9_P2G^"&D>"+*WBBU3P-:ZUJ
M,L"`&>]O1]IN'<]6822%,GH$5>B@5X1_P=0_#KP=XN_X)4ZIXSU[3K=]4\*>
M,M(N]"NG0>;%)-/]EE16ZX:*9R5'!V*2/E!#E1Q,,+[?VKYK7MT]+%3P^+IX
M/ZS[:7.ES6O[O>UCZ%_;N_:]OM%_X)5>._VT_P!DCXD0";_A77]O^"O$UO9P
MW"@.$:.7RKA'0D!L%)$.TY#*""!^0G[(_P"VA_P=8_MV?#&X^,G[*OQ)_P"$
MI\-VFLRZ5<:E_8_@:QV7<<<4CQ^7>0Q2'"31G<%VG=@$D$#V;]BWQCXA\4_\
M&E_Q.TW79)7BT+2O$>GZ8\K$YM_MBS@`GL'GD4>F,=L#XS_X)B_\%5_^"H__
M``3_`/V-O$&G_LK?L>Z5XM^%]GXIN]7U_P`=:W\/M;O[33[MK>UCFCEO;.ZA
MMXE2..!MKX9?,R3AEQEB,3[2I3E*4HIQN^5]3#%8MU:M*4YRC&4+OE;W/>O'
M?_!8;_@X0_X)8_%7PXW_``4G\$V.O:%XBE\VWTK6=(T6-+VWA.+B.UOM$`C2
M8"6,D2&0H?+)3:Q#_HC_`,%E/^"@/Q6^#'_!)>P_;:_8L^)+:#?^(IO#U]H&
MM/I-I>$V%^%D`,5U%+%EHW7/RD@]"*_)X^,O^"H/_!T/\5=#\"ZK+\-_#OAO
MX>3>;J2:/<)90:2ET462]:TGNIKZ\8K$%4IF)6`7=$9"3^BO_!Q-\)O#?P$_
MX(56'P,\&O*VD>#+SPKH>EM.1O:WM-D$9;'!8K&"??-.C5K/#UI1E)PM[K>]
M_4JA6Q#PM><)2=-+W7+>_6S/I3_@B7^TE\:?VNO^"8GPR_:&_:&\9_\`"0^,
M/$/]M?VQK']G6UI]H\C6KZVB_=6T<<2;888U^5!G;DY))/U57PY_P;<_\H6_
M@S_W,7_J1ZG7W'7KX5N6&@WO9?D>Y@Y2E@Z<I.[<5^1^!W[4'_!3O_@NC\0O
M^"LGQ,_84_8,^-_VR72_%>HV_A7PM_PC7AB/RK2VC,KK]IU&V&[:BL<R2ECC
M`R<"H_C#^W)_P=8_\$_]#C^/?[5WAB+4_!]E*HU!=3\,^&[_`$Z/+H`;J30M
ML]NC$A`S2Q@E\`[L8M?L8?\`*V[X]_[&7Q7_`.FV:OVW_:/\&^&_B)^SUX[\
M`^,+&&YTG6O!^IV6I6]P@9)();61'!!XQM)KRL/1K8F%2?M9)J32UTT\CQ<+
MAZ^+IU*GMIIJ32UTT\CQW_@E3_P4H^'/_!4']EVU^.GA+1_[%US3[LZ9XR\-
M//YATS4%17.QL`R0R*RO&^!D$J?F1@/I:OP9_P"#-WQ3K<'Q3^.?@E+ASIMU
MX?T6^EB))59XI[J-6'H2LS@^N!Z5^\U>C@:\L1A8SEO_`)'JY;B)XK!QJ3WZ
M_+0****ZSN"BBB@`HHHH`****`"BBB@`HHHH`_G"^/WPQ_:D_P"#<'_@JA>?
MM6_#3X82Z]\*?$>H7L6CSMO6QU'1[R432:1-<(I^S74+(A0L#N-O'*$=2R5]
M9?&'_@\'_9DA^$=U-\`OV9/'ESX[EL]ME:^+ELK?2;6X92-[S6]U+-.B-@[!
M'&9`,;H\Y'[`:[H&A>*-)FT'Q+HMIJ-C<J%N+*^MEFBE`((#(X(89`/(ZBO+
M_"7[`7["'@#Q/%XV\"?L4?"31-:@=G@U?2/AOI=M=1LV=Q66.`."<G)!YS7F
M+!8BBVJ%2T7T:O;T/'67XK#N4<-5Y8MWLU>WH?DU_P`&TG_!.;]H?Q=^T?KO
M_!6/]J[1-0LFUB#4)_!TNL0F&[UO4-1=C=ZKY9`*PF.2958@"4W!9?E3+<;\
M:/\`E<7L_P#L;-`_]1"SK]\JX&]_92_9<U+XQK^T3J/[-O@&X^(*S1RKXZG\
M'63ZR)(X1`CB],7G[EB58P=^0BA1P,4_[/4:,*<7M)2;?4IY6HX>G2A+X9*3
M;Z]SOJXS]H[_`)-Z\>?]B9JG_I)+79U#J6FZ=K.G7&D:O80W5I=0O#=6MS$'
MCFC8%61U8$,I!((/!!KT6KJQZLE=-'\SW_!`+_@L3^S-_P`$JM&^*>G?M"^!
MO'>LOXWNM&DTD^#-,LK@1"T6]$GG?:;NWVD_:$V[=V<-G&!G]$_^(OC_`()K
M?]$0^.7_`(36C?\`RVK[C_X=B?\`!-;_`*1Z?`W_`,--HW_R-1_P[$_X)K?]
M(]/@;_X:;1O_`)&KRZ.%Q]"DJ<)JR\CQL/@LRPU%4H5(V7E\S\W_`/@ZR^(V
MB?&#_@FC\#/BWX9M;J#3?%/C6QU?3X+Y%6>."YT:YFC60(S*'"N`0&8`YP2.
M:^C_`(/?L-^`/^"B'_!O[\*OV9O'*0PW&H_"+1[KPQJ\J$G2=7BM`;6Z&`3@
M,Q1P.6BDD3^*OLGXB?LQ?LU_%_P1I/PS^+/[/7@;Q1X;T'R_["\/^(O"=G>V
M.G>7$8H_(@FC:.';&2B[%&%.T<<5T_@_P=X0^'OA;3_`W@#PKINAZ)I-HEKI
M6CZ/8QVUK9P(,)%%%&`D:*!@*H``Z"MUA+XB=2;NI*UCI6!<L5.I4::E%)H_
MD>_9I\-_&?X;_P#!4KX*_`SX[QWMOKWP\^,_A[PX^FWS;FL%@UZ-C`K?Q1B2
M61D.2"KC:=NVOZ\Z\W\3?L;?L@^-?BFGQS\9?LJ?#;5O&T=Y;W<?C'4_`VGS
MZJMQ;A!!,+MX3,)(Q''L;=E-B[2-HKTBE@<'+!J2;O=DY;@)8!33E>[T/@7_
M`(.1?V.?B=^V/_P3;O=*^#?ABYUOQ#X%\56GBJWT:P@,MU?00P7-O/%"B@M(
MXBNFD"+R_DX4%BH/PQ_P2T_X.=_@#^R9^Q[X7_9>_:N^!GCJ?5?`EG_96E:O
MX)M;.YCO;-&;RO.CNKFW:"5%(C(4R!MF[Y<[1^\->6?$C]AG]B?XR>)G\:_%
M[]CSX6>*M9E4K+JWB3X?:;?73J79R#+/`SD;G=NO5F/4FBMA:SQ'MJ,K.UG=
M73'B,'7>)]O0GRR:L[JZ9^%7[*_C?XO?\%QO^"_/AG]L;P5\(KO0?!7@36]*
MU>^FGS+'I.GZ7B2VCN)U4(US<3I\L:\CS&QN2%WKV+_@\W_YMO\`^YP_]PE?
MM7\/?AG\./A'X8@\$?"GX?Z)X8T6U`%MI'A[2H;*UB`4*`L4*JBX55'`Z*!V
MK!^,_P"S%^S7^T?_`&;_`,-#?L\^!O'G]C>=_8__``F?A*SU3[#YVSS?)^TQ
MOY6_RH]VW&[RTSG:,9O+YO"SIN5Y2=V_FC%Y7-X*I2<[RF[M_-/8N_`7_DAG
M@O\`[%/3O_26.NLJ*PL+'2K&'2]+LH;:VMH5BM[>WC"1Q1J`%15'"J```!P`
M*EKTDK*QZ\59)!5'Q/\`\BUJ/_7C-_Z`:O4V6**>)H9HU='4JZ,,A@>H([BF
MP>J/P/\`^#.#_DN?QN_[%/2?_2J>OV]_:1^!GA3]IOX`>,_V>?'#NFD^-/#5
MYH][-$N7@6>)HQ*@R/F0D.O/515;X-_LI?LN?LZ7U]JG[/O[-O@'P)<ZG"D6
MI7'@WP=9:7)=QH2525K:)#(H))`;(!)Q7?5R83#/#X94I.^_XG%@<(\+A%1F
M[[_B?S7_`+%?[7'[5W_!M3^UEXQ_9_\`VIO@9J&L>"_%,J-=PVC&%=0%NSI!
MJVESR#RYD9797C.,Y57,;Q8'OO\`P43_`.#J'P-^T+^S[K?[._["7P-\;V&O
M>.-.DT6Z\0^+[>VAGLH;E6AE6TM[.XN#+.Z/L1RZE&?<%8@5^VOQ&^%GPQ^,
M/AJ7P9\6_ASH/BG1Y\^=I/B/1X;ZVDRI4[HIE9#E68<CH2.]<K\)_P!CC]D3
MX"ZZ_BCX&?LK_#?P7J<B[7U'PGX'T_3IV&UEP9+>%&(P[CKT9AW-<JP.*IP=
M*G4M#TU1QQR[&4:;HTJUH/NM5<^%?^#:7_@EY\3?V$OV>_$?QJ_:'\,3:)X[
M^)LMJR^'KU"MSH^E6X<P1SK_`,LYY7E>1XS\R*L2MM<.B_G;X<^,_P`6?^#=
M[_@LY\1O&GQ;^"^I:WX+\92ZM!9&V`M_[5T2[O4O+>[LY&'E/+$R1))'G"MY
ML9*G##^D2N>^)?PD^%7QH\-2>#/C%\,O#WBS1Y3F72?$NBP7]LYQCF*=&0\>
MU:3P"]C"-*5G#9_G?U-:F6)4*<*,N5PU3W];^I^#O_!8;_@XM^"O_!0W]DF_
M_8O_`&4?@1XZAF\;:IIR:QJ'BVRM8I=EO>17,4%K!:7%P99'GA@&2RX&Y0K%
M@1^BG_!+C]D[XC?L9_\`!$>/X1_%_1Y--\4W7@OQ!K6MZ5,FV2PDO$N)H[>0
M=1(D)B5U/*N&7M7U'\+/V+/V./@;XB_X3#X)_LF?#/P=J^S9_:GA;P'I^GW.
MWT\V"%&Q[9KT;4M-T[6=.N-(U>PANK2ZA>&ZM;F(/'-&P*LCJP(92"00>"#5
M4<+559U:LKRM965DD50P5=5Y5Z\^:35E9621^)__``9H_P#(K?M"?]A#PQ_Z
M!JE>3_\`!P__`,$]O'__``3Y_:TT/_@J!^QREQX=T37O$45[J$^AQ[!X<\2*
M=_G``86&ZVL^""ID\Y#A9$0_NO\`!G]F?]G#]G*+48/V>OV?O!'@--7:)M63
MP9X4L]+%Z8M_EF86T:>84WOMW9V[VQC)K<^(WPS^''QA\'7GPZ^+?P_T3Q3X
M?U$(-0T+Q'I4-]9W01U=1)#,K(^'56&0<%01R!6?]GWP*HMZK9^=[F?]E\V7
M1P\G[T=4^SNV>+?\$P/V]_!7_!1_]CSPU^T?X:2"TU6:,V'C#1(9-W]EZM"`
M)X>>=C966,GDQ2QD\Y`^A*XSX-_LX_L]?LZV%]I7[/OP'\&>!+74YDEU*V\&
M^%[32X[N100KRK;1H)&`)`+9(!-=G7H4U-4TIN[/3HJI&DE4=Y=6?R9_\%L?
M@CXA_9B_X*F?&SX5^%TNK73/%OB!=7MK.S+".]M=1:'4EB"C[R)<MM"XX:`8
MZ"OZ*?!/[!]AIG_!("T_X)]ZEIB+<S?!1O#U\AQ\NJ36!\V8=@PO':0=0"!U
MKU[XC?L@?LE_&'QW;_%+XM_LN_#KQ3XGM$A2T\1^(_!-A?7\*Q,6B"7$T32*
M$8EE`;Y221BO1:X<-@%0JU)-W4OP1YV$RR.&K59MW4MO)/H?R-_\$C?@]XI_
M:D_X*/?`[]G3Q')>7.C:/XZ_M6YTJX!V6UO:'[?>(0?N"1;/8W3DC')K^A+_
M`(+P?\$ZO$G_``4<_87OO`7PPMXI?'7A'5$\0^#K:641B^FCCDCFLMY("F6&
M1PI;"^8D6XJN6'T5\/OV-_V0_A+X_D^*_P`*OV5OAOX9\4S>=YOB7P_X&T^R
MU!_..9<W$,*R'?D[OF^;/.:](I87+U1P\Z4W?F)P>51H86=&H[\WY=/N/Y]O
M^"5O_!PQJG_!,WX4G]A']OO]GKQI-#X"O+BTTBXT>RBCUC2T:1Y&L;JTO)(`
MVR1VVOYBE48+M(537)_\%0O^"N'QJ_X+M^)O"O["7["'[./B=/#\VNKJ)T^[
M6-]4UFYC5TCDN%A=H;.UA61G<M(R!L.[J(Q7[]_%_P#9=_9G_:$>"3X^?L[>
M!?'#6N/LK>+_``C9:F8<;L;?M,3[<;VZ?WCZFK_PE^`_P.^`>B2>&O@5\&?"
MG@K3I6#2Z?X2\.VVFP.068$I;HBDY=STZLWJ:AX'%2I^QE5]STUMV,WEV-E2
M]A*M^[]-;=CX*^/7[%UG_P`$_O\`@W!\>_LNC48+W4M$^&%Y/XBU"VSY=SJ=
MQ,)[ED+<F,22%$)`)1$R`>*Y7_@TLLK/4O\`@EUXGT[4;2*XM[CXNZM'/!-&
M'21&T[3`RLIX(()!!X(-?IKXV\#>"?B7X3O_``%\1_!^E>(-"U6W,&J:+K>G
MQW=I>1'K'+#*K)(IQ]U@167\(_@=\%?V?_#$G@GX#_!_PMX)T6:\>[FTCPCX
M?MM-M7N&55:8Q6Z(AD*HBEB,D(HSP*Z5A>7$0G':,;6.Q8)0Q4*D7[L8\MC^
M=S_@I?\`LR?&+_@@1_P5`\/?M>_LIV<MGX`U[6)-5\)01%EM$C+`W_A^X(_Y
M9;6(0'GR9$*DO$S+]Z_\%Z_VEOAG^V'_`,$#++]I3X1:C]HT+Q;KF@7MLCL#
M):R&X*RVTN.!+%*'B<#C<AP2,&OTN^+OP,^"7[0'AJ+P9\>?@[X5\;:/!=K=
MPZ3XN\/6VI6T<ZJRK*L5PCH'"NX#`9`8C/)K`3]CC]D2+X3/\!(_V5_ANO@6
M2_\`MTG@M?`^GC26NL@^>;/R?),F0#OV[N!S6"P$X*I"$O=GT[,YEELZ:JTZ
M<K0FGIV?^7_`/QE_X))_\''7[$/[!?\`P3Y^'_[)_P`7_A9\5=2\1>%/[5_M
M&]\-Z'ILUE)]JU:\O(_+>?4(I#B.X0-N1<,&`R`"?O3]@K_@X4_8P_X*)?M%
MV/[,GP4^&7Q/TO7M0TZZO8;OQ3HNG06:QV\?F.&>"_F<,0.,(1GJ17OO_#L3
M_@FM_P!(]/@;_P"&FT;_`.1JZ+X6_L1_L8?`[Q=%\0/@I^R)\,/!^O00O%#K
M?A;P#IVGWD<;C:Z+-!"CA6'!`.".M70H8ZDHQ<URJRVZ(TP^'S&BH0=2/*K+
M;6R/P"UW]MCX5_\`!/?_`(.3/BG^U%\9]`\0:GX?T;QAK]M=6?ABU@FO&>XM
M'@0HD\T*$!G!.7'&<9/%?2_[=/\`P=A_L_\`Q1_9K\4_"7]D/X%_$"'Q5XKT
M2ZTB+6?&EM96D&EI<1^4T\:VMU<--*$=]JG8`X0DL`5/ZK^-?^"??[!7Q)\5
MW_CSXB_L1_"'7]<U6X:XU36=:^&NEW5W>3'K)+-+`SR,>[,235CX>?L(_L/_
M``B\3P>-_A1^QK\*?#&M6Q!MM7\/?#S3+*ZBPRL-LL,"NN&53P>J@]JQA@L9
M34HPJ)*3;VUU,(9?CZ49PIU$HR;>VNI\)?\`!KS_`,$Z/B3^Q_\`LR>)OC_\
M<O"D^B>)_BM<V<NG:/?PE+JRT>V60P-*K<Q/,\\LAC/.Q82V#E5_4.BBO0H4
M8X>BJ<=D>IAL/#"T(TH[(****V-PHHHH`****`"B@\#-4DUNPFOIM-AOX#/`
MZK+!O&\$J&`QGNI&*ERC%I,=B[10"2`2"..A[450@HHHH`****`"BJMY?SVT
MACBM0^%W%B^,#Z#<QY]JKW.NR18$:PG`^=C+U;C*C.,?Q9)Z8'!Y`F4HP5VQ
M2E&"NV:5%?,?Q0_X+$_\$VO@WX7/B'QA^V?\/M1*2K$;7P?K7]NW;N1P5LM,
M%S<X.0?N$#^\>I\>\5_\'+?_``2D\/:8U]HWQDUOQ#,H/^A:/X)U.&7(['[=
M!;*#[9Z\5F\106\D<=3,,%25Y31]^T5^8P_X.MO^"=PD`D^&OQ7CC,FTRR>&
M[':%_O?+?DD=^@KOO"7_``<K_P#!*;Q!8K?:]\9==\/$MCR=6\!:M*W_`'U9
M6]Q$/QD%3];P][<R,XYME\MJB/ONBOD3X5?\%W/^"4?QAUB;1/#7[9GAK3Y(
MH]QG\66MWH5LQ_NK<ZG#;P.W^RKDU[[\(_VF_@%\?;.XU+X(?'#P?XPMK)MM
M[<>%?$5MJ,<![!V@D8(3Z'I5*O1>TD=,,7AJGPS7WG?45435[-D,IN5P"!\J
MD\^@_O?A4MK=K=`E$X4E2P=2-P.".#Z^M:*49;,W4HRV9-1115#"BBB@`HHH
MH``03@$451EOWMYV+HJKDC#$[Q][D!<A@=I/4$8YI9]<L;13)=7,:*'(;Y@=
MH`Y)(/&.Y.`/UI2E&.[(<XQ5Y-(NT5\[?%#_`(*R?\$Y/@YINHZAX[_;-^'2
M2Z/,T&J:9H_BBWU2^@F4E6C^R6;2W!8,"I41YR,8!KQS5?\`@Y`_X)+:=:M+
M:_M$:C?SA<I8VWP\UZ*>7Z+<6,:J?9F!'>LOK%'^9'-+,,%#>:^\^ZC*@."W
MZ4NX>A_(U^9LW_!U9_P3EAOFLD^''Q:?$I03+X6L0K>XS?`_F!7>>$?^#E'_
M`()3^(K+[7K_`,8->\-R8_X]=9\$Z@[Y^MK%,*GZWAOYCFCG.6M_QHGWO17R
M#\-O^"\7_!*+XJ^)O^$4\,?MB>'[:<0>:9_$FGWVC6P7_KYO[>*W/_?RO<_@
M]^V!^S#^T%+?1?`O]H?P+XUDTQ`=2@\'^+K'4VM#_P!-3;3.(_;?MJU6I/9G
M9#%X6?PS7WGI=%4$\06<LGE*&#_\\ROS'VQGU/WN5_VJGDU"..%I&&"O!+!@
M@;_>QT_VL8K1-/8Z(RC/X66**@DOX(H5EDE1-R@[F<8`QUY(R*E,L0&3(H^K
M470W9;CJ*3S(_P#GHOYT>9'_`,]%_.BZ%="T4GF1_P#/1?SH\R/_`)Z+^=%T
M%T+15./5XV0LXZ+G$:,[#ZJH./IFKE,$TU=!1110,***1V*(7"DX&<#'/YT`
M+151M35)_)9D.9`J@,`2"6'1B.A4],YP<"K)EB'61?\`OJE=`VEN.HI/,C_Y
MZ+^='F1_\]%_.BZ%="T4GF1_\]%_.F33I'"\@8$JI.!R?R[T7071)14"WR-+
MY:G<%?8Y52?FQGL#Q[]JDN)DMX'GD90J(68L<``#/)[4WIN":EL/HK/TK6#J
M0/EE7`E*AT0CY<G#;2?NG:<-G#<$#%:%)-25T,****8!1110`C$#@]Z\L^.O
MC+4OA%X@TWXFI?73Z$]PECXGMDAEN%MHR&:"Z11(HCVS%$?@[EF'=17J1PQ*
M^E<Q\4/`>A_$;P;JOA'Q#!YEMJ%H]O(,*S)O4*'4,#AU90R$='4'J,UY^-IU
M*U"2A*S6J:\MT*;E&'N[G0:1)%-IT4L.W:RY!7'//7Y>,GJ<<9Z58^;/3BOF
M3]E+XW:S\/\`6YOV6_B?<2IJ&ASS1:1J=W<B07,"*9-CL>1^[)D3G`C&"5`C
M$GTMI]PMW91W"2,X=<@NFUOHP/1AT(P.0>!TK/*\SI9IAE.+M)?$NSZK[S.C
M5C4CIOU]2:@Y[$?E17G'[1G[3_P>_91\!:A\6?C]\1M(\+>&=/53+J>K76S>
M^UG\F)%1GGE8(^(HU9V"G:&.0OIRDHJ['5JTZ,.:;LCM[_59+:Z^SI(#E@N!
M%T)4MC)."=JD^J@9(((KX*_;W_X.'OV/?V-=1O/`'@"Y;XJ>-[*3R;W0_"MT
MHL=-G#*&CO;[:PA8+YF88HYYE>,JZ(`6K\K/^"G_`/P7B_:)_;[N;_X8_"J+
M5OA[\-#)=02Z1IDWEZQK]D^8E349(WV\HK[K.-C"3=,DGGFWCD'P;J5S(;V?
M=M)5RH"*0H&XL5&2<INR><YR2>6.?#QF;1BFJ+NSXW->*E1DZ>%5_/\`R/T(
M^.7_``<L_P#!2KXH7MS-X,UCPKX#L#+'^XT#PG'>FV19&?$DE^UQ')*0R1;D
M103'N`0G`^*/C;^T_P#M(?M(WL%[^T!\=_&/C"6SN;B:UA\1^)KJ]BLY9W5I
MUACE<K"K-&@*(`H6-%``45PWF%9A/A&D#;A*T0+`^N2,TGSRMR2S'NQR3[D]
MS[UXD\3B*VLY/7H?'8G-,9B%[\V_GH.1+0H%>.,*#D1>4NP'L<8QGWZU,MQ&
MI!\]R1TW,3BJ[*4.UAS0S1JF_:0,X+,.,UB[=SSI.<]VV63=0^9YR[%?&#)'
M$%8_4@`FF;K<'<CE6+9++D$GZU7#H6"C>26PNQ`V1Z\'BE((.&'(Z\8I))C5
M.?2XI*B9Y45=SD[GVC<P]SU-1FW@,LDP@C#R;-[B,9^7[N#CC';%/HK12DMF
M5&I4@_=;1[5\(/\`@H[^WK\!KK2Y?A9^UYX_T^VT:/9IFCS^))[O385QC;]B
MN&DMF7&`%:,@`8`%?HK_`,$8_P#@M5_P4'_:2_;R^&G[+7QS^*6E>(/#7B#^
MU5OY6\*6-G<A+?2;VZB1&M(HD51)!'QLZ`CO7Y`5]H_\&^O_`"F$^#/UU[_U
M']3KJPV(KQKQ2D[-GMY+C<8\PA!U'9O:[/Z@D18T"(,!1@"EHHK[$_6@HHKS
M[X]_M$_#C]F_X:ZY\8_C)XNLO#/A;PY:&XU?6]5<B"-0V`HV@LS.2B*J!W>2
M5(D5Y&VTFU%79%2I"E!RF[([$:P4NKBWDDB!C`*F20*.68+V[[6Z$_=/"]*^
M)OVZO^"^W[%W[$\FI?#VW\1CXA?$>Q$D)\%>$)`YM+M4N%$5]<9:&T(N+<0R
M1*TMS&)HY1!)&V:_+W_@J+_P<$_'/]J;6]2^''[).MZGX!^&\UO"#J48^S>(
MM8D$J.X>6(YL[4LB#[/%(KNI+R32+<_98_S<:ZDA3['$VZ)#A/GSQD\YQR<'
M&>X"CHJ@>'B\ZC!6HJ[/CLWXKC2_=X17?=GZ*?'3_@YV_P""D'Q&NM0'PU@\
M'?#_`$^YNIO[$31]#%Y>0H\FZ(-+?"2.=EC^5Y%B19"68(@8*/BK]H#]KC]I
MG]JG56U3]HGXZ>)/&:#49+ZULM?OVEL[.5V+$VUH?W-H!GY4A1%0`*H``%>=
M,-[F0Y!8'.UL9SUZ=3[]:``!@#`'0"O&EBL35UG)GQF)S3&XKXYO[QTDTLRM
M'/-)(C_?C>5BK>Y&>3]:(Y6BC,48"HWWD3Y5/U`P#^--HK'<X'.<MV3^;$R*
M&?&T@X4=Z&>!EV>:=OH>?YU`N_=Y;*,X^X!\_P"6ZE"LQPH)^E2DF3[&2V3'
M2S&:+R945DQC8PRN/3!XQ3;EC=A%N&9Q&NV/<Y.T?B:2BK4I+9EQJ5([-GKG
MP0_;S_;8_9X&BZ;\%?VKO'_AW2_#\_FZ1X>L/$]P-*@/79]@9C;/%_TR>-H_
M]FONS_@FK_P7=_X*4?%?]L+X:?`SXL_&#2/$6C>*_&UCIFHRW7@[3K>XBM)9
M`&BB>TAB"CT)4D>M?EU;_P"N%?0?_!*+$?\`P4J^!RC@?\+/TH?^1JZ\+7KJ
MNES.QZ^4X_&_7HP]I*S\V?U%_&;X?^+_`(C^%QI?A'XT>)?!-TLT;OK/A0Z?
M]J;9(#(BKJ%M<0LK8\H!DXWY[9K\7/\`@IQ^TS_P7A_X)H>.M-T_Q?\`MNS>
M+?!^O0`^'_&UA\/M(M$FG4#SK:YMQ:SFVE0DN,RM')"N8I))!-'!^[T=E$(5
M\DNC``A@QR<9QGGYNIZ]:^3_`/@M'^RMX:_:E_X)W?%#PKJ&A/>:KHWANZU_
MPREK81W%S%J5C&;B!+<,#Y<DZQRVA=<,([Z90<2,#])BZ+G1_=NS\C](S7#3
MKX-R@VI'X4_\/_?^"NG_`$=]<_\`A':+_P#(5'_#_P!_X*Z?]'?7/_A':+_\
MA5\<T5\M]:Q/\[^\_*O[2Q__`#]E]Y]CK_P7^_X*XC[_`.U]<X]?^$.T7C_R
M2KU?]C3_`(*??\%Q?VX/VB-#_9T^$G[6=PVHZM)YMYJ#>#=%-OIE@/+,U[.W
MV+"I&'"#^]*Z1_ZQHXI/SC508V8CD8Q7[O\`_!JM^S78^"_V:/&'[4>M^%+Y
M=4\=^)_[)TJ:[BC\B;2M/&T2VV`)-CW5Q>1R*Y()L5;&8LMUX!XG$XE1<W;U
M/9R.6,S+'^SE5=O5GZ'_`+/WPG^*OP_\,V-E\6?VG/$GQ&U=+.&+4;[7='TJ
MSMY;L(OFR0V]E:Q-`K,'V1R/))'D!WDQ7L@``P*JQ:)I,$0AAL415140+QM5
M22H'H%+':!]WMBK5?5MW/TRC1C15D%%%%(V"FS(LD3(\>\,I!0@'</3GBG4$
M!@5.>1V-`'FWQC^&_B[X@:!'8>$?CUXJ\$W0B^;5O"KZ8]Q+'E&WE-2M+F+D
M*5SLRI=F`)K\2_\`@I'^V;_P72_X)H_%RR^'OQ/_`&W%\0Z3X@M;B[\(>*]*
M\":5!!J<,+A90T+VCM'*@:%GC5I407469F`R_P"_:PQJNT+D;LX)S@^V>E?$
M_P#P7@_9<T+]I7_@F7\0X;R&VCU7P+IW_"9Z+>W[R[;>?386EN&PC`/(]DUY
M`HD#`&8,`&567BQM&4Z+<&TUV/&SK#3K81RIR<6NQ^)A_P""_P#_`,%<R./V
MO+@?3P=HO_R'2?\`#_W_`(*Z?]'?7/\`X1VB_P#R%7QRK*IV\/\`+\K\[7]P
M?4>E%?++%XA_;?WGY=_:.81?\27WGV3:?\%^?^"NDUS'#_PUU=.7<+M'@_11
MNR>F18G'Y'Z&O:_V`?\`@I!_P6V_X*#?M*Z/^SO\+?VSI+!IK<W^O:_>>"-%
MFBTO3(9%2XOFMTM/-EYDAB2!<;KB:)6ECC:1XOS,CMYKEO*AC+EN%0`$L?3!
M]:_H#_X-<_V;+#X;?L1ZY^T?J^AVQU'XH^+9Y+74+.Z:47&B:>)[2VB>)F*(
MR7;:D?D5683IN+9Q77E]:OB,3RN;LM]3W\AJXG,<>H2F[+S/OOX)?"CQG\+[
M.RLO'G[0/B7Q[??8DC-]XHMM,@/F*=S/'%8VEN%'S8Q@E0GS,W)H^+/QEU_3
M]>T'X3>!I(D\2^*[P+"967?I5DH9YKF1""-X13L4\%N#G8=UCXW_`!DT#X%>
M!)_%>O1M<N3Y.GZ5$^#<S;=JQCAOE^4`L0<?,><BO,?V)]$U/QSKVL_M'^,T
MC.KZW<O9V$7ELFVUBF2.8H@9FC021K$%D0-_HH);:X:ML?FLGF%/+\,^:<]6
M_P"2*[^;/T"%2,:GL8+5'T)X5\+Z;X2T>Q\/:#`\5CIMM%9V<3.6V011[4&X
MY9OQ)Z"M>D50@"KG`&!DTM?1PBH1LCL;NPHHHJA!1110```$D#KUJ*2RMI0X
M>+/F$%R"020./R[>AYZU+12Y8]@/EW]NKX!2W,J?'OP5/]DO-&6/^U1:R/%(
MR1E&BE#J"5,3!9&*C=MC0@_N=K;/[)'[7B?$JTM_AK\0T6S\4VT+*I*+$E\%
M)!94SB-^/N@[3U4!2`/H.X@BO(Y+2;YE<89<]B,&OSK_`&KOA9'^S%\2[N\3
M4XM)\/RJ^H:/J<NK>2D$:*GVC+DQF)X2ZM@$KY;*1(I#(OY?Q(LQX:S*GF67
M1O1J2Y:L.E_YDMDWU:U/)Q?-@9^WA\.\CZH_;F_;B^%'_!/_`/9]UK]H'XR:
MQO@M'2VT;0K8H+K6-1ESY%C;@D[Y6"LQ`SLCBFE8>6A9?YH/^"BO_!1CX^_\
M%&/CY<_%;XNZDUCI.G/+:^$/!UA>,UCH5GY@(5",+/</LC::[V@S,B;0D20P
MQ6_^"F'_``4*^)O_``4-^.MI\1/%FJ7!T3PSI:Z=X3TUYB$@A(7[1=O$%5%G
MO&*-(%4@"../<ZQ(U?.4BK&0B_=50%R?X0./TQ7T-;-)8RE%0O%6V_1]SX3/
M\]GF$_9TVU#RTN.DG>5LRJC#).TQC`R"/EX^4`'@#&.V*,IR_P!G^7```X`_
M*B*,28.X8]C6CHNB:QXJUBP\*>$M`O=3U;4;V.UT_3=/LI+B>\GFD6*&VAAB
M5GDED<L%`5F9O+15RV6X814I6AN?.TE4JU%3AJV41;H\1N;J[6)6&U6?C)PP
MRO'S;/E=_1,=*^QOV'O^"('[=?[<=M:>,O#7P^B\">"KN&*>T\6^/DGM8+Z)
MTAF66T@5#<7,4D$_G0S!%MI!$\9N5D4J?TS_`."1G_!OW\+/V:=&\-_M"?MC
M:;#X@^+!@-]:^&FFCFTGPQ(%4Q)M^>*]OHFD+F5WDMXI6'V=,Q+<O^H]AI=D
MVGJEU:V\S2+^]?R,+)SG.&R0,\@$G'')QFO>PN3Q:4ZK>O0^YRWA2G.*EBM5
MIHC\;?@Q_P`&F'@5+^*]_:,_:SUJ]M9K,H=/\#:1;VCQW&_Y6%Y=&X$H*#E1
M;)RQY&!7UKX+_P"#<7_@DGH/AS3M-UO]G2]UR\LH$2;5M2\<ZPDUU(O621(+
MN.$,3U"1JOHHK[H^S6V&'V=,,"&&P<@G)S]23^=/`"@*HP!T`KU*>`PE/["?
MKJ?1TLBRFC\-)/U5_P`SXXO?^"`'_!(O4+3[%<_L=Z?L(P6B\4:Q&Y]272\#
M$^^:Y'QO_P`&VO\`P2;\4^&+SP[X?^`>L>%KB50+;7-#\<:I-<VP']Q;RXGB
M)_WXFK[UI%55&%4#G/`K7ZKA?^?<?N1T?V7EW_/F/W(_&'XX_P#!IC\-[Z\>
M;]G#]K[7-'MH;98OL'C?P[%J,TUVS?*WVJW:T2.(C"\6\A#Y`WGY!\I_M-?\
M&W/[?_P%T"X\7_#W3-!^*&F012SR1>#;N<:C#;);^<\ALYHU-P^Y)$CBM'N)
MI3L`A)SC^DEX87SOA4[@0V5'(/4?H/RI);>"8J9H$<JP92R@X(Z$>]<=7*L+
M4V5O0\_$<-957U4.7TT/XP?%'@WQ1X.\7WW@?QCH%[HNJZ==R6NH:5J5E+;W
M-K,C%98VBE571XV#1LC+E2ISR*^O_P#@WWCD'_!8KX/`$%5_M[&#P#_8&I]^
M]?OU^V1_P3C_`&2_VXO"I\,_M%_"ZTOYX$EBT;7+!?LVJ:5N\U1]GN8V,@SY
MH81,6B/EKF+Y0!^?W[(__!!KXX_L%_\`!4/X9_M"?#'Q=!XP^&-G?:RVI:E>
M/#9:EX?2?3M0MK:":,N%N26FMD66&,&5Y9/,M[1%!KS8975P^*A.]U<^=CPW
MB\!FE.I3]Z%^A^Q(SCDT5':L[VL;R@AC&"P.>N/<`_F!]!69J5[=QRR+"\[*
M\H53"I9DXV?+M!'WL<OP#N+<**^F2N??2FHQNSS']LC]MGX+_L,_!36OCS\=
M?$4EOHNE_N8;/3K<37^H7DA*V]G:0DCS9I65P,XC7RI'EDBCC=T_G,_X*I_\
M%8?C;_P4R^(\37L-QH'PXT*42^$O`UG?K)LN=IS?7CH@^TWLC/)'$=J1PQ2!
M(0[/-<2[G_!:W_@IYJ__``4$_:4O=)\`>*Y)_A%X.U`0^#[6"S$2:I<&#R[C
M4Y5$KF229E(A65D>*WBAVQ12M=!OBV\O/M6`TP=TSMD5B1GN03SC\J^7S+,7
M4J^RB[+J?GO$&>U*M5T*:]S9BS7$J.8PRY&1($P4<\@GJ0W!(R<_*<9Q4"!4
MPN/E'8>E`1U4%@>G6KVCZ?J.NZM9Z+HVA27M]<RK%865M&SR74I("0HJ@F21
MY">O``QTKR+1CLCX^$959<J(CE8PQ>-$.\_O2!\JH&=N67Y$4@DYSDX&X5]1
M_L1?\$</VVOV]]-B\6_"CP%9>'O"<R2^1XU\;7<EE877E/B1K=1&T]P%8&)G
MCA:-74AFC-?HQ_P2"_X-Y/"_P^LXOV@?^"@'A+3M>\07D,(T3X<ZD/,L=)4E
M?WUZI5H[RY(V@0D-!&?E822E1;?L-::9IJ)]H2QAWRA&DD\L;G*_=)/4X[>E
M>U@\HE47/6T78^TROA6%6"GB-#\8O@C_`,&E'AZ&_@O_`-H[]KC4+RT\N43Z
M/X'\/QVDS,#\I2[NGG48_B0V^>#AJ^HOAK_P;<?\$KO!?A2'PUXJ^"FM>+[Z
M".5I/$/B+QEJD%Q*7;<N];*6U@`12%`2($X^;)R:_04`*`J@``<`4GEQ^9YO
MEKO"X#8YQZ9KV*>`PM-?"GZZGU5'(LIHK^%%^J3_`#/CF/\`X(!_\$B1IZV!
M_8WL`FT<GQ3J^\?\#^V;OUKE/&7_``;D_P#!)+7_``U>Z9I/[..JZ!+=6P2W
MU;1O&NLRW=FW_/2-;FXFC+>TD+K[5]Y4WR8?^>2_>W?=[^OUK7ZKA?\`GW'[
MD=/]F9=_SYC_`.`K_(_'7XS_`/!I/\&M2AMY?V>?VM_$^A1P0SO?1^--&M-7
MDNF/^J:.6U:S2",?[4<C'DU\I?'[_@V._P""@GPIT_\`MOX57GA;XD6^^/S+
M/1=5^PWD"-'*[3M'>K%$8%:-4PD[S'S,[*_HYI`B#D*!U[5S5<MPM1:1L>=7
MX:RFM]BWIH?QE>-?A]XU^%GCF^^'?Q3\&ZIX9US3/)%]I'B&QDTZ[@\R-98]
M\%R%EBWK)']]!]]<[,U[;_P2CB1O^"F'P.7;D#XE:8QY[^=P:_I8_:H_8G_9
M<_;8\+KX'_:,^#7A[Q7#9A_L$]Q$T6H6(>2)I_L]Y`HNK(3M!;QR^3(OF0H4
M;*\5^9&F?\&]/Q2_8W_;_P#A3\?OV;_%<GB[X=:)\0M+GU>'6[B.'7-&@60F
M65LK#;W=NNQ/WB`2_OO]3B*25O-EE-;#XGVE/5=CYRMPW6P6/I5*/O0ZV/VH
M``Z5!/86LL>QXL@+C`8C(VD8/KP>]3TC_</TKZ));'Z!))K4_BLJS]GA_N?K
M5:KE?`R/PBMI-V\R`*!.8@/E/4?A7].G_!O1HPL/^"0_PBN;P%IWCUN5)9')
M.R77=0D4<_[++]=H]!C^8S_E[_SZ5_4!_P`$`IUF_P""1WPB=\L$M-45=W;&
MLWX&/0`8'T%>SDO^\OT/K.#5_M\W_=_4^SJ***^E/TT****`"CK110```<"N
M?^)_P[\*?$_X<>(?AQXQTP76D^(=%N].U6U,C*)[>>%HI5.T@\HQ&0<CL170
M5%?<V4P/_/)OY5,TN1KR,ZL5*FT^Q_%O';%2[21\9)121C)^\V!P/IT':H6`
M#$=LTZR^0LJ<##<#ZT1IYERJ>5OW.!L!/S<]..?RKX.6E5V/P^LO]IDEW)'9
M885=!SZ\GM[$'\B#7]+W_!,SQ1X'_8I_X)3?!C3M7U,7DNK>$X=9TVSMU02S
MRZG(VI21J%&W"/=D,V%0!1M!(7=_/Q^RS^R?\0OVN?'47@GP3IZPZ9`JR:YK
M\ENS06".?E8A3F660!EC@C.&*[ERD<SU^Q/@_0KS2O"7A;X:6&J:KK%GX?\`
M#>G^&]"DF97EN+.UAACM8E,>(R_R(65`&5V8N222?F,ZXK>2+EP=GB'LNB]5
MM]Y])PY4E@YSEUV/9S>_$K]N#XTP:/JDK6MG"LLP@6,K!I=B2$"O'(`TLAW1
M;L_-N=246(@)]S^$/!6B>%M`T[P_H=LT-EIL,,=K"\C.52.(1J&9R69QM&78
MEB."2":\Z_9/^!UO\%/!T.GW4N[6K^07&LXC"[9MN/+W*/FCC4L%'W=TA<`!
MTV^PQ*,E@.ISSZU]?P?D];`X7Z[BFWB,1[TK[KR79>1^AX&@X0]K/XWN/HHH
MK[8[0HHHH`****`"BBB@!@0&4LR],8R*_)3_`(.D?VU+/X;?"70/V//!]W;G
MQ#XVD74]??S");#1H2Z+AARANIO,BX(W10SH<AV!_5?6X)7N#)+O\K<$"<",
M[E()<='SC;@@]1POWS_(_P#MP?M,W_[97[8/Q"_::O)KUK?Q5XBDGT>+4[**
MWNK?3(U$%A!/'$2@FBM(H(I,%LNC$LQ))\G-ZL*>'Y&K\Q\QQ3C/JF7<BWD>
M33M,DZAVP\6T`KD89<<^QR,_6H\#&,4Z8[I6..]-KYB*LC\N3;6I-&J6UL9)
M.!+]P@@D8.&Q_"O'.7*\;CV4U^]'_!O1_P`$GV_9\\&V?[:O[0OPYLC\0?&%
MGYW@BPNMK2^'=%GB;_2%4N1!=7*.-X!EEBME2)O+>>YB'Y<?\$B/A'IOCW]K
MS1/B)XL\`_\`"1^'?`1_MG4]->9XH;FZ4_Z'!)-@QI^^`GV2@QRI:R*0YR$_
MIN^`GQI^'_Q=\&0ZOX(UJ.X\L*;JUE+)-:&3Y]CHY)3@C"@E0,!25"FNC*,9
ME\LQ>&E+]YND?<\*9=AZK^L3^);';6$5I-9B5(@1,"S;T`+9))R,#U/!&>>>
M<U9`"C"@#GM38BIC&QMP]<YS3J^UO<^_W"BBB@`HHHH`****`&-;6SN9'MT+
M,NTL4&2.>/IR?S-)-:VMR,7%M'(.>'0'J"#U]B1]"?6I**-P#'.<GITK\V?^
M#D/]N[3_`-F7]CZX_9T\'ZS;/XU^+R7.B3021(QL=`D4K?SLLD$L922-DM2K
M%"1<22I\T#;?T1O9_LKRBT9OF8$B('.XLP`Q_"H(9F;ZU_*U_P`%<_VK/^&O
MOV^/B)\5K/6/[2T&PUJ71_")CUS[=;MIUEFW1[.7^&VG=);KR^TUVU>;FF*6
M&P[[L\'B+'?4L"XQWGHCYH-Q.S%C+)DJRG<Y)PP`()R<Y"J#R<X'7%,P,EL<
MDY)IT^?.?=+O.XY<+MW<]<=OI3:^4TEJ?D\FV]1Q9@I#YQMXS7[4?\&Y?_!)
M'3K'2]*_X*'?M">%KP:A>32?\*O\.:C9/%'!:M$J#6V5LM-+(6E^S!UCC2/?
M<+YRR6LL'P'_`,$<_P!C>V_;K_;P\&?"KQ-I*77A?0O-\1>-!<F`))I5J8%\
MHQR.'N%EN9+:U?;]V&Z<C[E?U0V4*0VJ*BD#8.&!S^.3FO;RG!QF_;RZ'VO"
M^3JI_M,]NB%M%C6VC\N`1C8,1C'R\=../RJ2BBOHC]`225D%%%%`PHHHH`**
M**`&?9;;:$^SQX484;!QP1_(G\S2^1",$0KP21\HZDY/Z\_6G44!L%(_W#]*
M6D?[A^E-;B>Q_%95RJ=7*^`D?@U?XWZL@R?M^,]OZ5_3_P#\&]P#?\$A?A$6
M`/[C6.OMK5_BOY?_`/E__P"`_P!*_J`_X-[/^40GPB_ZXZS_`.GJ_KULF_WI
M^A]AP9_R,)_X?U/M"BBBOJ#]*"BBB@`HHHH`*BO?^/.;`_Y9-_*I&SM.#SCB
MN<^(_COPAX!\,7>O^,]?M=.M8H6+SW%P8B<*3A=OS,?89)Z#-85Z]*A!NH[(
MF:_=L_C4MF6'+E,D%C@KG/MCO7T=^QY_P3O^)/[1^IV?BWQ;I]UX>\"^>!<Z
MQ)$1=7T:E69;1&P)3(QPKC"H/,!<F(PR?6/[%_\`P3%\)?`1[+QU\8[FU\0>
M,+2<NMM;"3^S=-8?+',$FA!EN/ED=7?Y$:4"%=\(N%^JS'!':B'F.%0<(%+D
M@#IC//TK\`XEX]P^'KSH8!7:?Q]/Z_K4_):6";=2K/:YA?#GX7>`/A#X1B^'
MOP[\,VFCZ5`ORP6ZJR/(P`DE+8W3228&\OG&/:OKS]@W]GE]1U6'XU>-M!C:
M+?'+X?6>4.2&C(,\G9R&^56/WF)<?=4U^4'_``4R_;GU?X,V4WP'^#NLQQ>*
M+^#?XAUJTN=TFE0,"!$G'[N[89"MCB'<^S][YZ_M!_P2W,:?\$[/@/&ZR%3\
M(?#I5C)O`)TZW8L[=V9CGZUU>'W"D\;CWF^/E>3UBGK=>=SZ7A^&'K8IJVQ]
M`BTM%<2+;1AE^ZP09'7_`.*;_OH^M28`Z"BBOWRR/MPHHHH`****`"BBB@`H
MHHH`^4_^"UWQDN/@3_P3`^,_CBPL)IYI_"AT:-H;[[.89-4DCTP3A_X?)%T)
ML=]E?RM7$303-#)'*CH<.DR;65AU4^N#D9[XSWK^@?\`X.O/'W]A?L-^#/`=
MKXADAN-=^*-E+/I,-V8CJ%C:V5[+-N4'+I'*UI)Z+((FZJ*_G[G@V-Y4;;S'
M\K,%()P.I4_=SUQVKY?.*REBE#LC\SXOK*>8*/9#XRV]E)Z8Q4<[M&0BCYCT
MI+,G<Q'0XYJ7>(YHI77<OF!U\N7!;:<[`1]QCR`S>N*\)PC-)=M#Y*G#GJ\I
M^G7_``2"^%D'@W]F*3XC36\!N_%VM2W#7<'^M:V@=[>.!_\`KG)%=./:[KZZ
M\->)_$OA'5[;Q#X8UJXL+^`@Q75G-Y;=<D`]9`3R8C^Z.23SFOH;]CS]AKX?
MZG_P3C^"OA?4/A_;:%K\7PHT4WEU9Z<D,MI?R6,4MRTT:!1*))WD9P?G9I'.
M06WIX5\2OAOXO^$WBNZ\&>,--E@N;=-Z2/DI/#G`F1L#*'(_W2=IP017Y-QI
MDV>9/F,<Q7OINZ?\JZ+Y;'W<<NQ&74H5([67Y'TU\`_V\=,U*6'PS\7!!I=T
MQCC&M(F+6=Y&=?F_Y]VPB;C_`*O=G':OISPUKMCX@T6WU?3KJ&>"YB66WEMW
MW(\;#*D-_%P1R.#U'6ORK"-)\L7S'`/R<]>0:ZKX??&GXJ?"X;?`_C&\L(T;
MS&A,HDA<YZ;'!"]^B.3G.1T'K<.^*N,PK5+,(\\?YNJ/6P>=SC[M9:'Z<`L!
MG'%*IR,`=*^4/A;_`,%$+&[M8]*^+^FFQG$8#ZUIT#O`3LD8;X\-*I^5!\D<
MB[F)^3.U?IWPWXK\/>)M&M=9T36;.YMKI2;:6VN$=)`,_=()ST^H[@'@?LV2
M<193GE+GPE6Z[/<^@H8O#XF/-!FG133/"(O/:50A`.\L,8^M.)`&2:^B.@**
M165U#HP((R"#UI:`"BBC(/0T`>(?\%%?V@(OV6?V*/BA\?8?$^G:1?\`AGP9
MJ$^@WFI+F`:F\0CL8G']Z2[>WC'O**_DAC,AAD\X$/D[PRX(/?([5_1E_P`'
M0OQ8O?`'_!,N?P1!8>9'X]\<Z7H,TQ.!`(Q/JBOGM\^FQKG_`&\5_.5=+$DI
M6V7;$22B9^Z.P_*OFLYFG743\WXRQ+J8N-#^57(Z*41N1D(?RI`"3M`.?2O(
M/C]S]XO^#4O]GG_A$?V;OB#^TKJ6GWL5YXS\31:3IK7UILMIK*PMP1<0'J4:
MXN;B"0]WLZ_6^`Y@0X<?(.)/O#CO[U\N?\$8O@Y8?!7_`()=_!3PIIMT]Y]M
M\#VVO/+,-OSZJ\FJ-'TY6-KUE'^[7U-7V6#I>QP\8G[+D^'6'RZG%=DPHHHK
MJ/3"BBB@`HHHH`****`"BBB@`I'^X?I2TC_</TIK<3V/XK*N53JY7P$C\&K_
M`!OU97_Y?_\`@/\`2OZ@/^#>S_E$)\(O^N.L_P#IZOZ_F`P?M_3M_2OZ?O\`
M@WM_Y1$?"$_],-:_]/5]7K9/_O3]#[#@O_D83_P_J?:-%(&4]"*6OITT]C]*
M"BC(SMR,D<"JEWK^A:>D\M_K5I`MK%YMRTURJB%/F^9LGY1\K<GCY3Z&E.<*
M:O)V]1-I;ED%3_JZ9<RO%;R/N"E4)!8$@<=\<U\__&3]O+X8^"4ETCP-.WB'
M45#`-9D"T0XX,DN0)!G_`)Y;OPKY:^(?[17Q@^*<<UMXH\=73VT^6DT^%_)@
M3'1<(%W`^C(V?[_>OSC/_$?(\EE[&F_:U?Y8[?-GG8K-L-AM-V?37QY_;B\#
M^!C+I/PYN;?6]4"!7N+.Y_T6`;#MWR_\MB'8<+]W//0Y^2/B%\2?''Q1\02^
M(/&NNR7+^84@ML[;2Q7!&VW3_ECN$46X?QYK!!D;YF&?4`4Z-968"".1F+85
M8UR2WH!D<].XZU^'<0\8\0<4U.2+]G'^1:I'S6,S.MBI=D,8$DAF.`<MAMOZ
MY&*^8OV__P#@H%I7[-6GR_#'X:ZM#-X]ODW"XC?='H$+#'F2KC#2\[DBX!($
M_P`BK"EQYI^VA_P56L]+2?X7?LM:ENN(U2WO?&=HRM'&%PQ;3FQL)X$8G($>
MW>(58F*9?@K4]5O]7U*XUG7-2FN[V]F::ZN9)S(]S(>K'=R#GKOY_NU[?"?`
MU7VJQ.8?*/=]W_D?,8S&N/N0':IK&K>(]3O_`!!K]Y<75[=R2375U>R;WF=N
M2SD_ZT\Y4_P<>E?UD?\`!+G_`)1P?`8]S\'O#G_INAK^2B(.Q="#GRR,5_6M
M_P`$MR#_`,$WO@-@_P#-'_#G_INAK]XR*/LI."/>X,;^M5T_Y8_F>]4445].
M?H`4444`%%%%`!1110`4444`?BG_`,'?%S+'J?[/,*;BI_X2M_*W85W7^Q@"
M?^`R2`?6OQ>L0!/<*&#8`!8-D,0.2#W!/-?M!_P=]1O]O_9[N@A,<3^*%D<#
M(4DZ,0#[D*Q`]C7XN:?_`*,K-/\`*'0;??BOC<VUQ[]#\GXK7_"I4]$&GD>6
MPS_$:?&LYL9OL[Q[B@V,[#"N20,^G('_`'T/6F:?$\8=G7`9N.:ELUBCA,3(
M&D<G]V[`+G)"$D\*"V.3@#;SU%<%*\7&_<\!:U].Z_,_L^\.V%GI6AVNDZ?:
MI!;VL(AMH$&!'$GRHN.V%`'X5RGQ?^"_A3XQZ!<^'?$FE!L)NM+Q<+/!*5QY
ML,FT[&`^4Y!##Y65D)5L#]A;XDZG\6OV*/A%\4O$=SYNI^(?A?H.J:F1DL9Y
M].@ED.,9Y9B>G>O5E8.H<`X(R,C!_(U]GB,%ALQP?LJT;Q:/W**A6H);IH_-
MGXT_LW_$7X'W<3^(+3[3ILTC+'JT%JR(AS\HFZJCD=1N()R59EPQX-F?S#')
MQ(0#L/7!.T-CT)[^I%?JEKWAZQ\0VTFGZG:QS6\\9CN(712)4(P5;(/'/;!]
MZ^8?B_\`\$ZS-JC:Q\$=9BL8VE64:/>DK#%(-X+12KEDSN#;<<E3N8@A!^%<
M7^%V)BWB,K3<$[N"W^7=>1\YC<EJ1;E1V['R3O9HPY.00"/<=JW?`WQ(^(GP
MUN6O/`_BV]TMYG#L;>Y#6\^W^&6%U=&/7EXV/]UTJMXP\#>*_AYK'_".>+_#
M=SIESNVI%=Q;-YR1E3PK#*MROR\'``&!F1^8RY964`X;>I`4^AR/E/L>:_*8
M5LTR3%WBY4IK1Z..J?9I'A7KX632]U^>A]1_#/\`X*+3HL5M\5/"31)Y;B6_
MTABRC<^1NMG=B>#RPD=CSD'-?1/PZ^//PI^*\'VCPIXQT^]DAC\V2WCEV3PJ
M#C<T;8=5SQEE'H:_-1Y"V4`4^XILD:2!!YB+(B;8YF#$P_-NW1X^X^?XASGF
MOT#(_%'-<`^7%_O%W/8PN>5X.U75'ZQ0RQRH&216X!./\\4[(]:_.CP+^UU\
M=_`U]`\'CN\U6T@+NECXA87@+.<G,S?Z0",X`60(.R@<5ZWX8_X*5L(X8_%W
MPMD9E`W36VI!PQ_B8HRC9[*&;'0L>I_4,N\3^'L:DJK]D_[VWX'L4\YP,]Y6
M/KP%6'!!'3K2@`<"O#?!G[?7[/?B#%O?ZKJ>BL7"1KJUB[*2>!F2(R*O_`B*
M]4\(?%#X=^/X);GP1XUTO5TMW*7+:7>I<+"XZJYC)"GV-?98+.\HS!7P]:$O
M22_S/0A7H55[DT_1IGYJ_P#!V@"W_!/GP,%!)_X71I_`_P"P3JU?S[3?P?[@
MK^@;_@[!U&PN/^"?G@F6&[C98/C-8-*0P^7&E:L"#[Y(XZ_D:_GZE1R`P4_*
MN&SVKR\UUQ;?2R/S+BW_`)&M_)$T?^K7_=%07.(P3&<DDYQVJ6.>((`7[>E0
M.07)'<UYD=SY>DG[3L?UQ_\`!-*9!_P3F^`DTC!1_P`*5\*Y+'I_Q*+6O<*^
M8/\`@D)\6?#/Q8_X)H_!'Q+X0CGDM+#X;V.D.\L>PB[TV)=.N5[Y4W%O+M.!
MPN>F,_3J[8U";B<#&2<DU]S2E%T8N_1'[A@;2P<&NR_(=11UHK4Z@HHHH`**
M**`"BBB@`HHI'=(UWNP4#J2<4`+2/]P_2D26*1F1)%8J?F`.<?6D>>$#:T@!
M9<A6.#^5&PGL?Q75<JHRE4\QN%_O9X)]`>Y]NM=3X)^%?Q/^)9NQ\.?AQKVO
M_8`#?_V-I$UU]EST\WRU/E_\"Q7Y]4J4X?$TC\(K1E*;:5]SG(T:2^9$!)1=
MS@=5&.I]*_IZ_P"#?22*V_X)%_!^"6X56^RZT65GP>-:OL_D"/SK\&?`7_!*
M?]K_`,=R%];\,:+X<M/L_P!HLYO$&K1,LH_N*+<3N#_UT"U^Q?[`_P`>?$'[
M$O[$O@S]E,^%[?7M2\-0WR3:X;XQ0&2XO+B[C<0[,R*AG".-R$^62,@BN+"\
M8<.8&?-7K+Y-/\CZSA64<%BYSK:+EZZ:]C]*I;BWMQNE=4'^T0*Y+XB?&SX7
M_#FT$GC7QA96)E!\BVE</-<$=HX@=[GZ"OA3QG^U]^T'XVCG23QF^D6\WE;;
M#08Q:JF.O[U<S_E+7F\D@EEFN=J>;='-W),"YF_WLY_3%?/9QXNX6@^7!4^;
MU5OR/KL1GM&"_=JY]9?%+_@I!:PM)IOPI\*_:9,;1J6KDQ1-SP5B3YY!C)^9
MH.M?.?Q%^,WQ#^+EY'=_$'Q-=7J02F2#3X"8;6%_WOSI`,+YO[T_OV.[_9KE
MV3>"S@@`<G-!=G0LD9QUW*A.?;(ZGVK\IS?C3B+/U^\J^Y_=T/&Q.98NLK2=
M@9RXRPR.P45(I)W0D#>H&X#J!ZFHSL2(/T#N4C)Z.P"D@?WL!AG'3/L:]F^#
MO[$GQ4^*-I;:QJD?]@67\+WL9:>53_RT%MD>7@<JSN">P->9E>39AQ!B/9X6
M#E-;M)V^\Y:.'KXN7N)L\J\*>'-?\:^(;3POX2TV6_O[U\6UK;`,TGJW)`"@
M<EB0H`R2`":^O_V<OV)-/^'MG#XO^)UC!?Z]%B6VC$ADM[#;\RCY@/M$@;D.
MX"H>40'=)+ZC\'/V>O!/P-TLZ1X-T8L9KH2W>H73I)/+_O$@<#&,#`&>`2,U
MW]_Q92@)G]TWX<5_0/"/AW0R>/UO&>]5_EZ+_-GTF%R>E0IN575V/XN8'4[R
M[R.^W$DLC`[CV``Z`?I42?\`'P/]_P#K2VQ&YL>C?SIL>?M`S_ST_K7LM)8G
M0_*,1_O,V31?\?;?[O\`A7]:/_!+/_E&[\!_^R0>'?\`TW0U_)=%_P`?;?[O
M^%?UH_\`!+/_`)1N_`?_`+)!X=_]-T->UDW\1GU_!O\`O];_``K\SWNBBBOI
M#]%"BBB@`HHHH`****`"BBB@#\K_`/@[)T#3)?V'?`7BMM+62_L_BY9V]O=^
M06:*&73-2:5<CH&:&+ZLJ#J5S^`%UE'\DG)C^7/KC@?H*_J0_P""Z'P5USXZ
M_P#!,;XM^&/#20_;M*\/6^OPO<P>8533+R+49A;CKY[06LJ#U+H.A-?RV);,
MH,<0#",E"0X.2#@G\Q7RV<4E#%*?='YIQA1]GCHU.C0Y9RD>Q1SZTBK`ZY=O
MF8G(;[I.58;O5<J.!SDTDHCSF-N/3'2FUY=DSY.#Y'=']*W_``;G_'FW^,G_
M``2]\&>&KSQ!J%]J?@S5=1\/ZQ+?,`8VCN&NX(H3U9(K:ZLXP!G"[1VK[[MI
M'EMXY9%"LR`L`<@''J*_`#_@UP_:WB^&_P"T+XI_9"\6:A="R^(]E%J7AF&>
M\DD@CU"S#>>L-H$,8DGMFD>2Z=UR-*@A"RL(T'[\:+$\.DV\4KJSK&!*R,2&
M?^(Y)).3GDDGUYS7U^75?:X6/EI]Q^O9#BEB<LIZZI)?@6JCD65@VQ<_-T=L
M#&.V.:DHKM:N>R<?\1O@[X0^*-H^E>-O#EKJ=JSHT:W+MOA(!R4<$,N<`'!&
M59P2P.VOCGX]_L2^-?AA<MJ_@.VN=<TF,#RX;<![^!0`-I1<+*@[E1D#L.E?
M>N6W8V\>N:K76GQSDEXMY)RA#E"OK\R\\U\IQ#PEE/$5.]6%IK:5M5_F<.*R
M_#XM>\M3\I[J.2&X:UN4\N;)'E&,IN(R2$!P6QM/`Z<9ZBF(N)OLYR)#TCVG
M<1D#./3YEYZ<U^BOQ:_96^%7QAC>?Q#X2BAO=@6*_M`L<Z@%2JD\JR@(``ZO
MC=\NWM\R_$O_`()[_%SPT3+\/S!KMD69O)>98;K^(X\EW\IQE4^?S2YZD=:_
M!L^\,>(LOJ>TPW[RGW2][_P!:L^<Q.2XBBGR>\O(\%X[$'W%%;7C+X;>//AR
MN[QOX-O](B#;4FO;1XXF./NJ[#:Q]@2?:L24^0S)*K*5!+`J>`#@U\17PF*P
MDN6M"47YIK\&>1.E5I_%%KY`B[IMTH'S*0SGD`#H-O0_4TP)NE25MY,91UD(
M"R!A]T(5.4"\#`8#CBI89?.0/;CS!MW!D.01ZY':D:>7/#`?B#7GT\1B*,O<
MO'TD*-2K!>X['SQ_P6!G^('Q0_8YDN?%/C[5-3M/#'BK3M6N+#4]6N[FWE8F
M>T`2.:1U0XO4]L@`9Z5^3A\J2-47.0,L2,8_#I7[3?M6_#&;XR_LY>-?AW:Z
M=/>7]]X?E?3K.SP)+J]1EFLXUR>HEA1^<9\L@<\5^*I9`SO#*"@;!8NIZ]!D
M''Y5^Y\!9G6Q^4R4ZCG./=[+H>)F_MZE=3J.XTC!Q12N"&(88(/(]*2OO(WL
MKGEG[Z?\&XG[>7PTTO\`8"@^!/Q-\46&FZCX)\7ZA8Z99QV\I:6QN5&H)-+M
M0A=TUU=(-Q&[R"1D8)_22/\`:=_9_8[9/C)X8C;^))==@1E/H0S`@^QY%?S*
M_P#!)SX_V_PJ^/=Q\./$.J_9M-\<645C"&2/8VHQONM'E9N<!9+B-0.6\]`,
MG`K]0H_)AC6,(R*HVHI+8&.@R7%?)9UXAYKP_C'0G23A;1_IZGZ!E.>588.,
M)).VA^GWA_XS_"7Q7+Y'ACXF:!J,G_/.PUB&9OR1B:Z%;RW90PDX/3`-?E$\
MK(I#%2P/W"C$_CO+#/T%0&*V=B[1MDG)^1?Z8'Y`5PT_&:27OX9/_M]__('J
MOB&G_(S]9?M4'_/3]#1]J@_YZ?H:_)O9;#_EA_X[_P#7HVVW_/O_`..__7K7
M_B-%+_H%7_@;_P#D!?ZPP_D9^LGVF#_GI^E(][:QKN>4`?0U^3?E6O\`<;_O
M@?XTZ06\@V-",=_W2C^1IKQHH/\`YA5_X&__`)6'^L,/Y&?IWJ_QW^"V@3?9
M]<^*_AVSD_N7>L0QG\F851G_`&FOV?;>%[A_C/X8*1C+%=:A8X^@8DU^;!VA
MO-,[N<_>&!(/Q96%,E+#:L3N-IY(E?#?FU<53QBS!_!A4O\`MXG_`%@E_(OO
M/T`?]O#]F-)GMV\>N'C.'!TF\X_\@URM]_P4E^"-C=&UA\->*+M4'%Q;64`C
M?\))PP_*OB959LB0<O\`>8FEV_['ZUXU;Q8S^?PTX?<S+_6#$KHCZDU7_@I9
M<S7,L.D_";;!MQ#->ZSS_P`"@2(J?^^ZX?5?V^/VA-7TZ>VLIM#L)9O^7BPT
MUUD3\)Y)H_\`QVO$MRCG;^M/+19X<_\`?)KYS%>(O%6)7OXJWHCAEFF.DK<Q
MYAX(_8P_90^'EE%9^%?@/X;!2X^TI<:I8F\N8Y_7[5<&6;'MNKTT,XD4JVT1
MF+R=DF,8ZYW(V/QWT`R9PRC_`+Z%*&)[#\Z^7K9EC\;K4Q$W]YYL80AM%"23
M--DL7+,NQS(<AE]AVI2X'3FF[&W;0.?:FQ,LX1H&#B4?NBAR']EQU/L*Y)8B
MH]&RG;J.WMZT2;86V3R+&V?N2,`W_?)YJ?3-,U'5]2CTC2=/GN[N639%:VL3
M22NW8!%!)/I@<UZ5X+_9*_:%\511MI?@I].MG1&2XUBY:V10WW<;5:4YX[<=
MZ]+`Y-F68/\`=TIR](M_H;4Z%:J[0BWZ(\N,BM(8POSJVW:O)W?W?<^W6NN^
M%OP+^)'Q@OX?^$1\,220>?Y<FJ7>Z*T@;Y?W@;(#-\R_NQE^?NU]7_#7_@GA
M\.O"\T.J>.=3E\174,>U+2Y'E6*C^[Y*?ZP>TQD3_IG7N=AX4L=,M(M.TVVC
MM[:"'RX88D"HJ\#9L'&S@?[7O7ZSD/@_B<4_;YS/E?:'Q_?L>[A,BG'6M*YX
M?\#_`-A#P?\`#FX@\1>+D36]:PKR&YYL[9P&`$29W/C><&828V#9Y?%>^VVG
MI;1HJ1X*D9Q(3T]SU^E62"PP1B@`@8'-?M65Y)EN44/98:FHKOU_S/H:-"EA
MU:FK"U%??\>4W_7)OY5+45Z";.8#_GDW\J]>?P,N?P,_BSM/O-_P+^="?\?`
M_P!_^M-MY8T9]S8Y8=/>G0?O9P8^</S7PC:5=W/P[$Q:KSNB6+_C[;_=_P`*
M_K1_X)9_\HW?@/\`]D@\._\`INAK^2Z'YKQ@.R\_I7]:/_!+/_E&[\!_^R0>
M'?\`TW0U[.2_Q6?7<&?[_6_PK\SWNBBBOI#]%"BBB@`HHHH`****`"BBB@#*
M\06\<<4EXE\\17#2ID;=I&TMR#C'RG.#C9@8W-G^2#]MW]FS5/V0/VM_'_[-
MFIQ7HC\*:_)!I\U_.D]Q/ITBB>QGF:$;3)):2VTC%1M#RE<Y5PO]=D]O.TA:
M!]H+JQ*O@YY!SP0>,8&.HK\:?^#I[]A*]UG0/#?[>/A;2_M"Z!%!X;\:E@/+
M6SDG9K&X*`1JBI<7%PC2,Y)>]B7&``OEYKA_;4.9;H^:XHP"Q>`Y[:QU^1^)
M)!!*LI!!P01@@T5-?),ET_V@DNQW,6!&<\YP0"`<Y'L:AKY?7J?EAM>!?''B
MGX:>,-$^(W@74_L6N>'-5M]5T:\2TAF^R7<$HDBN/*FC9)GC=5=4;Y?EY'S&
MOZN?^"=7[=/PY_;L_95\._'OP;>VYNKRW:+Q)I%M?+.VD:DA'VBT=MV5VEE=
M`X1FAF@D\N-956OY,(O+<"/#;@"4<-C:W^%?9W_!&+_@IYKW_!.W]HZ#3?'G
MB2[_`.%4^,G6#QO8)8&Y^Q3A7\G5+:.%1*)HAO61$+O/`2@C9XH"OH9=C/JU
M7DE\+/I.'<TE@\3[)O1G]/UI=0WMK%>VS$QS1J\992I*D9'!P1]#S4E<_P"!
M?B'X2\<^#-)\9^$M?MM6TO6+&*[TG4M,N4N;>_MWC$J3V\L64GB9&#+(F58$
M8ZXK<M+J*\MUN8"2CC*GU'J#T(]QP>HKZM-2CS1V/U*,XR2:)****904TQ*<
M#`(!)(89IU%)I,#-U#PWI^J1O;7=K')"Z.CQ2ID.&&-K=F7GH017CWQ!_8#^
M!7C:?[78>'SH4WFQDRZ',+==JK@;82C0QG/7:@+8^\*]S.>U(1D8->3C\ERS
M,X\N)I*?JC*="C4^*)\/>/?^">/Q8T*,3>%O$]GX@*(#(DKFRED;'.U,%'&?
M[SBO(O&OP;^*7PX:X_X37P)J&GI``SW4]HWV;GL+@9AS_L[\^U?IV\092`%)
M&=I/./SS5.V\/VL1+2@,S,69B%YYR.`H4]QDC/N>M?GF9>$F0XI7P]X,\VMD
MV&JKW=#\J/,>"/SX)/*VE2"H#+NW,5<H.3C<Q!X!W&OQW_;D^"%U\#/VGO$O
MA6PT-+.PO+MM1\/Q+9>1']DN2TB019.)(X_F@4@EBT)&,8-?U1>+_P!G;X'?
M$"6_7Q'\.K)Y;BZ8W-U;P?99YGSG)EC$;R`DX)R1G.6."1^8G_!PQ_P2?T&Z
M_9['[7/[/6@7TFK^`Y47Q)H\#^<LFB/DRS(/+>9C#.\<K*\@2.$W+L0%&[DX
M?X&SGAK$U9^T4J;6B1\UFN08BG0<XOFMJ?AM<0_9IWMPK#RW*X=2",''(8`@
M_49IE/6*28)(@#>:V$,4.%=B,@+L&WGLHZ=.*46SD95U(/0@U].FMCX.7NNS
M+&F:A>:9?0ZK8W,UO/`Z&&X@.)(G#*RRJW4E&1"J\#CK7[(_L:?M*67[4?P$
MTSQ]'"O]KQS_`-F^)+.`D`WR1AF"JX`&Y2)1M)4(W7*LJ_C.LZA0ISP*]B_8
MJ_:MU#]E#XJKXON;&YU'P]J%AY'B;1;>7;]J@63".$?<KR1.3(I8'*ET&Q7^
M7Y'BG(O[:P3M'WH[>IU82O.G/5Z'["(RN@=)$<$9#QG*M[@]Q2UE>#?'O@[X
MD>%;'QWX(\50ZQI6IV:WEGJ,4N_SH&<IYK9YR)%='SRLBE6`8J&V/LTPP'4*
M3V+`X/IQ7X%7P.+P\G&I!JWD?3QC*4.9+0912M'(K%?+8X/4"G""7&2A&:Q]
MA6_E8U"3V0RBG>4_I1L3_GNGYG_"E[&KV%9]AU%-,BJNYB%&>3(P3'UW$4+-
M$T_D"://][S5Q_.O6A@<9/X:;^X?U>M_*QU%=+!\&?C%=6XO+3X2>)Y8F^[)
M%H%PV?P"9_2NFT_]CW]I+4[**_MOA;=+'+T%Q>V\++]5DD4_I752R3.*WP4)
MOY,TC@L7+:#/,E"OM9&&UDW*S'`(_&IFM\2>4L+N3]PQX8-^7W?^!8KWG2?^
M"=OQ>NI(I-?\6Z!I]H_S7=Q'.\T\6-VY`&C"9!&"=VW)')YK<\,?L2_!&#QU
M-\+/&7[1$%YXH72SJ:>']'FAM[Q+'SC!]JEAF:X8PF4&,2L%0NI4'<"!]!A/
M#?B/%J_LW3]3JI97BIM<ZMZGS,89/[C$!<NP&53GC+#@Y'(P3P#67XJ\8^#_
M``!HTWB+QWXMTK1=.A?9+J&KZA';PI+_`,\RTC`*WLV![U^:_P"W7^V)^U-X
M7_:<^*/P!T;XPZK8Z%X3^)6L:5I26EG;V=Y;P6=[<P6X^UP0Q3/F'RV!W8((
MYKY>\2^*-=\8ZY<>(O&&OW^J:C=3>9<ZAJ-T]Q/(_P#?>20EI#]<5Z=#PVK3
MJ6QM2[_N_P!(^;Q&8>QFX*.J/U:^*/\`P4^_9&^&T\MEIWC*^\3W5O=>1<0>
M&=-:41G^^LTIBAE7WBD<^U?6W_!'BX^$O_!2;]G_`%+X]^*/"VK:?/H?C2\\
M.W>A2ZMYT$K0V]M.C,PC0NRK<H&VA/F1L9&TM_//:7L421P%,%3@%`<`>N-V
MW/\`NA:_83_@U$_:*EMO&OQ-_92U[4[YXKVTM?%'AZT2V4VMK)!<1V>H%I5)
M_>R&33<+@Y6V=L@`D_>9!P1P[A<3R5J?M'_>.W(,6JV:*%57B?LMX+^"7P^^
M'EB=-\&^&[33X6C19!;PJ&=D&$>1\;YF]3(S5T<6G+;X:VBA5E4KO9<NPQ\O
MS=OR-7.HZ?G2%`37ZM1PF'PR_<4TOD?IL(4X;*PM%%%=90444$X!..E`!45Z
M2ME,P'2)OY4MS=0VEI)>SL%CBC+N78*``,DDD@#ZDXKP7_@IK^T;I'[-W[`G
MQ=^+#^([G2;RP\"W]MH>I06KR-%J=U&UI8L`!_S]S0#=T`8,2%.:SJ2C&FV]
MC'$5(4:,IR=DDS^2E+5_),RG*,S;7/\`$1@L/7(S@^X-26"M',=^/?'X4JW!
M\@J[$R8?$F.I9LDX[9'6FV[[9/FR<C%?"33=5L_$J]3VLIM]630#9>.Q_B3C
M'X5_6A_P2S_Y1N_`?_LD'AW_`--T-?R71R*TIE`.%7D5_6E_P2U1D_X)N_`<
MMW^$'ASC_N&P'^M>UDJ_?2/KN"[?7JS_`+J_,]ZHHHKZ4_10HHHH`****`"B
MBB@`HHHH`*YSXF?#'PM\6O".K?#[QU8_;]#U[2Y].UG2Y6_=7=I-$\4T+CKM
MD1RIQ@X'!&371.NY=N:%!50"<XI2BI*S)E%33C):,_E8_P""O?\`P3DU/_@G
M!^UK?_#K2[J:]\%>(Q-JW@34A9R<VQDW36#NY97N;421[_G+/')#,53S@@^5
MV:%X]RE2=H(V$$<\]1P:_KJ_;:_8G^!O[>7P9U;X%?M`>&6U#1[V.&6QNH7V
M7.E7L;/Y5_:R=8IXMY.[D,C/$X:*66-_YB_V_?\`@GO\?/\`@GO\<IOA=\;-
M,$FG7\SR^%_%UM$B6>OVHDVM<18(574M&98LYA,J%L(\;O\`*YE@)4:GM(OW
M3\SX@R%X.3K4E[K=_0\'A8)(&8\5=D>-K7R$C*LX*S,&XD3(901UX8`G)()1
M"`""6K7-N("T83.TX+].>XQ]>*@(R>2<>@KS'9ZW/E(MM\T78^S/^":G_!9'
M]J3_`()YZM!HJZO+XS^&CO(U[X!UK4/)CB9G,IGL+EU<V;B4R$J`T+&X(=`[
MI<P_T,?L1_\`!03]F_\`;V^%5M\2OV?_`!O;:A+';V[>(?#4]Q''J_AV>;?B
MVO[3<6MY@8Y5X+QN8)?*DE50[?R017+1X3:-C']]E0S./3+Y`_+!_B##`'2_
M#/XU?%/X+?$"R^*OPB\<ZGX;\1Z>Z&TU;2KV2.15!^>$\X>"0?+);MF%U.UD
M*X`]/!9E5HR49ZQ/K,IXCJX"T*SYX_BC^R&UU,7$>5MI-_EAMFUANZ9VE@`1
MR/SY`/%6@20"01QT/:OP;_8R_P"#JGXS>"(++PC^VE\%+7QE:!PEQXJ\$Q1V
M&I2(J,Q:2T93;74\C';M1K-0%!YS7Z+_`+/?_!>__@EY\=],M(5_:>TGPEJQ
MTR.XO]*^(:MH;6;G`:&2YNMMH\RGADBN)"#W/6OH:&,P^(^"6O\`7<^ZPV<9
M=BXITY[]-4?9M%>0>%?^"@G["7CJ;[+X+_;+^%NJS=#!IWC[3YY%/H528D'V
MIGB;_@H9^P7X+N7LO&/[:?PITF>.0H\&I_$+3;=U8'!!$DXP0>QK;VM*]N9'
M=[>A_,OO1[%4,]ZL+JNPMDM@+DDX'8#/TYQ7RM\6/^"X/_!++X.:G9Z1XG_;
M"\-:A/J$#36C>$XKG782J_WY]-BGBB)[!W&:^.OCA_P=G_LNZ0SZ?^SO^S=X
MP\43PZL;>\OO$^I6^BV9@&[9<1"(W4\@)QF&2*%CNPVPY`BKBL/15YR.>MF6
M`P^M2HE_7D?K'+KD45P;<0;F5F$A20X&T%F`XY.!P.IYQPK$>$_MJ_\`!4C]
MC7]@30Y;O]H?XK6-GK;V#7>E>"M.N([C6]33RYFB\FT#!E262"2!)Y3';^;M
M1YD+"OP)_:;_`."__P#P4N_:.AGT&/XJP_#G2IX(H;G2OAU8G3YM\<ID687D
MK2WEO,"(T/D30QLD>QHF#R!OC.75Y;B[EO[B/-Q/<>=-/&Q1I)-VXR,1]Y\D
M_,<]C][+'RJ^<QBOW<;GR^/XNP\%;"QN_,_2S]N'_@YI_:G^-6O7OAG]D#0X
M?A;X5>Y8+K'[F_UW4H]]PH9Y)4>"U1XI87\J..1XI8<K<LC,A^C/^"#G_!5J
MX_:WT"^_X)T?MJ6[>--<NM#O3H&L>*M26^'BC2O+'VW3+Q+HN;J=8FE8,^])
MH$GCE\KR`UQ^'\@C.75^3_#MK4T3Q-KOAS6M/\2>&M2O=)U+2;F&\L-6TN_:
MUN[">-@\<\5S&5:"0,`4<.&!P<`JA3S(YE7CB%5D[KL?/87B#'/'*I5=XO==
M/N/LC_@M?_P3`UK_`()__M(S>,/AEX,U-?A%XPOEG\+ZK%)]KATNYDC+W&EO
M*X5_,1MT]N9"#+`''G2O!<^7\3S2#R\H,'=C"N#C\1P?PXK]W/\`@GQ^WC\+
MO^"Y_P"REXF_8#_;9\-W$WCZT\/2W&HZSHUO'!%JMK$]NL>K69C1XK6]AFEA
M\Z(JRM+(S01O"\MO;?D]_P`%$O\`@G1\<_\`@G+\>I_A-\6=/^W:5J)EG\&>
M+M-LREEKUFCX:2,;F$$L>Y$EM6=GBE8!?,B>">:\?AU_'I+W7OY&N>96I6Q6
M&5Z;U?E\CY]J47`!CD"MNCY7Y^%/8CN/?G!H>WA50Z7092.'53@_3/-1'`.`
M<^]>;[LT?,+571]*?L'?\%._VEOV"_%5HW@GQ$^O^!+B_=_$_P`.=:N(VL=5
M$D*))&K2*S6D\D8'ES)D^9"GF"6,M"?Z!?V%?VM?^"<'_!0;P3+XB^`/@WPG
M<:G8JPUGPKK7AZTMM9TYQY?,UJ`Y,?[U`9HV>/>WE!VE5T3^6R&Z$14E2=JE
M5X4X4\_Q*>=V3GK@X&.M:G@3XB^._A5XKLO'GPI\8:GX7UW36<Z=K7A[4);.
M[M1(CQRB*:%EDCWHY1BK!BA*DD8QIA94J3_>T8R7G;_Y%GT>4Y\\!)1JQYHG
M]?3?!CX"1$AO@7X5VHQ#-_8%L3A2H9@%0Y4$X/.01R,9(M6_[/OP&N($N)/@
M7X6C:1`S1OH-J2I(S@[5(R/8D5^&W[''_!TG^T9\,ULO#/[9'PSTKXA:>+^W
MCN/%FBI'I>JPPM.[W$[Q1QFTNVBMY`(XD2T)\G:TC$EA^BG[//\`P<5_\$OO
MCG::59ZO\8+[P!J^HS21-HGQ!T:6R:P"$C==7<0EL+=6QE2]SCD!BK94>]0H
MY)7^&G"_^&/_`,B?>83-<KQOPV7JO\SZZ_X9\^`__1$_"G_A/VW_`,13?^&=
M?@#_`-$-\(_^$[;?_$5QGAG_`(**?L$^-9##X/\`VT_A/JC@D%-.^(VF7!S_
M`-LIVIOBG_@HS^P+X'.WQC^VK\)M+;=C&H_$?2[?_P!&W"UM_9N3MV]E#_P&
M/^1Z/-A&_L_@>F>'_AI\._"2LOA3P+I&F!QAAIVGQP9_[X`K432].CY%E$3W
M8H,FOE_XP?\`!;+_`()9_!`VR^,OVT/!]X;IG`'A2:?7O)*_\]O[+BN/L_7_
M`);;*^3/CM_P=D_LD>"Y;W1O@'\`/%_CC4+6_$=O>:O>1:-IE];?/F>&4)<7
M6?E'R26D?WNO'.LX97A]X17_`&ZOT1C6QV7X;XYI?UY'ZE+):PEH]JIL"%LP
MG=M;H1GIR",>QKQC]J;_`(*(?L8?L:VD5_\`M)_&_0O"]U<PB6RTRYD:?5+N
M,R>6'AL[97N9$WY#.B%8\?.5K\#/VI?^#A__`(*,_M(176@>&?&>E?#30;I9
MHI;+P#9-!>S1--YD9?4)GDN8Y4`"^9;-;YRQVC.!\4:SXM\0>)M9OO$GBK6[
M_5=2U2\GO=3U'4+^66>\NIWWW$\SEOWKS.2TC/EFSU%<5;-:5-?N8I_>OT/F
M,;Q?0BK8>-_E8_4;]O'_`(.<OC?\5$O/`7[#OA&]^'VCS1JD_BSQ+!%+KKJ\
M<1*QP*SV]@(YC=1,6>Y<_+)&T&W;7A__``1@_;/^(OAK_@L!X1^)GQB^)^LZ
MS>?%&YD\+^*]7U-#?7E\MU"J6=N7*F1`E_!IH7&Q(HX]J;8]R'X<GEGC/E>9
MN4?=V*J%`0RM@`;>0YZJ>3FGPLLUN]M+&KILVJDL:.H&0<;64J`,$C`#`D'/
M%>9',*ZKJLU\CYQY[B)XJ->K.Z734_0__@Y:_9W?X3?\%"#\9-'M[G^R?B3X
M;MM1CG:%5@74K41V5W;Q`<ED2.RFE&,YO1_%G/YT(KN<=2?4U^U_Q2O]"_X+
MM?\`!'A?%'ANTM;_`/:!^#MJ;O6-)MH(GU":\AB*3KY*6AF%OJD$+W$4%O"L
M;ZA%'"90;:0K^+:6#101WQE^2124W1LH+;=RIN8!2S*"0%+=@=IR`\QIPA5]
MM'X7U(SW".&)]O37N2U3_K8J-O1L@X(KO?V>/C]\2/V4_CKX8_:+^$%]#!XD
M\*WIGTQKR+?!*I4QO;3*A1F@EC:2.54=&9)'"-&2&7A)F5WWJ<Y_2K$D2R@!
MNU<$9NG/VD-SQ(5JN'JQG!V:/Z\?V3OVS?@S^VE\`O#W[1GP+U.:[T'7TVF*
M]40W.G7*OY<UI<IDA9HY`8\(71R5:-WC=)&]9K^5'_@FO_P5@_:'_P"":OC.
MXD\#1P^(O!VK7<4OB3P-J]P1;76Q!&)+=PK?8KCROD\Q%9&"H)(I!&BK_0G^
MQ-_P5Q_8H_;VTVR@^"OQ3L[7Q+=J3-X#\17,5KKEL4C$LA-L&;ST6,[O.MVF
MA/3S*^NP>/AB:?O:2['ZQE&>8?,:=G)*78^FZ*I2:U%&XC,66+$(`X_>'^ZN
M?O']!W(JV9%`R0WX(:]"Z/>6HZFRNT<;.L3.54D(N,M[#)`_,U%_:$"JS2.J
MA!\^[((/T(Z>]?,7[8?_``6)_8/_`&(4U'1_C3\8K"7Q-8P,P\":!,M[K<KF
M))8XWM5_X]#(DB[#=M`K$\$CFIG4A3^)F-7$4*"O4DD?0WC'Q]X?\$>'=2\4
M^*]1M]+TG2K22YU/5]2O([:VM(4#&26221E"*BKO9F(4)\V>U?S9_P#!;O\`
MX*NS?\%%OBY!\/OA1>:C;?"3PA<>;HD6J6:0OKFI1&>-M49&C66+*7#)%"Y\
MR.-BTJ0RS2Q0Y7_!4'_@MG^T9_P45.H_#/2--3P/\*?[225/"&GW)\^_V*&5
M]2N5P+EVG,DJVZ`0(3$626:%;@_&7]HXCE5K5`9^6&?E(RV`1Z#<"`,89%/1
M0M?-9GF4*R5.DSX#/>(8XJ+H47[O?O\`(KTL?^L7_>%)2J=K!L=#7EGQC)+?
M&U\],5_6S_P3!WQ_\$XO@*DL6PM\'O#)'.<[M)MF/Y$D?A7\DD;E044#+<#<
M<#\:_JL_X(V?%C3/BS_P3(^"?B;1H)#:V?@BTT3S92`/-TXR:?(WT,ELP'U7
MUKV<E_C27D?9<%M+&54]VE;Y,^I:***^C/T8****`"BBB@`HHHH`****`"BB
MB@!GE(9?,8Y(.5S_``\8_*O)_P!L;]B?X#?MU_`_4O@%^T%X<;4-&OB)K2YM
M_+2[TN]12(;ZUE*-Y,\89@#@JZO)'(LD4DD;>M;!NWY/TI:4E&2LS.=.%6#C
M-71_.]_P49_X-KOVD/V<I[_XB_LC:CJ'Q2\)Q/&LFBK82MX@L&=6/RP1H5OK
M=2(DWPGS@90#"RQRRC\SK2[M9(X9%OXE@G5V@E\P8D`_NDX#<D=#ZC[V4']H
MM[H-A?R32W*;VFA,9WJKA5/7`8$'IT((Z\<G/RU^W5_P1Z_89_;QN+G7?BO\
M.Y]#\6S.CMX[\&SQ6&L2*JVZEII#%)%?9AM(K=5O(I@D:MY7EMAU\7$9-2DW
M*ENSY+,.%*%5N6'T;UUV/Y7Y/+W?NCD8&[V;'(ZGH<CGGU`.0&U^EG[5/_!L
M)^W/\*;R"]_9W\1:#\5;6XN(8FLH;E=&U"%F20N3'J$_DFWC:,()?M3S2;E(
MA(5W'P!\5?@7\8_@'K5EX9^/?PB\4^"=3U"S^U6FF>*M"N+"XEASAI4CF16>
M,-D&0#;E&'+`J/&JX2O0^)'Q>+RG'82;4H.R9RJS!8S$848'J67.?0$'Y3SZ
M@GT(H:ZF\HQ!G`,90[97[G/0DJ![`8IY33C.83=LF#\V[:"N1D9WE`/Q*GU`
M/%1.4#E8SD`]<@Y]^,C]37-=K9V//_>T^Z%,I90&+?0-M_\`0<4*T:$.D*[Q
M_P`M,`,/HPP?S)-31^1L&=F<<YQ2_P"C_P"Q^E3HS/VLO,@28>8S2VZR[SEU
MN,R*Q]2')YJ<7#ML=F5F5"H:21F.P_PX)P/;`&*BDD"-@)&1VP*E7[-Y0>5X
MU9HRR*=H)()'0D,1P>55AZD4W>2]YW*O.:U3?S*[9W')SSUS25L>&O!GB+QS
MXGM?!_@7PMJFM:KJ%P+?3]+TRQDGFNIB,I$GE(X9V'S`#((Z$]:^Z?V/_P#@
MW%_;T_:,2#Q1\9--@^$/A>:&&9+WQ5:F;59EE64*J::KHT4BR)&'CNI;9@MR
MI`8H0=J5&K5TBCNPV68W%:4X,^!9$L[.Q.H37ZK&J&21G7"HJC).3@%AAR5R
M/E4,"<[:_2[_`()Z?\&VO[2/[25K;_$/]K?5[KX5>&Y'<Z=X?N=.)\07IV*P
M8V\P5+-3N;_7@SAH2#;K&Z3G]9?^"?W_``19_8G_`."?W]G^-_A[X0G\0^/+
M>$%O'OBAH[J^A=HGCD%J-@2S1DEDC/E*':-@CO)@&OJ_3]%L-,#)9HRJSEMN
M\X!)S_\`6Y[<=.*]O"Y/3BKU3[G*^%J$(^TQFLNQX]^QA_P3^_9C_8.^&L7P
M[_9Z^'T&EO-9VT6O>(9`K:KKLD(DVS7MTJJTS;I9G"X6.-II/*CC#;:Z?]HG
M]E7X&?M7?#:X^$?[0'P_T_Q-H%U&%ELM0AP8Y`K*L\,D91[>=0S!9HF5T#-L
M9"Q->B@$#!)/'4T@&.Y/UKVO9PY.2VA]5&A1A3]FH^[V/Y]O^"B/_!LU\;/@
M)IMY\3/V*?%6I_$S1;.2X?4?"^IV\$>N6L2*)$>#RRJZD=F_?''%'.66,0PS
MF;$?YA>)M%USPEXAO_!OBW0[O2=6TV^EM=1TK5+=K:[M+B)RDD,T,NUHY$92
MK1X+(P(8`@BO[/I],AGE,S2R`E0O##@;MQ[9YZ>P^[M/-?-G[:W_``2,_8F_
M;QLIKGXW^`9X->:)8K?Q;X>N5LM1B50`J.Z)LND&/ECN%E1,X15XQY&*RBG-
M?NM&?*YGPKAZ]YX?27;H?RC#.!D@\=0:6OU'_;$_X-<_VK?AGJ.J^*/V2/'>
MG?$?0HRSV.B:M+'IFN`M=LJQ!KB1+.X6.'87G>>V,A$C)#]R-OST^.'[,?[0
M?[,FO)X<_:)^!_BSP7<7-[-:Z<WB+1);6+4'B8JQM97&RZ7.#NC8K@Y!88->
M'5P]:A\2/B<3E&885^_!_+4XH7K>6J-"C;4";G4'*_-\N#\I'SMU!/2D2>!G
M#R6Z%@`(V*#">X7&S\"I!ZD%N:=<QK$IV(HQ&KLK$%HE(&&<C@*>Q.">X'2H
MF$#N$MY"25W(F"7<>H&,$#U#$>E<RDEW1PI5H/JA3*AE$VQPP_NS,/ZT"<B3
MS0#N\S<26S_.E6&`J,S`\=012^3;_P#/7_QX4]#+VC[O\1@G4NC"`+Y>[R]N
M$V[O]P"I%O$1MR6D0`;<`$&/X>"",,/E_B!ZT%67[RQ#ZBC,/"NT2-MR-Q"H
MP_O!G*\?A2;NO>=PNY^9!15W3M$O==UBU\/^';&XOM2O[B*WT[2;*/SKBYN)
M/]7`B##EWR,83'S#^\F_[?\`V0_^#>7_`(*%?M01VOB/QAX"'PN\.2W4237_
M`(^1K?46B$QBNC%IB!K@2Q^6\B1W(MDF22)EE"-YE=-.A6J_#$[\/EN-Q7\.
M#9\._9Q8%Q--\B#]Y*1D*2I*@@99=V,\CY5(+[,XK]!O^">O_!O#^U)^UYM\
M<_M#/J7PB\&M:+/83:QHP?5=582E9(XK*62.6UC5%9C<721Y\RW,<<Z2EX_U
M5_8-_P""$'[$?[$TFE>/[SP8WCGQY:+!(GC'Q?:(_P!CN8Q`YFL;0J8[0K=0
MB>!R'O$+NOVED(0?<4&@:;;1+%;Q&/#;F,1V!F)R6*KA<DY/3@DD8)S7M87)
MX0UJGVV!X2P\7SXE:]D[H\'_`&!?^"9_[,/_``3F^&MU\/OV>?#,R7&JW`G\
M1>)M9\N;5=9E52JM<31QQKA5P%2-$0'S'"^9++(_YN_\%L/^"!6K^*]<\;_M
MN_L7-?:EK^I7S:SXT^&*6ZL]Z9`#>7>GR(`[RM)'),UHY8RO)<-`WF&*VE_:
M>JBZ'IRC'E'`9V3#$;&?.Y@1R&.3D]<DGJ23Z=;"4*]/DDM#Z/$Y9A<5@_J\
MUHMC^,"RLFEC^T"5?F56@W`@RAB`"H.">6`.`0G\97*[H9I5D8=AZGM7])/_
M``4N_P"""W[,G[=%Q+\3OA_<3?#OXA3*WVCQ!HVDQ-8ZB\EUYTUQJ5E&$^U7
M"Q"YC6=625WGC,KS"*()^(W[9_\`P2:_;9_85EN]2^-7P@O+OPS:J"/''A1F
MO]&8-+%&K23F.-K0&29(%%RD)D?+IN7Y:^8QF!K89W2N?G.:</XC`U;P5XGS
MBTK)PSJX/I2M)%<;C*,DJP)ED8G++M9AD\,5XW#M3G@A+!)76/#@?,1&2#TP
M'V@GU7.5[U$83O>+#!HG"R%P%*L>@9<Y4#NV2*\]S4>Z/!Y:D'S).)[S\&?^
M"H__``4$^`NHVM[\,OVR?']LEE9"TL].U?Q#+JNGV\`&%C2ROS/;*`.G[LD=
MB*]6/_!P;_P5[@^]^UZW/]WP#X?'_MA7QMYD?_/1?SH+0M]YE/U-;_6*_P#,
M_O.F&:8R'_+R?_@3/=/C'_P5-_X*(_'F:Y_X61^V#XXEM[S3VLKO3=&UJ32;
M*:%EVLKVE@8;=@02#F/!'6O!(9$CB*.@;^Z"HQG:$!/'.$&W!R,=JGN5>#"R
MR)]S,JLZC:/[VY690/\`>(KI_@]\!/C%^T#XN_X5_P#`_P"$WBGQAKBP>?/I
MOAO09[N6U@,B1BXG6-&\F#=)&#*Q"KYRMRH!D)2KUWK=A%X[%.]V_G<Y<-&R
MH3'YC*NV,*FYAGL%&`3Z8`-?0'[`W_!-7]H__@H/\5(/"/PT\/SZ?X2MKMU\
M3_$*\L7;3=)BB*B7!&/M-P695BMD8.YD1CY<?F2Q?=W_``3Z_P"#7[XE^(?$
MVD_$+_@H!K]OH>BP7:R3_#WP_J`GO[T1R2*4NKJ,^7;POM@;_1FF=DN-N^!U
MWC]H_A%^S_\`";]F[X.:=\%_@IX-L]`\+^'],-KI&CVI*PVT0#''))<EF9VD
M<L[NS.S,Q)KOPV4*JG.JK'T.6<,5ZT75Q*LNA_'6UN-VX12JC!70RJJD*XR@
M8*S;7*AFVYX&*CE0)(5';UJ1&_LWR8+K?:%P6B@NK86VT&/D[2`6;`=><Y&,
M`&H;FZLRWF+?1`'J6)`Q^5>;&%3JF?.U\+5CB'",6(Q8+\C$,?ND'H:_H,_X
M-<?VI_#?Q)_8UU']FC4OLL&N?##7)%M(H(6!DTO4IY;R)G9B=\@NVO4;`&%2
M(XVLKM_/KI\B7LZFPE6=D8'$.6SCMSCGZXKW+]B[XL_MD_LB_'/1?V@_V8/#
MFO+K6E*J21IHL]U8ZE9$J9;.[BC94EMY-B%E,B;6CCD1XI(XY4[<#5J8;$<S
M3L>MD6(K9;C5.4'9Z/0_KAHKP3_@G[^V'\0_VT?@'I_QI^(?[-/B'X67EW?7
M%K)X>\2$NTGE,H$]O*5C>2!]Q`:6&"3?#(/+*E)&][KZV,E./,C]4IU(U8*4
M=@HHHJBPHHHH`****`"BBB@`HHHH`****`"H7T^V>=KDJ?,88+#T`(&1T/4]
M<]:FHH`H7'AZUG9&%S/'L8G;$P4-G`8'CH0,$=.=W#`,(=?\$^%_%>BWGAKQ
M3HMMJ>FZC;M;W^G:A`DT%Q"PPT3QN"K(02"I!!!P<UJT4FE)69,HQFK-'R?\
M5?\`@AS_`,$JOC!=V5]XC_8S\*Z7)IZ%;8>"Q-X<0@]?,CTJ2V2?V\T/CH,#
M`KY[\8?\&J/_``3H\2^(KK6M'\>?%70K:>8O#I.E>)K%K>V!_@1KBPEE*_[\
MC'WK]-**YY8/#2=W$XJV68"O\=-'X\?$7_@T9^#^IWTDOPI_;"\3Z);LY$47
MB'PS;:FZC/&6@DM0?^^1^%<G8_\`!H/<PW$<FI?\%`OM4.<R16GPH,3./]EV
MU5E'U(-?MBD449+1QJI8Y8@8R:<`%&%`'/:LGEV#?V3C?#V5/[!^4/@[_@TX
M_8K@TU+;QQ^T%\4-0OL#S)]*O=,LX@>X\M[2=@?^!GZFO9OA/_P;9?\`!+'X
M;^'K;2_$'PL\1^,[VWN_/_MOQ/XTOH[B4!MRQ/'8/;6[1KTV>5AA]_?S7WOM
M7!7:,'J,4*H50JC@#`K18+"K:)T4\GR^GM31P?P;_9>_9Z_9ZL;S3?@7\%_"
MO@ZWU*=+C4K?PMX<M-/BNIU&U)72WB12ZC@''3KFNU.EV+/YAMU#$L=RC!R5
MVYR.?N\?2K%%=$81BK)'H1A""M%6$10B!`>@QT_PI:**HL****`"BBB@"H=#
MT\W_`/:11O-R26#D9R,'..O`48Z?(IZJI#-6\.:-KMK-8:O8I<6]Q$T5Q;RJ
M&26-AAD8'JI'5>A[BKU%)QC+=":4MSY;^+?_``15_P""6WQHCLX_%?[%W@W3
M_L%Q)/:MX/LV\/,)'^\7;2VMVFSZ2%@.U?//Q)_X-8?^";?C;Q)+K7A7Q!\3
M?"%B\:K'H/A_Q=#+:Q..LBM?VMS.7;ONE(/I7Z545C+#4)[Q1PULKP%?XZ:/
MQ_\`B)_P:0?`C5G:3X2?M9>,="CSPGB/0K75#_Y`-K_*N)3_`(-`-;CES/\`
M\%!HI4](OA+M/YG5S7[:JJJ,*H`]`*6L/[-P?\IQ_P"KV5?R'Y.^!?\`@TP_
M8\CT<#XB?M*_$K6+P'_CXT.33].B^GERVMRW_C]>N?"W_@V5_P""6'P^T:;3
MO%?P_P#%?C>[EN3*NK>)?&UW;W$2_P#/)1IAM(PGMLS[U^@U%:?4L+_*C:GD
MF5T_AIH\[^#/[)?[-'[.EI=6/P!^!/A'P3%?F(ZBGA/PW::=]L,>?*,WV>-/
M-*;CM9LGD\G<V>VO-"TJ[B\BYLRZC:%.>0%Q@`]<`@$>C?,,$`B]01D8/Z&N
ME)1V1Z4*<*2M!6]""/3K:)=B+A206&!\V.F3C)(QP<Y]ZGHHIEA1110!773;
M9,!0=J_<0@$+SDX.,\G!//4"HQH6EK.;E;15<LS$JH&6;&XD#KG`)SGD`U<H
MI-)[@TI;GS-\>/\`@CO_`,$V?VDM7_X2+XK?LG^&Y]3>_NKV[U71%ET>[OKB
MY_X^)+F?3WADNB_<3,X'8"OE/Q3_`,&I'_!/O5;^]O/#WQ4^*^E+/+<2V.G6
MNNZ>UM91RG_4*KV#2M&O\.^1F'=C7ZBTSR(>IC!.,;CR<?6L)X7#U/B@CSZV
M5X"NO>@C\5?$'_!H3%<:A)>^&/V^I;&P_P"6=KJ/PO%S,O\`O2)J<2G_`+X%
M=QX`_P"#2S]F;1[0I\6?VEOB%KLY^Y-X:M+#3$'U2>.Z;]:_7-884<R)$H9N
MK!>33JR_L[!?R')_J]E7_/L^!/@=_P`&VG_!+OX0?9KO7?AWXE\=ZA9ZB+NU
MU+QMXIF=DP01$\-F+:VGCX^[-%)GN37V?\//@;\)_A%X-LOAS\*/`&C>%_#N
MFF3^SM`\-Z1;V%G:K(S22+%%;QHL0>5WE8H`6=B2>2*ZL(HZ9_.EKHA1IT_A
M1Z%#`X3#K]W!(J6FC6=F$$0_U9&S"*H``.!A0!CDGZU:D19$:-LX8$'!P?S%
M+16IUI)*QGKX:TM%5%BPJ#:BQA4`4'*KA0!A>@'IUS4R:/IZ+M6`?D*M44N6
M/8R="BY<SBKE4:/IP(;[,,CN.,_4#BG-IEDP*F$#/<#!JQ12Y(=A^QI?RHJ6
MVB:;:70O(;<"15VJW]WC!QZ9`4$=/D7CY15NBBFDDK(TLD%%%%,`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
>HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>logoprice3.gif
<TEXT>
begin 644 logoprice3.gif
M1TE&.#EAB0*E`,0``/____?W]^_O[^?GY]_?W]?7U\K*RL;&QKZ^OK:VMJZN
MKJ:FIIJ:FI:6EHZ.CH:&AGEY>7%Q<6EI:65E95E965%144E)24%!03DY.34U
M-2@H*"`@(!@8&!`0$`@("````"'_"UA-4"!$871A6$U0/#]X<&%C:V5T(&)E
M9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX*/'@Z
M>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM971A+R(@>#IX;7!T:STB061O
M8F4@6$U0($-O<F4@-"XQ+6,P,S0@-#8N,C<R.3<V+"!3870@2F%N(#(W(#(P
M,#<@,C(Z,S<Z,S<@("`@("`@("(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB
M:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^
M"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@
M("`@('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R(^
M"B`@("`@("`@(#QX87`Z0W)E871O<E1O;VP^061O8F4@1FER97=O<FMS($-3
M,SPO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.D-R96%T941A=&4^
M,C`Q,"TP-BTQ,U0Q.3HR-SHQ-EH\+WAA<#I#<F5A=&5$871E/@H@("`@("`@
M("`\>&%P.DUO9&EF>41A=&4^,C`Q,"TP-BTQ,U0Q.3HS,#HS,EH\+WAA<#I-
M;V1I9GE$871E/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z
M9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O(CX*("`@("`@
M("`@/&1C.F9O<FUA=#YI;6%G92]G:68\+V1C.F9O<FUA=#X*("`@("`@/"]R
M9&8Z1&5S8W)I<'1I;VX^"B`@(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0]
M(G<B/SX!__[]_/OZ^?CW]O7T\_+Q\._N[>SKZNGHY^;EY./BX>#?WMW<V]K9
MV-?6U=33TM'0S\[-S,O*R<C'QL7$P\+!P+^^O;R[NKFXM[:UM+.RL;"OKJVL
MJZJIJ*>FI:2CHJ&@GYZ=G)N:F9B7EI64DY*1D(^.C8R+BHF(AX:%A(."@8!_
M?GU\>WIY>'=V=71S<G%P;VYM;&MJ:6AG9F5D8V)A8%]>75Q;6EE85U955%-2
M45!/3DU,2TI)2$=&141#0D%`/SX]/``Z.3@W-C4T,S(Q,"\N+2PK*BDH)R8E
M)",B(2`?'AT<&QH9&!<6%103$A$0#PX-#`L*"0@'!@4$`P(!```A^00`!P#_
M`"P`````B0*E```%_R`@CF1IGFBJKFSKOG`LSW1MWWBN[WSO_\"@<$@L&H_(
MI'+);#J?T*AT2JU:K]BL=LOM>K_@L'A,+IO/Z+1ZS6Z[W_"X?$ZOV^_XO'[/
M[_O_@(&"@X2%AH>(B8J+C(V.CY"1DI-#`P@/F`\.`Y2=GGP!"0NCI`\*HYR?
M7P@5&QX?L+`;%PRIJK>X:P(8L;VQ'!,$N5D4KQ\>F1N]'0G#SL]@`QJP'1T;
M'!T<O1@!T%(!#[$7"R3AU`5K`PGK[.WK!][Q?0BP'`8&`P4&!0T9L1/RG!RP
M`,M#@Q,-7E588\"?KX<?'@2<:"=!O1,$M,&"=V;!A8\7+(@$.8X-`P@/(O\X
M8*#`@04((P+P@J4@13@&:@1HA/B00C>*0-\<@&4!A;D/$9`,(#!@P,\2`IH^
M)1'`DH`2$&(9.V8,YIH+O3R(_8!A!(58Y%0X0)?&`4^>'@P$G;L&'"RO)BP2
M1;*@PX<.<DL04/8A+=8/&ZZ2*,!@`2=>%T0H4*!8#4$-ITJE36`LZ9VL;Q\"
MIDOZ#(%8!T\4(%P4R5E[)NC!,DP"K$058"DXN8>BP`&V)0H@L)6"8&L3`@A[
M`([\T@/F(PXXP`0=0(![V.]!/Y`=.]ON]RJ36(`IP=03H/]FR'!A9H8'%PC#
M+DU?S(!8PC!JS#"9`4@&"8B'``,4W$8"@2!)\-/_`B.!1`$%?LU'0@1HF;"`
M!QND,A!>(A2@#4XK,&@!219P1(,"%F10#083,"?`!1UHD!\)*CK`@G$H4/@7
M;20,-$T]%M@R@`5;<1`D"0-4HV0U'$@P`@1++HF!``)$64T&)@+@@$.P9``B
M"NDA(``!#21@``(+*,!``0O\%5A]<'9QVC'$D2!;0:]LY8%/(^BXT`@&_#C6
M!QQPHB-/$HJ07(54:6-@!7^58(!?-:UPZ*`>-"-"4TZ5$$!53P50#%%G$?JF
M`:]T<%X!KQB(@@':'$<"JGN=<"$L$SP`P3097*5`A!(X$,$K&0@I2P01//`C
M!)\2],$%$6R@)$QS:G``_WSU!"8;!$OYXV0*Z0%@@+01"#"!,AU$P.IH<;:K
M19L?Z(8"`P]E`(``"6CTIK,&9@2+C5IRH,%5;G5`RB@HFEH"O+.5H(";(LS)
M00D)^/5E"FX5)@)H'%PUZ5]9`F`!+Y6**DLJ#KS"C0AZ=6`AQ"I\[.J3L7`X
M@EX;&$:`7PKRPN'.9(UPWP=_BC!3,Z76*<($L"`P`M,?P-2FP4)[X#2XL0R0
MU0,":&``I+TDZN[84X!6M`FE=@#6!P`#(!L%BCGKU2Z$5BK"`V4!\%I>QUS]
M]%9V;XQ8*J5N<%@'U7EZ%N(C_,@)K(C-"`"K"@/P\`=>3T@3R[6.![+0TVG"
MT?_'FE*U]G(G$'9Q`)!NT``L4YF,NKC_DI"QTTF?X-<'I5\N$=,KC\"C":!E
M^)'ED3G[RYMD-P^%.3:/H!,LUMXE/7XB$,2,"/1^<#$`^0!P@,HO1U2"P`SX
M!=`(_@+<_3$<AF,X`!`T2!+<T\R_-"R/:Q/9@5WRF#:*!15MP$8V;1,>612S
M`,)0`R><^8`$2,$`N0S`&/\K0?>X5@($^*4#'A@>O$!D#K\!H(0`F(G2`*`-
M#YCH<C!11J]@`)J:8*`9:@,`E[+EO!X^04>E*P'8HB:!VFTJ:R(`RV@H)RN*
M66]A3Q3!629`JPR>D%`CJ(8#E)$WZU!H8BG$4R\L$`#_?[A,4?DC6.=$`*\_
M_2AP(R!,,Z`V,_H]:V-B&<X`S@(3<XA%++#12]20,\#SB&MW&3#DQ_Z$PL9M
M)`!(-,$`;:$CB?A%`RO$V@?PX0%S=6``#H"``<@2#G;Y\)1)T$8'0B898TS`
M9!](10!>-\A#1BX`N_L>"?12QPU&1RS[B%5,P)(6MU3@`/Z[F2RR%[3)D8(`
M@VGF+&'A&=#,3"\V&@JAQ#,"C3@-;"9,X@<`DK'`54`8!:/@U0[%2K!X0)<`
M(,`TWGD"R+6&:3-DXRO(,33/>*J0UF$`L81!&`ID$CT?Z-4`#N(;M\B%%@5C
M'BHG.@1M3,D$XX/%GTJEF`I\_S`5]G3;*S*4`MG4L0!^,=#K7!92$0S%7N!3
MQ@"Z%CG.29"93;1I:CSZ%[:8@T=9L9H=XX4";P(`:DHC2$W`0L"8?&IO)N!2
MG:)I2A((P(P2%4%+_9+(>T%M?4,K@#HP`3`$O.("!G!)E_(#M80>]#`S%)8#
M,,"!!Q!``!,$B]@HRE<?#%`\!9B`1BK`";IY;TNQ,%!(S9'/$_B)%.L#@#(,
MQ#2`M!0`KTO+P^2E/8Z8%*<GT$L&$&O$*U85`'J52ZG@R<*F!4`C=2KC!Q0P
M`&6<36C3Z"()-'*!\WP,DR<XP"57V%)M;.`D/^JJV[KDP`^PD1H[X<",1AF+
M#2B(!?]9Z16]_.$!:$;```Q(6>7Z2EX>*.`5'$@6)D8%OY\,+6S6\AS11!;%
M$X`-A&(Y8VL[X#24?L!IEW4%6R"5"B4&!FHPN>H=^;:,8TJ/%X7B5%-2*]FF
M%?61#9,4"`-`T[T.P!_1\R]1H?B!G&I5F,&UF'4T8@P+4&8$YF@%!V8,T\MM
M90'<1$!S+ZJ"K"1E`KWUAP`F10!8[K6\2#X13SJ`@0J84`"P:/+F#J,Q?JF`
M:58CA=TTT@QZ>::E#_L6/?RYVOV9[V.1)8$USRJ>#X=F9:IDY8I+'(`YA7-R
MUC!:E$.6T3HR+*>@,;'X_"+H<&0*`&T\A=(HU%C;'6,RL'C_@"$!4$1&8<U&
M&BC*61"0%1'()ZM)#C4-234!"V!"SGJA`'4W<)Z?TM=\**"I%7=K80MT(#^0
MZ]5IA`H`"A6@`*8H58)_))>/W1D`8!O`VBYF6`>F]Q6ML2@W16!6\]$RB/K4
M5*4CO<OZ/K>T,%XC"6AI8I-US'+>IA'F5@CA`D`2%J`&P/NBAQ6A>@"3&8&`
M-B`PQ".+^M\KF$EJ)MVGALWD>U`CAY51,"=YF6`F3NM`/C]V:[<DYEY<W0FW
MW_LXOSP()&GA*+Q@ZE)*$8`==TUF:QNM0._9T87$^X!BJM0+"N1'-L.[W`=8
M&6@40,W$'=[?]BY\71-H3R[Y0DH*_V9"[PDQ3ALUB<#N$*,1?P/\ZD;/\`I`
MX[26`4?!C%M;'86F43`UK4UX@9QT(>65:5P``A,8;:ET,Z=8:JD>O1CV7^KL
ME[B,0#;<_%A:)FF"`!S=CBS7F]TC-I-Z"*-4!U@`!":/DB%BVVV$5LWN3%QM
MKX!EUHV"-53\,1]S2,Y.W%:!U`D`-0X,9P$.<``!"O`CJV/]]M(8KPIF4I,`
MK"VRN0<CV)H>3VH:!18%D,"M27`9!FB#$VZ1[OD2*H#H%^KNB6G,`M8$/@L?
M%189I)<'ZD0O,%9X=B2HM+RR`EPD;>#BMILZCD/3BSO[=V`FV#;^D<2+3MX+
M,BD`+_0&.?_!XR\9D#AM`G,]1C0:IP$+@``($`%KHWNW5X&`\D%R)DG/DA^W
MPBZR`4890T;(@5G>%W/QX@$DQTP<`&+WH@S^U$W4-P`*<`]UIE<G`&6\TR$&
M%!@$T5LE$`[F!QH)-&@UU6O(5P)N,80N11B$A0D,D`E0.$3#\WV\)@+@<&\/
M(!:!(Q.P`"+"-6*V<@Q36&VR8@Y#)S1<Q`*'0G\\9(%N*`()L4`MH`UMPX6P
MIA=@1',*N"D6(!=<9W:Q,(3*DS<K-6U_Y3`780+=4SIB)T5@J"@$87YST@&5
M,3U*YU(!)#W6D$EFLP*"E&8QX1<5\!25!A/^0XJPX'`?PUJ(1BC_^2$`"T`!
M.&$.LD(KQ\`\,S&%):!-;$@-\?:&_]9S+'!>HM>*;H5NM71%4?,IXL(+<N$L
M"V``"Q`!*!$8&7,,IZ<\ZT,0]&94J'>))4`A?O=M^#<-#K<I_J`!Y:`0`E`5
M8(,!MA``3#@`::4-H%@.J9<"(G:.)$",%9``6A-EG$``_D`!Y+$V&@`<W:.+
MJ*456^$DE:9;]+,['B`!*%$J%S!MR+$5;+A_P%B!H"&1\V)\)``UB>$L\0@V
M(0$VU_46E?)>*<A,&R%OF*.1KC!;&I2/3I>1)5D--2%NN3<S!T`8:V-=YT&,
MOG".YQ%4&4@"1$EP"J`!6X$!M2`T,U$-_QLP,R)R;!MC/R!W0B(1/02P)1X`
M0O7`D":@`!KW%AR`EA^)9+X'"]^R`L#V`.%$`)A0+@J`">(1`!"``>^W`2XV
M`J&#"0V@)AS4?5V8=433#0?P8B>```E@5R7@+"\8';\!%=HAA!V4;@/P`!.@
M`2B120E@`1J@`05"&Y-'`M'D@RO05AJI*)'W`)=G':-P#V\%!`+`'=+1`(D3
M,WF9*U"8"=SWEA7H9N=&!%'1%#'P7J?7D%4X`Z7RBRH0"^&D%\07FU3!G"9P
M`>-(D(_6`M3E<L99GH.0>_J#!0,P8SQ&`A2P@K_9`G&)%,@2`>="G80)`1%P
M>@1`C5QY`W2S`?_)P@MJ0W!0$0MSJ0(&:IX,F@8M\P=)8B76@)]/0`"M4)9,
M1J%J5A!-"3X24)L-&J)G0%V"=@?7`1XTR`4$P)LR8(=-90(.H`'7)Z(TB@8*
MQC8U6@(#`#8;\$KL0UH)FJ-"&@TU,Z0QX6PSA@VQH%Q&VJ1<<">L**(%4"J^
MP`$5$*5.FJ52L"7KL:`T^H08D`$:(`'/H:5FJ@55P9UGNIQGVJ9N^J9P&J=R
M.J=T6J=V>J=XFJ=ZNJ=\VJ=^^J>`&JB".JB$6JB&>JB(FJB*NJB,VJB.&J<$
M<#"2*JD,$'F3>JF8.JF6.@H,@``%P!0-<#5#5@#+:3<S.)#@HYV/NJK_B)``
M@?FJL!J8&A"KM%JKM"JC''`-,S:K,GJ:UQ`CL_I^&2"K&I`!23JLMIJLRKJL
MS-JLSOJLT/JKV,`DU5"6?X2"R`I"5EJMUXHA%R`PUPH,$?`@IVD!$2`!Z)JN
MZKJN[-JN[OJN\.JNYQJOR"(!R#)YU#AY%JF?^4IY_NJO#B!Y_^JO=FD)C%$F
M3"%A"KNP#-NP#ONP$!NQ#DLE4=&.%4LEG^*E5A`JS,A741%/`7```?"I6J5]
M5&(`S;!0#-`-,Z4FS:`FF1JS,CNS-%NS-GNS.`L!P3*N%-``$2`20/81%1`!
M#;!]%>`@1TL22KNT3-NT3ONT4!NU43NK4<L!_Q@0'P[1=V1!#5/7BU[[M6`;
MMF([MG]QD[,@0RJ"`1H0$B+1MF[[MG`;MW([MW3;MA5@`110`7I+`19P$BZ1
MMQ"@``]2)A&P`.YPN(B;N(J[N(S;N.Y@``*```<0%2;2CD+#JGJ@JA&C*%KB
MJ0L@'0`PF?O0`,-9NJ9[NJB;NJJ[NE`(=Z")$E&8*Q$PM!20`<FR*R.R'NL1
M`;JKNQ40IKTKIJ<IO,6J#:?IJ]&:O,PJH\"J`1&"*&0;O=(KO0XQJTAQ`16@
M`1B`+!-PF9A;IY7A%&G*G`M[+Q(K``V0(1*[ONPKL=!$L01@`"?W&Y*Y#L-1
MOXZ;O_KKN`I0)NY0M/\`L@ZQ.(WVJ29X^R!WF[<B\;L?(1(8@`$6$)_?B[D-
MA$H:.\$8S`(5G,$<#(P;W,$@?'L?',(D+&HC7,(H3%XGG,(LC$HKG*B^T<(6
M^,*(RF$R7($T?"_?^GX30!P)<(\R8`!-*0")B0,"H)^.<<-*O`4YC"KCT$`>
M<"\0."#W(AQ78;#Q)!=48AUR$0`(T,49("_YT`U1P13%0AS<N<4V##Y"D@H+
MD&G*XGH1(QZ*\1-3T2DQL;E+O,<XT,0=<!L$$0!00R"OQBR$@2;=Q0!.@@`M
M`HU3DP!00F<2,`T-(`$>Y1GILP%.XP``@0"1(0$SQ@">Q`$B*Z99A!,1L(+_
M;*4!-K*COVLC>"685S&N5$0!&\`L?)S+,^#'%@!['=##&O``!Z#(#=$2;[<!
M">``%T``'J``$V`U$@!I"A`!&"!/%*``7I(`&I``KR-[(],7"(!+#2`2E&8O
M?=$7SAS!;-,`4[(!18,.",`!M6L!>,4!8#&Y"34-`>``\JP!`/$OY\(+':K+
M!+TPZ:EA&*`K*\MZG,``$9#,FP+*=QL9$\``&.`!_"96$##.R6.7'3`R&&`C
M98%2PL`!>UD6\M1K9>&J"(`!$N";RA)>&L``F<9_3D(`M-`!"B#(^]E;J]$/
M%C#.`S/3>O,>8E+02!TB!]TC'?`S$B`,#IT`<(.7_Z;),HC&(MDER'UXM"GD
M`*[J3%^LCI,R4R;-`/:RGD<5&0RP`2A[`%`"9`K`:0F@MHTSN]_R'J,Q`1"`
MTR)05QDP`8\IRO^#``U``?Z<U(AM*TO-/AZ09@2``?#@`#9GK"66+P]<%/=1
MJ3>5O=%2+*UP`!]11`=01.+S`7=591/0`;J1/DSC.G5%`1=`#[E2S8'R=@0Q
M`.,#=QA@`(8-)6+B`3][@!'`RA+@$QM@(Q30(A<0I(F-V#DL/LP1LE<Q>^"3
M)@,Y"C\QN?C""3)8J9`[`#@&BY5Z+_`0N9\R'.#3&#?#$I/;``9S%0=PT8$Q
M`#X##_M,%IP0EPY0@S!26/],,QK(/#G4D)O-S<?/+09]V9=U@L?6D0H24!9M
M-G-"<U<%7N$'S@<^6^$:_@(7ON$>C@@Y3`"P_1%(EQJBH,PCX98JD)D?WN)<
MD,-#D=`9L!`+<&Z5K%9JFQ;B`=NC!3X5<(X)D`%AZA3.QPD0L!XA4P$PT1`Y
M(RZG"8H-<%LN/N4RX,<!(KB(UAH,`!#W82!=`QSP.*Z>)"L2>#7.)W,#`-CU
MTX]*I]<"-20-X`#+QST+1N5V'@-^;+7')6_?LN7=YRJ;8!;O*1']J5N=72X$
M(%!%=D)U]7=XVP`!L,VXM*--T<PC$.>@=^>:'H"+K54=,$$;@`Y^+F]<7HR[
MY#7_#MT-U&PGEO`!Z+`S178/-"T,KW4!#R`!51(@GT18K%+8):%LFQ[L2IT"
MJ`(3J_XK=V6[W9=@W?`4?1&Z<%/.G)L!"3`^PC`^37%.]R&RHN(*AE,!OAE+
M?7@A\H0,O9;IPI[N39R5H3LP\F0!Y^(T22+2*]O#(V"N&?`M:VX`R_P`(^(5
M?>$4'S$!P6#O*904#=`>O=+9])Q^ZICN$#\>G<[%($7&$)@?7LP)"X`.."8]
M$"@TKR[*;@,<!!#.4GPU'>\VN(8`M+Y]W,0F$1_SB#;Q,E_S:=#A-I_S87#@
MTDC@UB%6-+#%L4:JUJ&C1:_S.I_#H"2LU`G>6J.A)D#?_V,G/F&\`;0UBIO"
M+>J"]#D/X_$"#KAS`9:EMPLAYPL`CQYA`3;"[U?J-G@+'*)"$.$,9(9Q52W2
M#V_,;_G0PQG`\GS[G%ROZ<\=E;<,/I"M`0TP%-A<RV9%)@-1*!AP"1>`4@Q`
MTXH!`05BVLCB$I7"S&P1N<?5'J#->OPNV1.@N8'_X2$N#`]PW-<A`5&LEGYI
M`?U)9&S"9!!@.,7<&DW.0@>P,P8@`6M2T1V"?N.#+[=&^]1H,%D!^*D_Y3F<
M,IP@`<N<`8&"`&HI`'E;`!#@(3K6`+NB8VX3`0<`4_N7`7<%&"^=5E<C#1PQ
M`>P<``IP7-6,++:+KJC__!JN]/^3#",'D"0@4&V8T@F8-6@-IVB6]140IE6"
M=647T#/CAP"Q4"R%'@"RF60JAXU`L7EH"),#9?&X(;O>+S@L'I/+YC,ZK5ZS
MV^XW/"Z?T^OV.SZO%R\X9(,"08]!PL!`P`"`@```@J'B@V$`A<($A2*$`R.2
M`T.B@,/$0E?`P@1$0".BPH"!0`(B1`3"7JWM+6ZN[BYOK^\O<#"`0D;M14<'
MK?`R<[/S,W2T]#1UG$1%K8#!P6:U]S=XN/@X>7DNA9^Y^CI[N_L[_#L+601&
MZEB$Q5B"0Y>`!@,Q%)8<\9=`P*@P!B(8:#0AP@-!PR0>2!#O(L:,&C=RO/"!
M3`</%KG_`7#E+\8!10@4%%P9*D""!=H\2$R0LHN&!4H$#5``@``%`A@&6>3T
M`4,&`@@NH#O"X$-#`ALB<*QJ]2K6K,`N#.5S`8($`!\D!/#0$,D!"1(@`#CP
MP0,'6A_F9OG`(4$%#1D,&/BP@4*W8@5,J/CPP,`$`CP(S&V`A$)8!E0;80/@
M84/#"AW8:NWL^3/HT&*^BB'@X8*$#`$86"!@H1L`"A4<##U0H8`&AA((5"!R
M`2&&!!TJ,,B@H,$]`",V8*MP8?"#"(H!5)#PQ+&BG\9_:E"&F):!!Q-$DR]O
M_KR[8WP^:,#0H6$$"I-[*/"[0>3"`!<>(.CW`,,$^D!000,:_TP@0#T1)(?!
M`$(98($-2TCW6C(`.'!)#P-@D-`"^B`Q2P^FH#<BB26:*,P%E7T1@`88!@B`
M!%"5T@,'&Z22&@(2G/!``AHD<,$%$_#```4)0``!`P@\)1$"W27@00%K(<;`
M;CQ@X,``&_332`<+&)#(!&'U((`$RE0PWXEIJKDFFVUP%88`%]RT0%@'Z&/`
M!CUD(&8#%S#`0``P$*`!>P\\H$\!'KS%0'T=:+`)!7-]P,-@?H6"0)X)<-#!
M!1)A\$$,_0"$A`!%]@!@FZFJNJJJ%^0)9W*I!,"(-AENLD@`J1"0T@#<+")1
M`0@P60BI""2`P#T5#2!``;OVL%(WA/\L0.Q92!2P"0$%L;HMM]V&]J:WX8H[
M+KG-7.!AN>FJNRZ[<ER`IC\.1'!D!-J>48`#R84Q``0)]>)O#_:V.S#!!=>!
M&IP38*`H!M6>\50B?&PPES)A(`#8'0A\L$,%`S2@XAD(6"#=%T8NH"\2`2@`
MVQ<#_.F3P3'++!K"8TC`PP$1;'!```[T*UD"!&0`0<0`]!&Q``T@>4\!'QQ8
MW"(11)#20H!"`!4!$3#`R)&``E#``SX-\`#1"T10%!@/8)T3`0H$T`#)`T2P
MI=G5XHD.R,/DE!,8$SPZ)B.((+&`E@'-?#CB5]4LA@06!(!!`]<4P($H'(0=
MI@4;1'QT#PG_/+0S?1L<(4`BLETML@43#."`!QTRH,%N'^2S``$<1.`C;JE#
MGL%-7SQU`)X*0#"!`QG()K2K$!S08FN#T)+!WV@ET&/%2$C`Z>"J.?>8Y0XG
M_CWXZ8G)^&U4"9!8=P1T$$!?&TP\)P<1\ZN!!F<MP"!.ITK`PGB:9AW!!RKP
M@`X,``$-2,"D/)`4MA10`AM(B`".))&KS24#")K``S+@`+`]X&O&N=+6NB"<
MWG5A@#!#`I$*@"X#W(`#6[+0@-(1OAG2D!R+"T/CHO03]`7"`[W:``-TLHD^
M;,(!'_C83?KBDP)$0``6!`#L5D>Y^QW``Q2XX@0Z4(#C+$`#Q]E&_Q,=L(0,
M)&0`<]G2U1A`K,;)#784&,\`5,<`#&`&A7?YP@%2XH#Q*2(#&;!`EWH0@`@X
MT&Z)T$`-$ZG(:MP0#!'`QKLJ<`DO3FY9J!%233X@"P8X8#.![`$%]F2#GE5@
M`@]\0!$PH#&=T0`R--$";R2`@<,<B(X)V`!V%+&L'ERM&PH;7@(@)R=+*(`"
M>"IC!Z[$DMX1S@`2P!+/>I!'!%9L`9I,&?$8D+=%<K.;OVCD%YKUDR`RHA#:
M2`5"`.:R/R%+`7]RF,A6QDL*Z&H_/9A%`BS@``,@8#P(&,4!SL6L@"@@!YVP
M6`J0T(!]`FD4"T@1`03@'!T]ZUSO<D`'!?\II/Y]X(0`B&-R\%2TD@#)>]X\
M*4IM`<YN)<!P7T!`!20"AA.,)Z4VO:DN5LJM7,&)##"1*4Z#*E0[Z%20:EC$
M4).JU/`5M4,L&\,>Y?-4,.ADJ5:]ZK::&@1.G*T'&-76`SA0$=EY-27L,U8J
M"%&!H;Q"&0I`P%2Q*M>Y=J:H#*!)#R8`JIT)H`,<4%$&:EJ``A@@`Q]XSZ`\
MH$4HOH4"A6G=U4Y#U\E2-BMVW2H`&#"!!\D$(">$7!<BH,6/"<U.#["38BSP
M@TH8;RWPJBQL8RL^,=3G'@K``#H*\3&*`H`TPV#-8CJ%C>@DP#'_D8`-)I"8
M4-94MLY];CF*:L3_AQP@`Q@X0)>.9(#%&DT##M#8`JRY@`I`H``=TT!Y+Y"`
M'3A5"_Q1@`>@*]_Y>J.H!U"8<40F@4@00`*4Z,(0*."8`&R!G@30Q`-&(1X+
M.$86%_@N@%Q*WPE3&$5\#`-/`:"OI\[*'V(00')`#+@*D[C$O2BJB5.L8HV@
M>,4N?O$Z=`J3("[`$T@@`.U^`C.75:\,!6#`M49**K?Y8Z1`A3&27:Q3'-R'
M`V(=7.NHD]&!--<,:FO``3C0GI*XKZ7LZ8(^$>`H0F14D!`P"R<"$@`._`;,
MGX1`7'RP@0E"*<EV[F:+L\`^I<'$`V[K0`?_T;^IZ9AHG?/:/3F`XPTA_VN_
MQ1R`9I!@@`M@ZB$4P$VU),!F`BKB+YE]@:)[4"`*:*`5&X#0`!8PG*'@"0-=
MN3.L:=AB!\B$O&%B$0-D<<5![:\##@0``-=J(5`U#]@\0`<&/`&9"+CMED@P
MG@`",H`,Q/%54.R'GV+C1>H`*LJQ\0D$&D`$ZI2`+1DHP$.@&.MU,_7"7^#1
MDXI`QIS\,08#,.8UK3,WL124%E:\ISUJW(=^.L`!K\DB$CJ`G2=0!0+<U9G?
MCH6!?@$``P58<T(F$!"=I'M_)`"`!2[FDU>SN^0R:S&/[D<``AB@`1VX$`((
M&Z@GC8(""(C`R8[8,0#8#N!18(0&4)F*VU@@OO\]V(!/[I>0"'C@)D1:0`9>
MIP$M2Q0YGR0>L!U02A@1+B`-$P4`BF'RL1NLQ3@?@`<:8,JG-&!/%?C`"=HV
M[]@`RC"'`N!-ZJ&?J%O0>`[@``Z,+I9^<*!?M'"X1&)0'"3X;1CR^<!-U'8H
M`JB-`1>`](;@_M`FD;WS`VLQ`AIB"@D<!$LL5*W1%J&P420I`!.@106B?H\(
M\&`A8._O%4`N>%D"Q;_TM,#XG`E$3@3:`K(/&!6V5+P'I"*#_3B?!3SJ^>F/
MJ\5VT->9)>P%57>@"P],V7I9!AM]H4S#71@I;.)*_?6SROIZ$("PQ&"`!8QT
ML%WX$OOS'U3WZ[__^N?_/RX@Q)'Y'P$JU9()F1H,H!D,2H\5H`/NG[M)TVML
M@5#<6IY@%P0(``<L0$"%3GMTB(7<1A5D4*>,B0Y\4`,^H`JBE$X-@)P4B-(@
M@"K=Q7A!``+)0DT1B=$T!9#D6B>I3%$<BM'\!]JLH!&>5%&%R=DDVP!`"`5X
MP`T8'P94@+<Q@&/,`(2\@!-```]\U-%E5-8@X!&.80T5U9/("50D`0<8@`?8
M0Q:1B8TTP!891P54@#5U@@G`V1P]@``<F`8$`!>J%QD.HB(5E0#P![ZD0HXD
M`5L80#]8X0#$A0RZ&@%D20'$$29L@`4U@&.$4D[4"R&&X@R%WAWDFBB>(I*U
M+A0JKN**91@KOB(LQJ(LSB(MUJ(MWB(NYJ(N[B(O]J(O_B(P!J,P#B,Q%N-5
$A0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>logoprice2.gif
<TEXT>
begin 644 logoprice2.gif
M1TE&.#EAC@%%`*(``````/___W]_?S\_/[^_OP```````````"'_"UA-4"!$
M871A6$U0/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR
M95-Z3E1C>FMC.60B/SX*/'@Z>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM
M971A+R(@>#IX;7!T:STB061O8F4@6$U0($-O<F4@-"XQ+6,P,S0@-#8N,C<R
M.3<V+"!3870@2F%N(#(W(#(P,#<@,C(Z,S<Z,S<@("`@("`@("(^"B`@(#QR
M9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R
M,BUR9&8M<WEN=&%X+6YS(R(^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F
M.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D
M;V)E+F-O;2]X87`O,2XP+R(^"B`@("`@("`@(#QX87`Z0W)E871O<E1O;VP^
M061O8F4@1FER97=O<FMS($-3,SPO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@
M("`\>&%P.D-R96%T941A=&4^,C`Q,"TP-BTQ,U0Q.3HR-#HQ-UH\+WAA<#I#
M<F5A=&5$871E/@H@("`@("`@("`\>&%P.DUO9&EF>41A=&4^,C`Q,"TP-BTQ
M,U0Q.3HR-#HS,EH\+WAA<#I-;V1I9GE$871E/@H@("`@("`\+W)D9CI$97-C
M<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*
M("`@("`@("`@("`@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M
M96YT<R\Q+C$O(CX*("`@("`@("`@/&1C.F9O<FUA=#YI;6%G92]G:68\+V1C
M.F9O<FUA=#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@(#PO<F1F.E)$
M1CX*/"]X.GAM<&UE=&$^"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"CP_>'!A8VME="!E;F0](G<B/SX!__[]_/OZ^?CW]O7T\_+Q\._N[>SK
MZNGHY^;EY./BX>#?WMW<V]K9V-?6U=33TM'0S\[-S,O*R<C'QL7$P\+!P+^^
MO;R[NKFXM[:UM+.RL;"OKJVLJZJIJ*>FI:2CHJ&@GYZ=G)N:F9B7EI64DY*1
MD(^.C8R+BHF(AX:%A(."@8!_?GU\>WIY>'=V=71S<G%P;VYM;&MJ:6AG9F5D
M8V)A8%]>75Q;6EE85U955%-245!/3DU,2TI)2$=&141#0D%`/SX]/``Z.3@W
M-C4T,S(Q,"\N+2PK*BDH)R8E)",B(2`?'AT<&QH9&!<6%103$A$0#PX-#`L*
M"0@'!@4$`P(!```A^00`!P#_`"P`````C@%%```#_QBZW/XPRDFKO3CKS;O_
M8"B.9&F>:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD<LEL.I_0J'1*K5JO
MV*QVR^UZO^"P>$PNF\_HM'K-;KO?\/A'(*_;IP*`?L_G"PAW@1$"A'P#A((H
M>7V,AH")@00#C7V'D".+>@2;`7\$F7MTEW*3AH2$I7ZC'WT1J7JBJVRO`X\-
M!'VQLAJM$8Q@`!;!B;\2?+L=QQ.OMEN4E`-HA,T,NJ^Z$+@`V&>(WJ?@U!K:
M>A2@W#'@$^H2IP[/C>A@H)0+S!:3\F+T\)H=F?H6D-MV0UDV@Q#V5%#8!F`A
M4`IZ70CX96"_7!P`+@QU(_]3.X0.%HD+R9"-1U=\1MIY=5%B!HT46@Y;`#$A
M0IG&5-F<N>@!1PO\5O2,2>+DSG*C9%*B""&3RFI*:RF`";615)GR+`Z"19-K
M@Y\5^.V1&N(3HT/B0%:=2:&4OGL5S#IJFLG2`UP"#N7=-JV:7G#@@DD"["["
MI[R(-BK%J,'HQ[.="HV="C;`P+][`/DY=2B5/'J^D':J;)GT8P!Z*X&X3(^:
MVJZH+YBF/+D"RSZVY,8C"2]:Q'[1Q*9D(`E:S,6,,[SFC?MKY@"I<H=J5OPW
MP5NS`^A)U=3K0&R.S3V?RKW3(;;5.`O4J6"@\^L/%C%=4-(!W--D2S,DA]9R
M3=C_,^D6FW;;'188'4[15M]8?TCF6T[U3?6'7UXI%^%1:GE&H&C\W37,;""B
M1LY(X]'20'CK1'@2B@J*TB%SL9`#X5/OB(;=<L35]AX=.JZW'0-NW8A4=@J4
M!Z`H0>;(E"$1Y?&(?!-6B$&/1T5S870;SF1D=U+2UZ5^/'ZIC8N:J,@0*+<%
MH]9SBSQXXGC#^502BUZR59PI[?T8'WL'Z<G;`$G6Z(]UW!Q#3D!K*C1F?#1:
M=]V/J8VU*"]?OLG1A<J`1:2".W$#I6GRT;;ACHX^DZ6E'U8Z&E+_R7E=J*'-
M!`^"JB9WU&>VHAJ+:<=0Y2IZI\*Z@2H*Y5'JIK<NTRNF_PS]A".`G=HWY)<E
M38N>LZ$$]N.%)V6G#):QBB+LGT5.9YX_P@GFDH<7,M`<E_"UNZR-OPI)*WR4
M<N6/74OEBZ^@_I"FX:'Z#2C!EN[ZF>>C70X%W8`18FNPJ[I:IQ)'[D$H"I&A
MHC@);7_ELRJ]#R`,L)O,R4HRP736"=Z9JBJ6:FD;[V8AR0+!55DJOIVDX03>
M1EC*(Z1Y)UJ@!&^H3YM`ZMBN=9P"[=5X>Q(4:#7E`C#2*\?]"W!`-678[-,+
MXPN3KU,J:K76YI522\SP`AO9NW5)!E:W9">,&F&^11ROE`Y/\J!1)R5==7![
M^<DTN[ZYW34=,L8*-83)0LBVY?\ICCWQPU/#;=2=!J,Y;+%:XP*(DY]ZG?F0
M<Q>C8"/OI8HSP(S4S);#2D.UZ^USPAQSNFQE!RNRN;<\*MKO51ZKW+&O+KLN
M[/GA^HKKUGXSK5.M^EON&`"?*T!^N-;Y[#ENIZWMNNL-_>5YN$FX[\QG?<V$
M+G,).?%L*ESCO:K7>12-K=H)RIC3M[%8KVSU>%TEJ'&;^=2/.'NQ1#F(AZIG
M)*8!W$D0J9#'',IYJ1F:$HWYM'4Y91A/<Z[Z"V""9+RHC:M&KXO5`+,4/P7-
ML'S].]+(#G@DPL3"+75!"2,:53_!B4QK:AJ9`^TQG=-=4(".$A3_F')"#M'K
M)Y.ZB.W_D)0WAC@.AUH<6=>>MQ65%<A5Z%@7C%9'$0UIL(PU'-6J;HC`O*F/
M0*/AD;&L1$&]74XV7OE9V:;8EKP-K5S8^$DI:..B*(W/=K4@C/\*IHN6P6\"
M+^*8:.B1'T+]*HX<7`M%AM-",7KP5!(`70[UMCUME,L_?))9OLA4'^K!+8IE
MK)D4P?2;&7($)OTH&Q,'94J*%1->MGN*R(89OA9]DHU2@UO&3`:P5/9.?R6C
MH-IFAD>++'&'+PFAC6RY2D_F4GL;9%6EYL4P4Q63*I94)_EP^:PN)9!.:JP8
M'%<)S%NB$EY^%(\_CS<MI='CFP$4Z!^YQ[EA)'27Y\Q#H?1U_YU#5M.-FH1/
MQC9TP]H8S@&9)!ON?*2*NL$B@7`,R#4L!XB/LHN?"A-DN#82'*Y(U("Y@F;W
MS"3":MDQE(S$HQ1=N2I<E8,=5<37SX+VMQP:*4[2HJ/HD#-&PZ@&`C]+'$6`
MRE!'T<BE-N$?(&BAF3YFK9S5;-X_.6BL-QY.HME$S22(MKFUB".IU*D-4V.Q
M.&D1LZL^^JJA[E(GM+;,+8M\*5^1Y5:(`JB&U)03'>XCD'.D;:`!Q>"EKGBE
MM1UUA>)Z5P6'8=&J>0U'4#VK;M#A*[6@S;783&LTZYK"N-YKAE\\:R'GB;P@
M*E88<JT=.!IX6;2N!5CG8-8F-PN/Q_\RS[)R1*9LI]LBME;&5[V]KAUQ.=LX
MQC"ST?UN8:OZIC#-[J'/BAURC(O`<*X3=K=(4W\N\EBC:@*LHG2LD.1FB*=Y
M;#,<M`@/(41'M>YV;ZB@6IM(N-!_+H\299T=:]J3N`+3CJH326\*/K'2T?VU
M:3\RD#D\H<_XD)A1#@;O<25UL'@T@W[V`BYFTR2BT5)I9!;V'MN>1>/8MGB]
M\TP9%#+:X']0C0,;-?!=.&$!`\'87;C=+H`L?*)PM`,P/N#P9HCX2:5PN;!4
M)H*/HQ:"ST7FR>OXBX=0`8,7@BLN&@Y$C_M5W&^R(8Q/R(7=PJS9(U.`R6UP
ML@^MO%.SM@%YST.VF7LQVR1D-":6@J#?)B!7&"DD;F\=H&R+'?UH/W-:#A9I
M5&X_+3/ODGH-WKP+=$_M/%.S.@T"WEN:OLQJO@3YU29IB9UQS>M$`&_7O0ZV
J+&@M[&(;^]C(3K:RE\WL9CO[V=".MK2G3>UJ6_O:V,ZVMK?-[5XG```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>firmaprice2.gif
<TEXT>
begin 644 firmaprice2.gif
M1TE&.#EA+`$U`,0``/____?W]^_O[^?GY]_?W]?7U\K*RL;&QKZ^OK:VMJZN
MKJ:FIIJ:FI:6EHZ.CH:&AGEY>7%Q<6EI:65E95E965%144E)24%!03DY.34U
M-2@H*"`@(!@8&!`0$`@("````"'_"UA-4"!$871A6$U0/#]X<&%C:V5T(&)E
M9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX*/'@Z
M>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM971A+R(@>#IX;7!T:STB061O
M8F4@6$U0($-O<F4@-"XQ+6,P,S0@-#8N,C<R.3<V+"!3870@2F%N(#(W(#(P
M,#<@,C(Z,S<Z,S<@("`@("`@("(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB
M:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^
M"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@
M("`@('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R(^
M"B`@("`@("`@(#QX87`Z0W)E871O<E1O;VP^061O8F4@1FER97=O<FMS($-3
M,SPO>&%P.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.D-R96%T941A=&4^
M,C`Q,"TP-BTQ,U0Q.3HR-CHR-UH\+WAA<#I#<F5A=&5$871E/@H@("`@("`@
M("`\>&%P.DUO9&EF>41A=&4^,C`Q,"TP-BTQ,U0Q.3HR.3HR.5H\+WAA<#I-
M;V1I9GE$871E/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z
M9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O(CX*("`@("`@
M("`@/&1C.F9O<FUA=#YI;6%G92]G:68\+V1C.F9O<FUA=#X*("`@("`@/"]R
M9&8Z1&5S8W)I<'1I;VX^"B`@(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0]
M(G<B/SX!__[]_/OZ^?CW]O7T\_+Q\._N[>SKZNGHY^;EY./BX>#?WMW<V]K9
MV-?6U=33TM'0S\[-S,O*R<C'QL7$P\+!P+^^O;R[NKFXM[:UM+.RL;"OKJVL
MJZJIJ*>FI:2CHJ&@GYZ=G)N:F9B7EI64DY*1D(^.C8R+BHF(AX:%A(."@8!_
M?GU\>WIY>'=V=71S<G%P;VYM;&MJ:6AG9F5D8V)A8%]>75Q;6EE85U955%-2
M45!/3DU,2TI)2$=&141#0D%`/SX]/``Z.3@W-C4T,S(Q,"\N+2PK*BDH)R8E
M)",B(2`?'AT<&QH9&!<6%103$A$0#PX-#`L*"0@'!@4$`P(!```A^00`!P#_
M`"P`````+`$U```%_R`@CF1IGFBJKFSKOG`LSW1MWWBN[WSO_\"@<$@L&H\J
M!D;#-""?T*AT6F1<.!#%XI(14+_@L%@<T2Q*C<)0H#X)%A/)8$ROVWL430"Y
MF#,^&4Q,%Q,8'1L3#W-W2`-[C"4/#SH!%0A?`AT'.@4+GI<G"X$<!P,3'XD/
M$!\=&:"0+P4$L[,&"@RXN0\3O'$1%!7!%1<6&`ZP``L?9SD.B%\*'8\F!1`/
M!"0"6@P(TP0?&A,6&QL6"=,/'`D`"A,`#1H1(A0?#PL&B\@E!`@-&QP`/P@<
M*-!",0P(%QQ`P!`!@0$0(PY(X`$;I`L4=D!@X(7*@@XIZ.69!,!`!P\;,/_\
M6P>`0$41`@Y(`*<F0`:+"BH`D)1!`H`)Y`1RR'`,68`$0#UXX$!,@H.G4!U0
MP!#!28P''?+=P9!1AP1F1@9LVN=!*PD$&H9]<(*!)``!"3*0_+6/P899%@8L
MR'/)@(<.&F!J8W#J0T=&E3Q<:&#`HHHW%"@X7E&`@H7)=RRXQ8$!+`T#8UF(
MJK!91`4,)AI@R!"`@04-'2AP2*3@40&0``YP,"`A@^\,&(1ZR#!A@8#CR0`^
ML'PZF(17D![.8,"A39(/J/59@+"#@N<9P$8$:'`!,X`!'0H<D&=BM54`JSYL
M&'&@@X73&CY8E,!!A$L/K$R0@4`9D/:!!YZ\9A'_&Q0T0`!R^N3`0`?OF;#%
M!2S9$4`!''((S`$,0-5``QRET,\)]K`@P(C3D+#*(Q)@`$%7))#V46C93*5!
M9`!N<(E>'+`'@`7U3*#!!BP1T(I4%$2P@'4(6&9!51$281<#%F9@#BP.$`2@
M0!H8I-D##1QF`@0ZG5E:9"38%`P&9@%0@`=649#!`6:*0`X&%9H0@`&`'C`@
M0!U\T("+4CHP30'%]%GE"0$H\$`P&F#IPTR.&3!.4;`4T,"3'?H(`P$;X#B"
M!#3"]X&0):$R808-.F"<"!XD.4X&A#C00(P`/A"H>7X2<(!"P)Y`0&<:Y*G/
M``@DT(`#XF!009BD16!I_P^9,+,$`RT^"@`%"J#`0`8;1&";C"@L8,$($0!R
M6`(87/#4'Q'LF@$'#R3PP3H0$#?@0!U4D,``#UAP`086F,K#G0M4T&T="S'P
M"\*$.*5`8\H"T20`,RE<P@*LUB$5"205()]`7B#@06G9^"C`%18410"1^HF`
MP`?Y+)#?2P0P,.($$"QPCI]#+%#6N!E+$<`!DY);@01!8TR%`Q;895T*72:M
MP]`D#*!UUQI81>]KX'`D@`0=L(S&4AG8TLH&'6"@@`4<#+-R"0$@<+48%-RU
M(Q4$+/!`!*<14]S>8*ALP=<C#*"!3T"T^UY<'<S6PD?8Z+P=`174;4'<'ILP
MR_\("S#0V`@*D%@L(PUTX$`'T`WQ9P,36T"!!*;'2<<WCJ80P.HB'-!G`0^'
M4@$S"GQ@00&F%&^"!1F<<$!D&7K;PP,`'BI$3!)SP`0%!Q#@/",;7(O"^".\
M$0$&''@`R@`5?-#&RQ;A4D(%3M@4+@"10M`[WJ6R'A3T`CP:"``!#HB`02@`
M`<8P#A:V$UT#A)$2\Y$@`0MT0`$$<"<1$*DL(C`:1!1PMQ&DPPL#8,H5.!`O
M#NBN!`K8GP!G"``$S&B!0=L@#4T`E#9ACP/@>T@#/"##4WD@`EJ9PP`FM(&:
M4$0@2L&9"`9`#TY%B0**\&#(=LA%_@V@`1!@7P4F8`#_].TP>?E(W@*Z99D2
M1,`#UOF=I.A&K@(D@`*'4`#3%#`S^Y#+`O\;@0&JTT4:!D!]4[&=`Q#PP$*:
MH7'N,T%*2G"`#6A@-88`C`04X+4-`*@"M2E!`2(``02\T`0.B&0AJ_2&SG%`
M,YQ<)0S8-((&*&P"111!`087`0<H8&^!"^1T$"?+,1!@CI<$%S&+N8('1(^9
MT"R"``:0P&)@,0&-C*8)#+"!4VKSFS((P!?'L0$*,$!\X*1!`""0S72Z4SP$
M2$`$R#6!JK3SG?C,9PP*P``[3<F!^@RH0&_`+,*Q4`++'*A"%^HG3TV@`K!:
MI!D92E&!]NPT5`%H13=:4;&@X&H#&8A`Z#A*TG?^;B]VPF(H2\I2?0X@)[!I
MRTI;2M-T3D2!"-MD`6O*TQW&4P+%J$`$%'#/GAHU0@:`*$H8@*>C.K60`C#`
M!%]3`<9,]*E8980!PHB0!S`@H5D-*R/B.<^A0,";8DWK&#HA@6$PD*AJC>M8
M%=`;XC#UJG+-*Q(.T("^E?,[>@VL%,325\LXX)R"3>P4)G(%1"1@IXJ-;`^.
M.8$+7(`T(Y6L9GG`K#`2@P'8W*QH@Q!/E2""D:--;0\,`(<%FDZUL,T!61$V
4@02`-;:X;0$!G"$?M>46!R$``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>x2.jpg
<TEXT>
begin 644 x2.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>x3.jpg
<TEXT>
begin 644 x3.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>x4.jpg
<TEXT>
begin 644 x4.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>x7.jpg
<TEXT>
begin 644 x7.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>x10.jpg
<TEXT>
begin 644 x10.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>x13.jpg
<TEXT>
begin 644 x13.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>x16.jpg
<TEXT>
begin 644 x16.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>x18.jpg
<TEXT>
begin 644 x18.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>x15.gif
<TEXT>
begin 644 x15.gif
M1TE&.#EAI`(!`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
<!`$`````+``````!``$`@`````$"`P("1`$`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>x21.jpg
<TEXT>
begin 644 x21.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>x22.jpg
<TEXT>
begin 644 x22.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>x25.jpg
<TEXT>
begin 644 x25.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>x27.jpg
<TEXT>
begin 644 x27.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>x28.jpg
<TEXT>
begin 644 x28.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>x29.jpg
<TEXT>
begin 644 x29.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>x31.jpg
<TEXT>
begin 644 x31.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>x32.jpg
<TEXT>
begin 644 x32.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>x34.jpg
<TEXT>
begin 644 x34.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>x35.jpg
<TEXT>
begin 644 x35.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>x36.jpg
<TEXT>
begin 644 x36.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>x38.jpg
<TEXT>
begin 644 x38.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>x39.jpg
<TEXT>
begin 644 x39.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>x40.jpg
<TEXT>
begin 644 x40.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>31
<FILENAME>x41.jpg
<TEXT>
begin 644 x41.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>x42.jpg
<TEXT>
begin 644 x42.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
<FILENAME>x43.jpg
<TEXT>
begin 644 x43.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>34
<FILENAME>x44.jpg
<TEXT>
begin 644 x44.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>35
<FILENAME>x47.jpg
<TEXT>
begin 644 x47.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>36
<FILENAME>x49.jpg
<TEXT>
begin 644 x49.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>37
<FILENAME>x50.jpg
<TEXT>
begin 644 x50.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>38
<FILENAME>x52.jpg
<TEXT>
begin 644 x52.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>39
<FILENAME>x53.jpg
<TEXT>
begin 644 x53.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>40
<FILENAME>x54.jpg
<TEXT>
begin 644 x54.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>41
<FILENAME>x55.jpg
<TEXT>
begin 644 x55.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>42
<FILENAME>x56.jpg
<TEXT>
begin 644 x56.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>43
<FILENAME>x59.jpg
<TEXT>
begin 644 x59.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>44
<FILENAME>x62.jpg
<TEXT>
begin 644 x62.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>45
<FILENAME>x68.jpg
<TEXT>
begin 644 x68.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>46
<FILENAME>x71.jpg
<TEXT>
begin 644 x71.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>47
<FILENAME>x73.jpg
<TEXT>
begin 644 x73.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>48
<FILENAME>x75.jpg
<TEXT>
begin 644 x75.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>49
<FILENAME>x77.jpg
<TEXT>
begin 644 x77.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>50
<FILENAME>x79.jpg
<TEXT>
begin 644 x79.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>51
<FILENAME>x84.jpg
<TEXT>
begin 644 x84.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>52
<FILENAME>x87.jpg
<TEXT>
begin 644 x87.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>53
<FILENAME>x89.jpg
<TEXT>
begin 644 x89.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>54
<FILENAME>x91.jpg
<TEXT>
begin 644 x91.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>55
<FILENAME>x94.jpg
<TEXT>
begin 644 x94.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>56
<FILENAME>x98.jpg
<TEXT>
begin 644 x98.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>57
<FILENAME>x102.jpg
<TEXT>
begin 644 x102.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>58
<FILENAME>x106.jpg
<TEXT>
begin 644 x106.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>59
<FILENAME>x108.jpg
<TEXT>
begin 644 x108.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>60
<FILENAME>x110.jpg
<TEXT>
begin 644 x110.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>61
<FILENAME>x112.jpg
<TEXT>
begin 644 x112.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>62
<FILENAME>x114.jpg
<TEXT>
begin 644 x114.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>63
<FILENAME>x116.jpg
<TEXT>
begin 644 x116.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>64
<FILENAME>x118.jpg
<TEXT>
begin 644 x118.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>65
<FILENAME>x121.jpg
<TEXT>
begin 644 x121.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>66
<FILENAME>x125.jpg
<TEXT>
begin 644 x125.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>67
<FILENAME>x128.jpg
<TEXT>
begin 644 x128.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>68
<FILENAME>x129.jpg
<TEXT>
begin 644 x129.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>69
<FILENAME>x131.jpg
<TEXT>
begin 644 x131.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>70
<FILENAME>x134.jpg
<TEXT>
begin 644 x134.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>71
<FILENAME>x136.jpg
<TEXT>
begin 644 x136.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>72
<FILENAME>x139.jpg
<TEXT>
begin 644 x139.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>73
<FILENAME>x140.jpg
<TEXT>
begin 644 x140.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>74
<FILENAME>x143.jpg
<TEXT>
begin 644 x143.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>75
<FILENAME>x148.jpg
<TEXT>
begin 644 x148.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>76
<FILENAME>x150.jpg
<TEXT>
begin 644 x150.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>77
<FILENAME>x153.jpg
<TEXT>
begin 644 x153.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>78
<FILENAME>x157.jpg
<TEXT>
begin 644 x157.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>79
<FILENAME>x159.jpg
<TEXT>
begin 644 x159.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>80
<FILENAME>x160.jpg
<TEXT>
begin 644 x160.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>81
<FILENAME>x162.jpg
<TEXT>
begin 644 x162.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
M2W#$;E]QW_S[US?BKX@:-X5/D3LUS>D9%M#C(_WCT7^?M4\R$VDKLZBBO&IO
MC3K4TA^Q:/:*H[,7D/Z8I]M\;=1C?%[HUO(!U$4C(?US4^TB9^V@>Q45!;W*
M364=TV(T>,2'<?N@C/)K@?$'QATO3IGM])MCJ,B<&4MLBS['JW^>:MR2W+E)
M15V>BT5XL?C-XA)\Q=*LO*_W)#^N:Z+PA\4[CQ'K4.DSZ5'%+,K%98YCM!"D
M\@CV]:E5(LA58MV/1Z*\TU;XMW.C:O<:9=>'<SV[[#LN\AO0CY.X(KT2RDN)
M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>82
<FILENAME>x163.jpg
<TEXT>
begin 644 x163.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>83
<FILENAME>x164.jpg
<TEXT>
begin 644 x164.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>84
<FILENAME>x165.jpg
<TEXT>
begin 644 x165.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>85
<FILENAME>x169.jpg
<TEXT>
begin 644 x169.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>86
<FILENAME>x176.jpg
<TEXT>
begin 644 x176.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>87
<FILENAME>x179.jpg
<TEXT>
begin 644 x179.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>88
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit132.htm - Provided by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 9pt;">


<A name="page_1"></A>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif><B>Exhibit 13.2</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>(18 U.S.C. Section 1350)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I am the Chief Financial Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (the &#147;Company&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2009 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>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Dated: June 11, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Ricardo Reyes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>89
<FILENAME>exhibit131.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit131.htm - Provided by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 9pt;">


<A name="page_1"></A>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif><B>Exhibit 13.1</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=ES style="FONT-SIZE: 11pt" face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>(18 U.S.C. Section 1350)</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>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>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I am the Chief Executive Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (the &#147;Company&#148;).</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s Annual Report on Form 20-F for the year ended December 31, 2009 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>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Dated: June 11, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ </FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Arial,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>90
<FILENAME>x183.jpg
<TEXT>
begin 644 x183.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>91
<FILENAME>x185.jpg
<TEXT>
begin 644 x185.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>92
<FILENAME>x189.jpg
<TEXT>
begin 644 x189.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>93
<FILENAME>x192.jpg
<TEXT>
begin 644 x192.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>94
<FILENAME>x195.jpg
<TEXT>
begin 644 x195.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`&<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BH_-43^
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M;.*2[A2"9U!>-'WA#Z9P,TU)/8N,U+1$]%4]4N;JSTV:YL[9;F6)2XA:39O`
MY(!P>:X/0?BO<>(=9M]+M-`"RSL1N>ZX0`9)/R=@*')+1@YI.S/2**B@F$\?
MF+]TG`/K[_2BFFFKHHP/'FKKH?A>?4%)6YC8"V(ZB0\#\,9R/05Y%X$\.Q^,
M/$<LNKW+-"A\R8LV&G<G[N?S)KM_C8[C0-.09V-=$M]0IQ_,U3^%FD6NJ>$K
MSGR[I+PXD'4#8N`?;K7)64DVZ:N^W<YI>]4LSTVQTZRTVW6WL;2&WB48"QH%
M%4]9\,:+K\#1:EI\,V1Q)MPZ_1AR*QQJFKZ'((;V/SXNBLQZCV;_`!K4MO%&
MG3@"1F@;T<<?F*SIYA0F^6?NOL]#?38X+XM^(7TZRM/"]C(R*T(:X8'DH.%4
M_7!)^@J?X:?#^Q_LR'7=7MUN)[@;[>&092-.S$=R>OL,5Q/Q.N5NO'5](D@D
MC"1A&4Y&-@_KFO>-&\O^Q+#RL>7]FCVX]-HQ73"TY7,(KFJ-OH6A%&(_+$:A
M,8V@<?E64/"FBIK4&LPV,<%[#NQ)"-@;((.X#@]:V*:SJ@RS!1[G%;.W4Z&D
MSP+X@?\`)3KO_KM#_P"@I7O]>%>-=+OK_P"(UY<VML\L'FQ'S1]W`5<\_A7J
M5WXOA0%;2!I#_>DX'Y=:X98RA1;YY(QIZ.5S>N76.VE9V"J%.23@5XUX#\-K
M:>(K87MR8KRY1]D,9Y"8^;)]QQ^-=VEGJNN@W%[(T5NH+`$8!^B_U-><?#2[
MGOOB3!<7,ADD:.7)/;Y3P/:L%4J8J2=N6'GN_P#)!-KFB>Z(JH@1`%51@`=A
M13J*]8W.4^).A2Z]X0GCMT+W%LPN(E'5MN<@?@37F'PQ\70^&]8DMKY]EC?8
M5G/2-QT8^W)!_#TKWJO.O%_PGMM8N9-0T:9+.ZD):2%Q^Z<^HQ]T_I64XN_,
MC&I!WYH[GH)6&ZAY"2Q.,CHRL*Q[OPI8S$M`SV[>@Y7\C7E5OH7Q-\,K]GL%
MNQ".BP2K*GX`]/RI9-&^)_B'_1[PWRQ-]X33+$GX@'G\JQK4J596J0N'M'_*
M5/B'HB6U[_:%I>07L2D07!@;/DR8RH;TR/Y&M#P-J\VI6J:4DK"[@7")YFWS
M$'ISR1Z5UGA/X66FC6UQ_:UQ]MDNHO*EA0E80OTZL<\@\8[5S>N_!W4K2Y-Q
MX>NEGC#;DBE?9*GT;H?KQ7/5P,)TE3U27WF?+-/F2.I_LK7#QY-Q^,G_`->F
M3Z-?P0-<7ICMX4&6DGF`4?4YKCU'Q8LD^SJ-291P#\DG_CQS21>`/'/BBX5]
M<N9(8@?OWDV\CZ(#_A7)_9-%[N3_`*]"N=]$PUSQ7%I-PL$$`N@\:RQS!\(Z
ML.".,^H_"O5-$TW27L;>_M4$ZS1K(DCG=P1GZ"N3UGX26MSX=M;/3[QQ?688
M)-/R)`3DJ<=!G)&.F3US7,:;8?$WPD#9Z?:SO!DD(H2:/ZC/3]*ZZ.!H4)74
M+_B"<HOWEH>QZG>06&F7-W<R".&&)F=B>@Q7AGPH.?']J?\`IE+_`.@FNB'A
M/Q[XSD0>);TV=BIW&+*@GZ(O&?=NE5_"'@7Q;X;\36NJ/IT+Q1DK(HN4R58$
M''N,Y_"NV5VT["DY2DG;0]CHHHK8Z0HHHH`****`"BBB@`HHHH`****`"BBB
(@`HHHH`__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>95
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit122.htm - Provided by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 9pt;">


<A name="page_1"></A>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt; LINE-HEIGHT: normal" face="'MS Sans Serif'" color=#990000></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif><B>Exhibit 12.2</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>Section 302 &#150; Certification of the Chief Financial Officer</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>I, Ricardo Reyes, certify that:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a- 15(f) and 15d- 15(f)) for the company and have:</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the company&#146;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></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the company&#146;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&#146;s internal control over financial reporting;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of company's board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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&#146;s ability to record, process, summarize and report financial information; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>Date: June 11, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 3.5in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>/s/ Ricardo Reyes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Chief Financial Officer</FONT></P>
<a name="_bclFooter1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>96
<FILENAME>exhibit121.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit121.htm - Provided by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 9pt;">


<A name="page_1"></A>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<a name="_bclHeader1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P align=right>
<A href="#page_117">Table of Contents</A></P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif><B>Exhibit 12.1</B></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>Section 302 &#150; Certification of the Chief Executive Officer</FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>I, Patricio Jottar, certify that:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a- 15(f) and 15d- 15(f)) for the company and have:</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the company&#146;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></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the company&#146;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&#146;s internal control over financial reporting;</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of company's board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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&#146;s ability to record, process, summarize and report financial information; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in" align=justify><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 1in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>Date: June 11, 2010</FONT></P>
<P style="MARGIN: 0in 0in 0pt 3.5in; TEXT-ALIGN: justify"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>/s/ Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 90%" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Chief Executive Officer</FONT></P>
<a name="_bclFooter1"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=ES-TRAD style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</DIV></DIV>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
