<SEC-DOCUMENT>0001292814-11-001692.txt : 20110610
<SEC-HEADER>0001292814-11-001692.hdr.sgml : 20110610
<ACCEPTANCE-DATETIME>20110609195533
ACCESSION NUMBER:		0001292814-11-001692
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		102
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110610
DATE AS OF CHANGE:		20110609

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14906
		FILM NUMBER:		11904164

	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/A
<SEQUENCE>1
<FILENAME>ccuform20f2010a.htm
<DESCRIPTION>FORM 20F
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>UNITED STATES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>SECURITIES AND EXCHANGE COMMISSION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>WASHINGTON, D.C. 20549</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>FORM 20-F/A</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Amendment No. 1</FONT></FONT></P>

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   <P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;</FONT></U></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp; REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>X </FONT></U></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES&nbsp;EXCHANGE ACT OF 1934</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>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></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><U><FONT lang=EN-US>December 31, 2010</FONT></U></B></FONT></P></TD></TR>

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   <P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;</FONT></U></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>EXCHANGE ACT OF 1934</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 13pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _____________ to _____________</FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 13pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission file number &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-US>0-20486&nbsp;</FONT></U></FONT></P></TD></TR>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><U><FONT lang=EN-US>COMPA&#209;IA CERVECERIAS UNIDAS S.A.</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;(Exact name of Registrant as specified in its charter)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><U><FONT lang=EN-US>UNITED BREWERIES COMPANY, INC.</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;(Translation of Registrant's name into English)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13.05pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>Republic of Chile</FONT></U></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;(Jurisdiction of incorporation or organization)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>Vitacura 2670, Twenty-Third Floor, Santiago, Chile</FONT></U></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;(Address of principal executive offices)</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=PT-BR>Rosita Covarrubias,(562-427-3581), rosita@ccu.cl or rcovarr@ccu.cl</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-US>Vitacura 2670, Twenty-Third Floor, Santiago, Chile</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 8pt" color=windowtext face="Times New Roman,serif"><U><FONT lang=EN-US>(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)</FONT></U></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>_________________________________________</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Securities registered or to be registered pursuant to section 12(b) of the Act.</FONT></FONT></P>

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   <TD width="50%"><FONT size=2 face=Arial><B><U><BR>Title of each class<BR></U></B>American Depositary Shares<BR>Representing Common Stock<BR>Common Stock, without par value</FONT></TD>

   <TD width="50%"><FONT size=2 face=Arial><B>Name of each exchange<BR></B><B><U>on which registered<BR></U></B>New York Stock Exchange<BR><BR>New York Stock Exchange*</FONT></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt 13pt" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>__________<BR></FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>*&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></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>Securities registered or to be registered pursuant to Section 12(g) of the Act.</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>Not applicable</FONT></U></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13pt" align=center>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>Not applicable</FONT></U></FONT></P>

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<P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>YES</FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;NO&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U></FONT><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>YES</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;NO&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 13.05pt"><FONT style="LINE-HEIGHT: 8pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 14.15pt; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>YES</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;NO&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>YES</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>NO&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>_____&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Large accelerated filer</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;Accelerated filer </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-accelerated filer</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>U.S. GAAP </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&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</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>by the International Accounting Standards Board&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 14.15pt; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>If &#8220;Other&#8221; 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ITEM 17</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ITEM 18</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 13pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>YES</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;NO&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp; </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><B><FONT lang=EN-US>EXPLANATORY NOTE</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>This Amendment No. 1 to our annual report on Form 20-F that was originally filed on June 8, 2011 (the &#8220;2010 Form 20-F&#8221;), is being filed solely for the purpose of amending Item 19 to add the following exhibits inadvertently omitted from the original filing:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Exhibit Name</FONT></FONT></P></TD></TR>

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   <A href="exhibit121.htm">12.1</A></FONT></FONT></P></TD>

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   <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></FONT></P></TD></TR>

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   <A href="exhibit122.htm">12.2</A></FONT></FONT></P></TD>

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   <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></FONT></P></TD></TR>

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   <A href="exhibit131.htm">13.1</A></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>
   <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></FONT></P></TD></TR>

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   <A href="exhibit132.htm">13.2</A></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>
   <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></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>This Amendment No. 1 speaks as of the initial filing date of the 2010 Form 20-F. Other than as set forth above with respect to Item&nbsp;19, this Amendment No. 1 does not, and does not purport to, amend, update or restate any other information or disclosure included in the 2010 Form 20-F or reflect any events that have occurred after the initial filing date of the 2010 Form 20-F. </FONT></FONT></P>

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   <TD colSpan=2 align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Table of Contents</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Page</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <A href="ccuform20f2010a.htm#page_5">

   <P><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Introduction......................................................................................................................................................................................................................................</FONT></P></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_5"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.........</FONT>i</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="ccuform20f2010a.htm#page_6"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Forward Looking Statements.............................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_6"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>........</FONT>ii</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">PART I............................................................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>........</FONT>1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_7">

   <P><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 1: Identity of Directors, Senior Management and Advisers..........................................................................................................................................................</FONT></P></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>........</FONT>1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 2: Offer Statistics and Expected Timetable...............................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>........</FONT>1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 3: Key Information..................................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_7"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>........</FONT>1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_16"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 4: Information on the Company................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_16"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT>10</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_62"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 4A: Unresolved Staff Comments..............................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_62"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT>56</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_62"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 5: Operating and Financial Review and Prospects.....................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_62"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT>56</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_79"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 6: Directors, Senior Management and Employees.....................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_79"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT>73</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_88"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 7: Major Shareholders and Related Party Transactions</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..............................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_88"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT>82</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_93"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 8: Financial Information</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..........................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_93"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT></FONT>87</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_95"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 9: The Offer and Listing</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..........................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_95"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT></FONT>89</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_97"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 10: Additional Information</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">.......................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_97"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>......</FONT></FONT>91</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_111"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 11: Quantitative and Qualitative Disclosures About Market Risk</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">.................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_111"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT>105</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_116"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 12: Description of Securities Other than Equity Securities</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">.........................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_116"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>110</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">PART II</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...........................................................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>111</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 13: Defaults, Dividend Arrearages and Delinquencies</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>111</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 14: Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">.......................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>111</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 15: Controls and Procedures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..................................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_117"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>111</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 8px" align=left>
   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16A: Audit Committee Financial Expert</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...................................................................................................................................................................................</FONT></A></TD>

   <TD align=right>
   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>112</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16B: Code of Ethics</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...............................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>112</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16C: Principal Accountant Fees and Services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..........................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_118"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>112</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16D: Exemptions from the Listing Standards for Audit Committees</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">............................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>113</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...............................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>113</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16F: Change in Registrant&#8217;s Certifying Accountants</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">..................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>113</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 16G: Corporate Governance</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">....................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_119"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>113</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">PART III</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...........................................................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>116</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 17: Financial Statements........................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>116</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 18: Financial Statements........................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>116</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ITEM 19: Exhibits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">...........................................................................................................................................................................................................................</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_122"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>.....</FONT></FONT></FONT>116</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></A></TD></TR></TABLE></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>Introduction</FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In this annual report on Form 20-F, all references to &#8220;we&#8221;, &#8220;us&#8221; or &#8220;CCU&#8221; 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. &#8220;Region XI&#8221;).&nbsp; Our fiscal year ends on December 31st.&nbsp; Unless otherwise specified, all references to &#8220;U.S. dollars&#8221;, &#8220;dollars&#8221;, &#8220;USD&#8221;, or &#8220;US$&#8221; are to United States dollars, and references to &#8220;Chilean pesos&#8221;, &#8220;pesos&#8221;&nbsp; &#8220;Ch$&#8221; or &#8220;CLP&#8221; are to Chilean pesos.&nbsp; We prepare our financial statements in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These are the Company&#8217;s second annual consolidated financial statements prepared in accordance with IFRS as issued by the IASB and IFRS 1 &#8220;First Time Adoption of International Financial Reporting Standards.&#8221; 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 (&#8220;Chilean GAAP&#8221;), which differs in certain important respects from IFRS. Following the Company&#8217;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 to our consolidated financial statements included in pages F-1 through F-92 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>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>1 liter = 0.2642 gallons.................................</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>&nbsp;&nbsp; ...................................... 1 gallon = 3.7854 liters</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1 liter = 0.008522 US beer barrels.................</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; ......................... 1 US beer barrel = 117.34 liters</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;1 liter = 0.1761 soft drinks unit cases (8 oz cans)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1 soft drinks unit case (8 oz cans) = 5.6775 liters</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;1 liter = 0.1174 beer unit cases (12 oz cans).</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;...... 1 beer unit case (12 oz cans) = 8.5163 liters</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;1 hectoliter = 100 liters................................ </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.................................... 1 liter = 0.01 hectoliters</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;1 US beer barrel = 31 gallons.......................</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>.</FONT>..................... 1 gallon = 0.0323 US beer barrels</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1 hectare = 2.4710 acres............................. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>.................................. 1 acre = 0.4047 hectares</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1 mile = 1.6093 kilometers...........................</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="50%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>................................ 1 kilometer = 0.6214 miles</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. (&#8220;Nielsen&#8221;), in the case of beer, soft drinks, water, wine and pisco sales in Chile and beer in Argentina; the Asociaci&#243;n de Cerveceros de Chile (&#8220;Acechi&#8221;), in the case of beer sales in Chile for years prior to 2010; Inversiones Marco Polo Ltda. (&#8220;BBS&#8221;) in the case of imports in Chile; the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>C&#225;mara de la Industria Cervecera Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (Argentine Beer Industry Chamber, or &#8220;CICA&#8221;) in the case of beer sales in Argentina for years prior to 2010; the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Asociaci&#243;n Nacional de Bebidas Refrescantes</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (National Association of Soft Drinks, or &#8220;ANBER&#8221;) in the case of soft drinks and water; competitors public information in the case of wine sales in Chile; and the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Asociaci&#243;n de Vi&#241;as de Chile, A.G.</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (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 higher 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&#8217;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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>reports published by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Instituto Nacional de Estad&#237;sticas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (the Chilean National Institute of Statistics, or the &#8220;INE&#8221;),</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our internal sales data,</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>sales information filed publicly by our competitors, and</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>import and export reports made available by Chilean and Argentine customs authorities.</FONT></P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm" align=center><FONT size=2 face=Arial>i</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. The amounts and/or percentages corresponding to prior years may differ from the ones originally filed due to new and more accurate available information.&nbsp; </FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>Forward Looking Statements</FONT></B></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>This annual report contains &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the &#8220;Securities Act,&#8221; and Section 21E of the Securities and Exchange Act of 1934, which we refer to as the &#8220;Exchange Act.&#8221;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These forward-looking statements are identified by the use of terms and phrases such as &#8220;anticipate&#8221;, &#8220;believes&#8221;, &#8220;could&#8221;, &#8220;expects&#8221;, &#8220;intends&#8221;, &#8220;may&#8221;, &#8220;plans&#8221;, &#8220;predicts&#8221;, &#8220;projects&#8221;, &#8220;will&#8221; 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our success in implementing our investment and capital expenditure program;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>the nature and extent of future competition in our principal marketing areas;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>the nature and extent of a global financial disruption and its consequences; </FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>other factors discussed under &#8220;Risk factors&#8221;, &#8220;Our business&#8221; and &#8220;Management&#8217;s discussion and analysis of financial condition and results of operations.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>ii</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>PART I</FONT></B></H2>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 1: Identity of Directors, Senior Management and Advisers</FONT></B></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 2: Offer Statistics and Expected Timetable</FONT></B></H3>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> &nbsp;</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 3: Key Information</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Selected Financial Data</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table presents selected consolidated financial data as of December 31, 2008, 2009 and 2010, 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, 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>and &#8220;Item 5: Operating and Financial Review and Prospects&#8221; included elsewhere in this annual report.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; Year ended December</FONT></U></B><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif> 31,</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>IFRS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2008</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2009</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2010</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; (million of CLP) (1)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1. Income Statement Data:</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Net sales</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>710,189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>776,544</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>838,258</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Operating result</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>123,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>137,382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>162,049</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Net financing expenses</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(4,797)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(10,367)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(8,288)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Results of indexed units</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(15,626)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>4,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(5,080)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other gains/(losses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,563</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>21,925</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Income tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(10,524)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(11,724)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(27,656)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Net profit for the year:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>95,303</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>141,365</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>119,937 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Attributable to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity holders of the Parent Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>90,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>128,037</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>110,700</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Minority Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>4,890</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>13,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>9,237</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Basic and Diluted Income per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>283.87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>402.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>347.56</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Basic and Diluted Income per ADS (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1,419.36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>2,009.98</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1,737.81</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Dividend</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> per</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif> share (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>1</FONT>55.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>201.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>173.78</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Dividend per ADS in US$ (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1.29</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1.96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1.83</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Weighed average shares outstanding (000)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>318,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>318,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>318,503</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2. Balance Sheet Data:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Total Assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,081,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,103,716</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>1,151.689</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Total non-current Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>235,954</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>284,374</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>299,657</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>Total debt (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>246,037</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>229,528</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>225,308</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Capital stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>231,020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>2</FONT>31,020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>231,020</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity attributable to equity holders of the parent Company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>443,865</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>462,230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>505,655</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Total shareholders' equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>547,962</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN-TOP: 0cm; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>573,207</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,074</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3. Other Data</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sales volume (in millions of liters):</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Beer (Chile)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>516.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>507.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>514.8</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; Beer (Argentina)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>363.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>391.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>414.2</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; Non-alcoholic beverages (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>577.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>600.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>659.1</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; Wine&nbsp; (6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>91.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>110.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>120.5</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; Spirits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>21.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>19.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>21.2</FONT></P></TD></TR>

<TR height=0>

   <TD width="2%">&nbsp;</TD>

   <TD width="60%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></DIV>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Except shares outstanding, net earnings per share and per ADS and sales volume.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US 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-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Dividends per share are expressed in Chilean 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-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes short-term and long-term financial debt (bank loans, bonds and financial leasing).</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US 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-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US 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>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 10pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE>

<DIV align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1</FONT></DIV></DIV></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange Rates. </FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On April 10, 2008, the Central Bank of Chile announced a program to buy US$8 billion in the local exchange market between April and December 2008. On March 24, 2009, the Central Bank of Chile published an agreement allowing the sale of&nbsp; dollars. On January 3, 2011, the Central Bank of Chile announced a program to buy US$12 billion starting January 5, 2011 with purchases of up to US$50 million per day.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Purchases and sales of foreign exchange effected outside the formal exchange market are carried out in the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mercado Cambiario Informal</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. On March 31, 2011, the average exchange rate in the informal exchange market was CLP477.65 per U.S. dollar and the U.S. dollar observed exchange rate was CLP479.46 per U.S. dollar, which is explained by the current excess of foreign currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 14.25pt; PADDING-TOP: 0.75pt" width="64%" colSpan=4 noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Daily Observed Exchange Rate <SUP>(1)</SUP></FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="64%" colSpan=4 noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(CLP per US$)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>Low </U><SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 14.25pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>High</U><SUP> (2)</SUP></FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>Average </U><SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 14.25pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>Period-end</U><SUP>(4)</SUP></FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006.................................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>511.44</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>549.63</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>530.34</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>532.39</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007.................................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>493.14</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>548.67</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>522.55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>496.89</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008.................................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>431.22</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>676.75</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>522.35</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>636.45</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009.................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>491.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>643.87</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>559.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>507.10</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>468.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>549.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>510.22</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>468.01</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>477.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>488.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>482.28</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>487.87</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>December 2010</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>468.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>485.34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>473.83</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>468.01</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>January 2011....................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>466.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>499.03</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>490.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>484.14</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>February 2011...................</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>468.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>481.56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>475.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>475.21</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>March 2011.......................</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>472.74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>485.37</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>479.84</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>479.46</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2011.......................</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>460.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>476.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>470.35</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="16%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>460.09</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>_________________________</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Source: Central Bank of Chile</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical pesos.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rates shown are the actual low and high, on a day-by-day basis for each period.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The average of monthly average rates during the period reported</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(4)&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Published on the first day after month(year) end</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Capitalization and Indebtedness</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Reasons for the Offer and Use of Proceeds</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Risk Factors</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>RISKS RELATING TO CHILE</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We are predominantly engaged in business in Chile and 71.8% of our sales revenues in 2010 were generated from our Chilean operations, 19.6% came from operations in Argentina and 8.6% 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 3.3% between 2005 and 2010, with an estimated growth of 5.3% for 2010. 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&#8217;s recent economic performance was affected in 2009 by the disruption in the global financial markets and in 2010 by an earthquake, and therefore the past growth rate should not be extrapolated into the future.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s ability to sell any shares of our common stock withdrawn from our ADR facility.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s main stock exchange, had a market capitalization of approximately US$246.6 billion as of December 31, 2010, while The New York Stock Exchange (&#8220;NYSE&#8221;) had a market capitalization of approximately US$13.4 trillion and the NASDAQ National Market (&#8220;NASDAQ&#8221;) had a capitalization of approximately US$4.9 trillion </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">3</P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;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 &#8220;Item 9: The Offer and Listing.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Chilean government&#8217;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, 2009 to December 31, 2010, the daily average value of the Chilean peso relative to the U.S. dollar increased by 8.8% in nominal terms, whereas the year end value increased by 7.7%&nbsp; based on the observed exchange rate for U.S. dollars on those dates. See &#8220;Exchange Rates.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 8: Financial Information &#8211; Dividend Policy and Dividends.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We are subject to different corporate disclosure requirements and accounting standards than U.S. companies.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>RISKS RELATING TO ARGENTINA</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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. In 2010, we derived CLP164,672 million, or 19.6%, of our revenues from our Argentinean operations, and, as of December 31, 2010, CLP142,841 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 eight years &#8211; GDP grew on average by 7.3% annually&#8211; in the future it could materially and adversely affect our Argentine operations.&nbsp; See </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8220;Item 5: Operating and Financial Review and Prospects</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &#8211; Trend Information.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Argentine peso is subject to volatility which could adversely affect our results.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>4</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">

<FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fixed assets and their depreciation are considered in said currency and translated into Chilean pesos for consolidation purposes.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Argentina&#8217;s legal regime and economy are susceptible to changes that could adversely affect our Argentinean operations.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>RISKS RELATING TO OUR BUSINESS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s ADSs or common stock.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of April 30, 2011, Inversiones y Rentas S.A. (&#8220;IRSA&#8221;) 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: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Competition in the Chilean beer market may erode our market share and lower our profitability.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, our market share of the Chilean beer market by volume was approximately 83%.&nbsp; Our largest competitor in the Chilean beer market by volume is Cervecer&#237;a Chile S.A. (&#8220;Cervecer&#237;a Chile&#8221;), a subsidiary of Quilmes Industrial S.A. (&#8220;Quilmes&#8221;), the largest Argentine brewer and, a subsidiary of Companhia de Bebidas das Am&#233;ricas (&#8220;AmBev&#8221;) 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 (&#8220;AB Inbev&#8221;). We estimate that Cervecer&#237;a Chile had a market share by volume in Chile of approximately 13% in 2010. Often, 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 other competitive activities will not have a material adverse impact on our profitability.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer consumption in Chile may be influenced by changes in domestic wine, spirits and/or other non-alcoholic beverages&#8217; 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 our market share in the Chilean beer market, we expect that our profitability would be adversely affected if beverage consumers were to shift their consumption from beer to either wine, spirits or soft drinks. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In Argentina, we face competition from Quilmes and from Cervecer&#237;a Argentina S.A. Isenbeck (&#8220;CASA Isenbeck&#8221;), a&nbsp; former subsidiary of Warsteiner Brauerei Hans Cramer GmbH &amp; Co. (&#8220;Warsteiner&#8221;), which was acquired by SABMiller plc on November 24, 2010. We estimate that in 2010 Quilmes had a market share of 74% and CASA Isenbeck had a market share of 3%. We estimate that our market share of the Argentine beer market was 23% in 2010.&nbsp; As a result of its dominant position in Argentina, Quilmes&#8217; 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Consolidation in the beer industry may impact our market share.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s largest brewer under the name InBev. Inbev and Anheuser-Busch merged in November 2008, creating AB Inbev, the world&#8217;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 2010, and in Argentina which had a market share of approximately 74% in 2010. As a consequence of the referred merger, the brand Budweiser whose production and distribution license contract was granted to Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. (&#8220;CCU Argentina&#8221;) until 2025, belongs to our competitor. Cervecera CCU Chile Ltda. (&#8220;CCU Chile&#8221;) 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. In November 2010 </FONT><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>SABMiller Plc acquired CASA Isenbeck, the third largest brewer in Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We depend upon the renewal of certain license agreements to maintain our current operations.</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Increase in negotiation power of some clients.</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dependence on a single supplier for some important raw materials.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In the case of glass bottles, both in Chile and Argentina, we purchase most of our bottles from a single 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Water supply is essential to the development of our businesses.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>An interruption or a significant failure in this chain may negatively affect the Company&#8217;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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Possible restrictions on the sale and promotion of alcoholic beverages and other food products in Chile.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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, or other regulations restricting the sale of non-alcoholic beverages or sweet snacks are enacted, this could affect consumption of our products and, as a consequence, negatively impact our further business development.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>An increase in the rate of these taxes could negatively affect our sales and profitability.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chilean peso fluctuations may affect our profitability.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 have an opposite effect on the cost of raw materials in Chilean peso terms. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Increases in commodity prices may affect our profitability.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Catastrophic events in the markets in which we operate could have a material adverse effect on our financial condition. </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Natural disasters, terrorism, pandemic, strikes or other catastrophic events could impair our ability to manufacture, distribute or sell our products. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to manage such events effectively if they occur, could adversely affect our sales volume, cost of raw materials, earnings and financial results.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>If we are unable to finance our operations.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s cash position. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>RISKS RELATING TO OUR ADSs</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 subject to withholding taxes, which we retain until the following year when the exact amount to be paid is determined, if part of the retained amount is refunded to the shareholders, the amount received by holders of our ADSs would be subject to exchange rate fluctuations between the two dates.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In order to vote at shareholders&#8217; 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&#8217; 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&#8217; 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&#8217;s offices to inspect any reports issued.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s formal exchange market.&nbsp; See &#8220;Exchange Rates.&#8221;&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 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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 redeposited with the depositary.&nbsp; See &#8220;Item 10: Additional Information &#8211; Exchange Controls in Chile.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>A holder of our ADSs&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 10: Additional Information &#8211; Memorandum and Articles of Association &#8211; Rights, preferences and restrictions regarding shares.&#8221;&nbsp; In our case, the actions triggering a right of withdrawal include the approval of:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our transformation into a different type of legal entity;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our merger with and/or into another company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>other cases provided for by statute or in our bylaws, if any.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our bylaws do not provide for additional circumstances under which shareholders may withdraw.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s preemptive rights and distribute the net proceeds of the sale, net of the depositary&#8217;s fees and expenses, to the holder, provided that a secondary market for those rights exists and a premium can be recognized over the cost of the sale.&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 &#8220;Item 10: Additional Information &#8211; Taxation &#8211; Chilean Tax Considerations &#8211; Capital Gains&#8221; and &#8220;&#8211; United States Tax Considerations &#8211; Capital Gains.&#8221;&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>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 4: Information on the Company</FONT></B></H3>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>History and Development of the Company</FONT></U></B></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our current legal and commercial name is Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.. We were incorporated in the Republic of Chile in 1902 as an open stock corporation, following the merger of two existing breweries, one of which had its origins back in 1850, when Mr. Joaqu&#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 production and marketing of sweet snacks products since 2004 and the production and marketing of rum since 2007.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face=Arial,sans-serif>www.ccu-sa.cl&nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> or www.ccu.cl. Our authorized representative in the United States is Puglisi &amp; Associates, located at 850 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Library Avenue, Suite 204, Newark, Delaware 19715, USA, telephone number (302) 738-6680 and fax number (302) 738-7210.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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. (&#8220;Qui&#241;enco&#8221;) and the Sch&#246;rghuber Group from Germany through its wholly owed subsidiary Finance Holding International B.V. (&#8220;FHI&#8221;) of the Netherlands.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 7: Major Shareholders and Related Party Transactions.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 (&#8220;ADR&#8221;) offering.&nbsp; The underlying ADSs were listed and traded on the NASDAQ, until March 25, 1999.&nbsp; Since that date, the ADSs have been listed and traded on the NYSE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. (&#8220;VSP&#8221;, today, &#8220;VSPT&#8221;). Since December 31, 2008, that interest amounts to 50.0%.&nbsp; In November 1994, we and Buenos Aires Embotelladora S.A. (&#8220;BAESA&#8221;), (the PepsiCo bottler in Chile at that time) merged to create Embotelladoras Chilenas Unidas S.A. (&#8220;ECUSA&#8221;), for the production, bottling, distribution and marketing of soft drinks and mineral water products in Chile.&nbsp; In November 1999, we purchased BAESA&#8217;s interest in ECUSA and thereafter have controlled 100% of that company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Through 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. (&#8220;CICSA&#8221;), were acquired during January and February 1995 and 98.8% of the outstanding shares of Cervecer&#237;a Santa Fe S.A. (&#8220;CSF&#8221;), 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&#8217;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&#8217;s (&#8220;Anheuser-Busch&#8221;) interest at 4.1%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>During 2000, VSPT, through its subsidiary Finca La Celia S.A. (&#8220;FLC&#8221;), 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 Elqui Valley 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pisquero de Elqui y Limar&#237; Ltda. (&#8220;Control&#8221;).&nbsp; This new joint venture was named Compa&#241;&#237;a Pisquera de Chile S.A. (&#8220;CPCh&#8221;), to which the companies contributed principally with assets, commercial brands and &#8211; in the case of Control &#8211; also some financial liabilities.&nbsp; Currently we own 80% of CPCh and Control owns the remaining 20%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 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&#8217;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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s northernmost winemaking region, which is noted for the production of outstanding wines.&nbsp; In January 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 Foods Compa&#241;&#237;a de Alimentos S.A., or &#8220;Foods&#8221;), 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In December 2006, we signed a joint venture agreement with Watt&#8217;s S.A. (&#8220;Watt&#8217;s&#8221;), a local fruit related company, under which we participate in equal parts in Promarca S.A. (&#8220;Promarca&#8221;).&nbsp; This new company owns the brands &#8220;Watt&#8217;s&#8221;, &#8220;Ice Frut de Watt&#8217;s&#8221;, &#8220;Yogu Yogu&#8221; and &#8220;Shake a Shake&#8221; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In May 2007, CPCh 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 &#8220;Carillon Mango.&#8221;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. (&#8220;Aguas CCU&#8221;), the company through which we develop our bottled water business in Chile.&nbsp; As part of this new association, Aguas CCU 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 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 equity, within the scope of the association contract. The completion of the deal represented a profit before taxes for ECUSA of CLP24,439 million. On September 30, 2009 in Extraordinary Shareholders Meetings,&nbsp; Aguas CCU- and Nestl&#233; Waters Chile S.A. (&#8220;Waters Chile&#8221;) approved the merger of Waters Chile and Aguas CCU. The present shareholders of Aguas CCU are ECUSA (50.10%), Nestl&#233; Chile S.A. (49.401%) and Comercializadora de Productos Nestl&#233; S.A. (0.499%).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In August 2008, Foods 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In November 2008, CCU and its affiliate 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. (&#8220;VT&#8221;), 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&#8217;s equity. Once all the legal requirements were fulfilled, the merger by absorption of VT by VSP was completed on December 9, 2008, with an effective date for accounting purposes of October 1, 2008. The affiliate was renamed Vi&#241;a San pedro Tarapac&#225; S.A. (VSPT).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>I</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>n December 2010, our subsidiary Invex CCU Ltda. acquired a 4.04% equity interest in CCU Argentina from Anheuser-Busch Investment S.L. As a result, CCU became the sole equity holder of CCU Argentina. This transaction had no effect on the Budweiser brand production and distribution contract which expires in 2025 (in 2015 for the distribution of the brand in Chile).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>In December 2010, CCU and CICSA entered into the cider business by acquiring, directly and indirectly, controlling interests in S&#225;enz Briones S.A. and Sidra La Victoria S.A., two Argentinian companies engaged in the cider business. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CAPITAL EXPENDITURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The capital expenditures figures for 2008, 2009 and 2010 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, 2009 and 2010 were CLP60,685 million, CLP57,892 million and CLP64,396 million, respectively, totaling CLP182,973 million, of which CLP73,056 million were invested in our beer operations in Chile, CLP26,225 million in our Argentine beer operations, CLP47,864 million in our non-alcoholic beverages operations, CLP11,705 million in our wine operations, CLP3,400 million in our spirits </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operations and CLP</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20,723 </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>in other investments, mostly in warehouses and molds, during the years mentioned above.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US 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; </FONT></P>

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<FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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 most relevant investments.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, a third of our capital expenditures were focused on our Chile beer division&#8217;s machinery and equipment in order to further increase its production capacity and to enhance the filtering and bottling proceses. In total, including packaging and marketing investments, approximately 45% of capital expenditures were focused on our Chile beer division. Significant amounts of our capital expenditures were also incurred in the non-alcoholic beverage division, representing approximately 24% of the total capital expenditures, mainly focused on equipment, packaging and marketing assets. These investments were required to address the [sales] volume increase experienced in 2010. For the same reason, important investments were made in our Argentina beer division&#8217;s bottling and packaging, marketing assets and equipment. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our principal capital expenditures for the period 2008-2010 are displayed in the following table. See &#8220;Capital Expenditures Commitments&#8221; in Item 5 for the period 2011-2014.</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">(CLP million)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">(CLP million)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 8.4pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">(CLP million)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Chile</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10,532</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13,165</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19,451</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6,276</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6,888</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5,517</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>,254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,035</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>,652</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,247</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT>27</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>21,572</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22,554</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>28,930</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 6.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 6.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Argentina</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;2,023&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,408</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,742</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,943</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>569</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,066</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>5</FONT>56</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;3,152&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,066</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8,175</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8,567</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>9,483</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13,408</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,380</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5,988</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beverages </FONT></I></B><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,694</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,732</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,817</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,052</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,402</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>341</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>225</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>21,050</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11,467</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>15,347</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,126</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,192</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Facility improvement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>340</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>430</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>315</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Packaging </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;1,405&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,542</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>868</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>742</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,067</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,887</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,703</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,115</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Spirits</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 11.45pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>178</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Facility de-novo/improvement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>929</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>174</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 103</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>476</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,278</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,294</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;828&nbsp;</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other </FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>New offices interior finishing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>526</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;-&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Warehouses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>,334</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,541</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,711</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Injection and blow molds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>421</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,982</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,442</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,384</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,723</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10,307</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5,693</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>60,685</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>57,892</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;64,396&nbsp;</FONT></I></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 32.25pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Soft drinks, nectars, mineral water, purified water, sports beverages, energetic beverages and tea</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 32.25pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Barrels&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 32.25pt">&nbsp;</P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 32.25pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Business Overview</FONT></U></B></P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H4>

<P style="MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Summary</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, we had consolidated net sales of CLP838,258 million, of which 34.4% was accounted for by our beer sales in Chile, 18.7% by our beer sales in Argentina, 26.7% by our non-alcoholic beverages sales in Chile, 15.8% by wine sales, 5.2% by spirits sales and the remainder by sales of other products and consolidation eliminations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; We estimate that our share of the Chilean beer market by volume was approximately 86% in 2008, 85% in 2009 and 83% in 2010. &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 nine different proprietary brands and four licensed. Our flagship brand, Cristal, is Chile&#8217;s best selling beer, accounting for an estimated 50,5% of our 2010 beer sales by volume in Chile.&nbsp; We are the only brewery in Chile with a nationwide production and distribution network. In addition, we are the exclusive producer and distributor in Chile of Heineken 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. In April 2008, we bought ICSA and as a result added to our portfolio the brands Palermo, Bieckert and Imperial. In addition, we are the exclusive producer and distributor in Argentina of Heineken beer and the exclusive distributor in Argentina of imported Corona, Kunstmann, Negra Modelo, Birra Moretti, Paulaner and Guinness beer brands. We estimate that our market share by volume of the Argentine beer market was approximately 21% in 2008, 22% in 2009, and 23% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic beverages</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. The most relevant beverages in this segment are soft drinks: carbonated beverages, &#8211;cola and non-cola&#8211; and non carbonated beverages, mostly fruit juices in different degrees of concentration. The various types of water products are also important: mineral water &#8211; both, sparkling and still&#8211;, and purified water. We estimate that our Chilean soft drinks market share by volume, not including nectars, was approximately 19% in 2008, 20% in 2009 and 21% in 2010 and that our mineral water market share by volume was 61% in 2008, 62% in 2009 and 62% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s third largest player in the domestic market and second largest wine exporter. After making subsequent investments and pursuant to the merger of VSP and VT, resulting in VSPT, our affiliate CCU Inversiones S.A. currently has a 50.01% interest in VSPT. VSPT is formed by 7 different wineries in Chile, 3 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 2010, VSPT&#8217;s sales by volume amounted to approximately 24% of total measured domestic industry sales by </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>volume and 12% of Chile&#8217;s total wine export sales by volume, excluding bulk wine, according to our estimates and those of the Wineries of Chile Association. VSPT&#8217;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&#8217;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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>15</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Spirits.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; In February 2003, we began the sale of pisco, under the brand Ruta Norte. Pisco is a distilled wine spirit produced in the northern regions of Chile and the southern regions of Peru. In March 2005, we entered into an association with the second largest pisco producer in Chile creating a new entity (CPCh)&nbsp; to which both companies contributed principally with assets and commercial brands. Currently we own 80% of CPCh. According to Nielsen numbers, CPCh in 2010 had 47% market share of the Chilean pisco industry.&nbsp; In May 2007, CPCh entered the rum category with the brand Sierra Morena. We ended the year 2010 with a rum market share of 15% as per Nielsen.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sweet snacks</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> In January 2004, we entered the sweet snacks business by means of a joint venture which currently is held by our subsidiary CCU Inversiones S.A. and Industria Nacional de Alimentos S.A., a subsidiary of Qui&#241;enco. </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>At the time, each party </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>acquired a 50% interest in Calaf S.A. (today Foods), 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 sell Food&#8217;s products using CCU&#8217;s network. ECUSA&#8217;s sales and logistics platform is used in the central part of the country and as of December 2010 Foods had a 19 people dedicated sales force to serve 71 supermarkets representing 1,276 sales points throughout the country. This marketing structure has the capacity to reach more than 116,792 clients. Our challenge for the next development stage is to leverage our distribution and selling strengths and to search for future growth opportunities.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Distribution Network</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 116,792 points of sale. The network includes a total of 21 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 S.A. (&#8220;Comercial CCU&#8221;) which has a sales force of approximately 311 people who sell our products to approximately 41,983 customers in the North of Chile from Arica to Copiap&#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 707 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In Argentina we have the capacity to reach 159,762 points of sales. Our sales and distribution network for our beer products consists of six owned or leased warehouses, a direct sales force and 14 logistics operators reaching </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>approximately 42,695 customers plus 69 supermarket</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> chains (11 national and 58 regional supermarket chains). Sales are done by 2 independent bottlers in the south and north of Argentina. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Beer Business</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>16</FONT></FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Beer Business in Chile</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> We estimate that annual beer consumption in Chile was 625 million liters in 2010, or approximately 37 liters per capita.&nbsp; The following chart shows our estimates for total and per capita consumption levels for beer in Chile for the years 2006 - 2010:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total Sales Volume </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(millions of liters)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Per Capita </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(liters)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>550</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>573</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>603</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>625</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37</FONT></P></TD></TR></TABLE><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

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   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Based on our sales data, competitors&#8217; publicly available information, equity research analyst reports, imports and export data from customs authorities. Includes microbreweries sales.</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Population estimated in accordance with Chile&#8217;s national census of April 2002.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that the total beer market increased by approximately 4.4% in terms of volume sold during 2010 as compared to 2009, after growing on average 3.2% per year between 2006 and 2010. We believe that the positive growth of the beer market in the period of five years (5.4% 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 of the global financial crisis in Chile, which led to increased unemployment and consumption slowdown. After the February 27, 2010 earthquake, the unemployment rate decreased from 9.1% to 7.1% thereby increasing consumption and resulting in a 4.4% total sales volume increase in the beer market. CCU&#8217;s sales volume grew only by 1.5%, less than the total market growth rate of 4.4%, due to the temporary lack of product supply after the Santiago brewery plant was damaged by the earthquake. Although we were able to resume production activities within a month after the earthquake, this period of inactivity gave an advantage to other market participants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>There are three main 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 2010, we and Cervecer&#237;a Chile accounted for approximately 83% 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 5.9 million liters and had less than 1% market share during 2010.&nbsp; In October 2001, Cervecer&#237;a Austral entered into a license agreement with our subsidiary, CCU Chile, to produce and sell our brand Cristal, and also any other brand, owned by or licensed to CCU Chile 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. Sales of imported beer represent an estimate of 4% of total beer industry volume in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Production and Marketing in Chile</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; The production, marketing and sales of beer in Chile are our principal activities, generating net sales of CLP270,058 million, CLP278,170 million and CLP287,981 or 38%, 35.8% and 34.4% of our total net sales in 2008, 2009 and 2010, respectively.&nbsp; Our sales of beer by volume in Chile increased 1.5% in 2010 primarily as a result of consumption acceleration experienced in 2010 after the February 27, 2010 earthquake and more effective point of sales execution. </FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Super-Premium</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Popular-priced</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Royal Guard</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cristal</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Lemon Stones</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dorada 6.0</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Royal Light</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cristal Cer0,0&#176;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Heineken </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Escudo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Budweiser </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Morenita</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Paulaner </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Austral </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Kunstmann</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp; Produced under license</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp; Imported</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cristal is our principal and best selling beer brand in Chile. Cristal Cer0,0&#176; was introduced</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>in December 2008 and is an alcohol free beer with regular beer-like taste.&nbsp; Escudo, Chile&#8217;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; Kunstmann is a specialty beer produced in a variety of flavors.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On April 28, 2003, we, through our subsidiaries CCU Chile and CCU Argentina., 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 3: Key Information &#8211; Risk Factors.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>18</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2008, 2009 and 2010, we sold our beer products in Chile in the following packaging formats:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="66%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Beer Products Sold</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Container</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Returnable </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>60%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>59%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>56%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-Returnable </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>40%</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Returnable Kegs </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; 5%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; 4%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; 4%</FONT></U></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR>

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   <TD width="34%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Returnable beer containers include glass bottles of various sizes.</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Non-Returnable beer containers include bottles and aluminum cans, both of assorted sizes.</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Returnable kegs are stainless steel containers, which have a capacity of 20, 30 and 50 liters.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our beer production in 2010 was centralized in the Santiago and Temuco plants.&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 &#8220;&#8211; History and Development of the Company &#8211; Capital Expenditures.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Raw Materials and other Supplies</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2011 is expected to continue to be imported from Argentina.&nbsp; During 2010, we received 30,380 tons of malt from Argentina and 27,036 tons of barley from 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 rice 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 beer are periodically sent to Holland to verify the quality of the product.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;We generally purchase all of the glass bottles used in our beer packaging from the major national glass supplier in Chile, Cristaler&#237;as Chile S.A. under three-year agreements.&nbsp; In addition, other sources, principally in Argentina, can be used when price and delivery terms are favorable.&nbsp; During 2010, all of our requirements for aluminum cans were purchased from a local supplier, Rexam 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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 fluctuations 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales, Transportation and Distribution.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In October 2005, we launched Comercial CCU, 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 execution.&nbsp; Originally, this plan was piloted in rural areas and small cities in southern Chile.&nbsp; 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 style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In July 2002, Comercial Patagona Ltda. began selling all of our beer products in the country&#8217;s Region XII. 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&#8217;s extreme south.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 21 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><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, we had more than 36,395 customers in Chile for our beer products &#8211; none of our customers accounted for more than 2% of our total beer sales by volume, with the exception of three large supermarket chains that represented in the aggregate 17% of our total beer sales by volume.&nbsp; During 2010, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, we had a dedicated sales force of approximately 193 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&#8217;s sales platform, and covers approximately 22,667 clients, including 28 supermarket chains which represent 635 points of sales. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 26 days from the date of delivery. Credit sales accounted for 33% of our beer sales in Chile in each of the years 2008, 2009 and 2010. Losses on credit sales of beer in Chile have not been significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We distribute our beer products throughout Chile to:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>wholesalers; and </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>supermarket chains.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2008, 2009 and 2010, the percentage mix of the above distribution channels for our beer products in Chile was as follows:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="66%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Beer Products Sold</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Distribution Channels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Off-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>39%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>39%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16%</FONT></P></TD></TR>

<TR style="HEIGHT: 5.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wholesalers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Supermarkets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>27%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR>

<TR height=0>

   <TD width="34%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD></TR></TABLE></P></DIV>

<DIV align=center></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 7.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="40%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.65pt; PADDING-TOP: 0cm" vAlign=top width="60%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(in millions of liters)</FONT></P></TD></TR>

<TR style="HEIGHT: 5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Super-Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>46.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>55.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>59.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>67.8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>403.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>418.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>432.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>420.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>424.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Special</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Medium-Priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Popular-Priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>23.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22.2</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17.1</FONT></U></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>470.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>491.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>516.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>507.2</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>514.8</FONT></U></P></TD></TR>

<TR height=0>

   <TD width="25%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The above figures do not include export sales to third parties, which amounted to 0.5, 1.5 and 0.4 million liters in 2008, 2009 and 2010, respectively.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The average price per liter to our customers for beer products in Chile increased from an average of CLP537.67 in 2009 to CLP550.65 in 2010, or 2.4%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Seasonality.</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table shows our annual sales volume of beer in Chile, excluding exports, by quarter in 2008, 2009 and 2010:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 26.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Quarter</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales Volume</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(millions of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>% of Annual</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales Volume</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>156.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>30.4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>91.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>107.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>161.4</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>31.2</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>516.8</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>150.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>29.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>94.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>102.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>159.6</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>31.5</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>507.2</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>139.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>27.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>104.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>109.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>21.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>162.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>31.5</FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>514.8</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 11.9pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Geographical Markets</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 of Chile and accounted for approximately 37% of our beer sales by volume in 2010. We also have one </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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></P>

<a name="_bclFooter27"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT size=2 face=Arial>21</FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_28"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">
<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><STRONG><EM><FONT size=2></FONT></EM></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Competition</FONT></I></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 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, in 2009 dropped slightly to 85% and in 2010 dropped to 83%. The drop in market share was a result of two principal factors: first,&nbsp; inventory issues for the period that followed the February 27, 2010 earthquake, which gave imported beers and our competitors an opportunity to increase their market share points, and second, on average, we increased our prices by a higher percentage than our competitors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our estimated share of the Chilean beer market over the last five years is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Chilean Market Share for Beer </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*)&nbsp;</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>86%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>86%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>86%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>85%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>83%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US 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;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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; </FONT>(*)&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Considers beer sold directly by Austral and Kunstmann</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s brands of beer by volume accounted for approximately 12% of total beer sales in 2008, and 13% in 2009 and 2010.&nbsp; We estimate that Cervecer&#237;a Chile has an annual production capacity of approximately 900 million liters which represents approximately 13% of our annual nominal production capacity in Chile.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Despite the high cost of shipping beer to Chile and the competitive advantage inherent to domestic producers as a result of Chile&#8217;s returnable glass bottle system, imported beer is becoming a more significant component of the Chilean beer market, in particular in the one-way packaging segment.&nbsp; We estimate that imports and microbreweries accounted for 4.4% of total beer sales by volume during 2010.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Beer Business in Argentina</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>22</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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; The licensing contract was extended until 2025 and grants CCU Argentina the exclusive </FONT>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 4.04% and we increased our participation to 95.96%. In December 20, 2010, our subsidiary Inversiones Invex CCU Ltda. acquired a 4.04% equity stake in CCU Argentina from Anheuser-Busch Investment, S.L. After the acquisition, CCU, through its</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> subsidiary Inversiones Invex CCU Ltda., became the sole equity holder of CCU Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In March 2004, AmBev and Interbrew announced an agreement to merge, creating the world&#8217;s largest brewer, InBev.&nbsp; 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&#8217;s global beer leader. See &#8220;Item 3: Risk Factors.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 99.7% interest in CICSA as of December 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>On December 27, 2010, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CICSA </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>acquired equity interests in </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sa&#233;nz Briones S.A. and</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sidra La Victoria S.A</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>. Through this transaction, CICSA became the controlling shareholder of the referred companies. These companies own the assets used in the production, packaging and marketing of cider and other spirits businesses in Argentina, which are marketed through several brands, including Sidra Real and Sidra La Victoria.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.45pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Argentine Beer Market</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; The Argentine beer market is estimated by us to be almost three times the size of Chile&#8217;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 1,753 million liters, or approximately 43 liters per capita in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Volume</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>in millions of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Per Capita </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*)&nbsp;</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(liters)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>38</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,579</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>40</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,716</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>43</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,719</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>43</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,753</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>43</FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Population estimated in accordance with Argentina&#8217;s national census of 2001</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that total beer consumption in Argentina increased at a four-year compounded annual growth rate of 4.5% between 2006 and 2010.&nbsp; During 2010, the Argentine beer market increased 2%, despite the 6.6% increase in GDP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>23</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Production and Marketing in Argentina.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; Our beer operation in Argentina generated net sales of CLP137,296 million and CLP156,363 million representing 17.7% and 18.7% of our total net sales in 2009 and 2010, 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Super-Premium</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Medium-priced</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>beer brands</FONT></U></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Heineken </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Budweiser </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>C&#243;rdoba </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Palermo</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Salta</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Bieckert</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Guinness </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Santa Fe</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Negra Modelo </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Schneider</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Paulaner </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Imperial</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Kunstmann </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(2)&nbsp;</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Birra Moretti </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(2)&nbsp;</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 10.75pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Otro Mundo</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 6.2pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1) Produced under license</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2) Imported</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Schneider is our principal proprietary brand in Argentina, accounting for 22.6% of our Argentine sales volume in 2010.&nbsp; We began local production of Budweiser brand beer in December 1996.&nbsp; Budweiser beer represented 29.9% of our Argentine sales volume in 2010.&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.&nbsp; In June 2003, we began selling locally produced Heineken beer. Our Schneider brand is sold in two varieties regular lager and dark; 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 and in October 2008, we started importing Kunstmann. In 2009, we introduced Otro Mundo and the Italian imported brand, Birra Moretti. During 2010, we exported 25.1 million liters of beer from Argentina to other countries, representing 5.9% of CCU Argentina&#8217;s beer sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In March 2010, we exported Schneider to Chile in order to mitigate the supply interruption caused by&nbsp; the damage to our Santiago brewery as a result of the February 27, 2010 earthquake in Chile.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2008, 2009 and 2010, we sold our beer products in Argentina in the following packaging formats</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Beer Products Sold</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Container</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Returnable </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>89%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>89%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>85%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-Returnable </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Returnable Kegs </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1%</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.35pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Returnable beer containers include glass bottles of various sizes.</FONT></P>

   <P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Non-returnable beer containers include glass bottles and aluminum cans, both of assorted sizes.</FONT></P>

   <P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Returnable kegs refer to stainless steel containers in assorted sizes.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial></FONT></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>24</FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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; We began distribution of our locally produced Budweiser in December 1996.&nbsp; See &#8220;&#8211; Sales, Transportation and Distribution.&#8221;&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 &#8220;Item 3: Risk Factors.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Raw Materials and other Supplies</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> The principal raw materials used in the production of our beer products in Argentina are malt, corn syrup, water and hops.&nbsp; Rice is used in the production of Budweiser beer.&nbsp; During 2010, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 beer 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales, Transportation and Distribution</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We have the capacity to reach 159,762 points of sale in Argentina with our direct and indirect sales force. More than half of our beer in Argentina is sold and distributed through third party sales and distribution chains in the regions surrounding the cities of Santa F&#233;, 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, 2010, we had a direct sales force which sold our beer products to approximately 42,695 customers within the Salta, Santa F&#233;, C&#243;rdoba, Rosario, the Federal Capital and its outlying metropolitan area, in addition to 69 regional and national supermarket chains throughout the country. None of our customers individually accounted for more than 2% of our total beer sales by volume, with the exception of two large distributors that represented in the aggregate 20% of our total beer sales by volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 64%, 62% and 74% of our beer sales in Argentina in 2008, 2009 and 2010, respectively.&nbsp; Losses on credit sales of beer in Argentina have not been significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In Argentina, though most beer is sold to wholesalers, we also sell our products to retailers and supermarket chains. In 2008, 2009 and 2010, the percentage mix of the above distribution channels for our beer products in Argentina was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></P>

   <P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Beer Products Sold</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Distribution Channels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wholesalers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>74%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>66%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>64%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Retailers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Supermarkets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>15%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="36%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="21%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>00%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR>

<TR height=0>

   <TD width="36%">&nbsp;</TD>

   <TD width="21%" align=middle>&nbsp;</TD>

   <TD width="21%" align=middle>&nbsp;</TD>

   <TD width="22%" align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 other countries:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.3pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="84%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US 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; (in millions of liters)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Super-premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>30.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>38.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>50.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>59.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>63.1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>96.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>109.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>127.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>148.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>164.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Medium-priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>104.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>104.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>106.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>106.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>108.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Popular-priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 81.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 77.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>78.1</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>233.4</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>253.5</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>366.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>391.6</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>414.2</FONT></U></P></TD></TR>

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   <TD width="16%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The average price, in Chilean pesos, for our beer products to our customers in Argentina increased 6.6% in 2010, from CLP344 per liter in 2009 to CLP367 per liter in 2010. The increase is primarily explained by (1) a higher participation of super-premium and premium brands in our sales mix, (2) nominal price increases as a result of higher costs and expenses, and (3) currency conversion effects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>26</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Seasonality</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2008, 2009 and 2010:</FONT></P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Quarter</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales Volume</FONT></U></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: -0.5pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(millions of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>% of Annual</FONT></U></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales Volume</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>103.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>28.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>72.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>72.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19.9</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>117.5</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>32.1</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>366.1</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>112.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>28.7</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>75.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19.2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>78.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>125.5</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>32.1</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>391.6</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>118.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>28.5</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>77.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18.8</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>84.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20.4</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>133.6</U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>32.3</U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative; TOP: -3pt" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>414.2</FONT></U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 30.75pt 0pt 0cm" align=center><FONT style="POSITION: relative; TOP: -3pt" face=Arial,sans-serif><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.0</FONT></U></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) For comparison purposes we are showing ICSA sales in the first quarter.&nbsp; </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Geographical Markets.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 10.1% of total beer sales of CCU Argentina by volume in 2010. The region surrounding and including the cities of Salta and Jujuy account for approximately 4.9% of the population of Argentina and for approximately 6.1% of total beer sales of CCU Argentina by volume in 2010. The region surrounding and including the city of C&#243;rdoba accounts for approximately 8.5% of the Argentine population and represents approximately 9% of CCU Argentina&#8217;s sales by volume. Lastly, the province of Buenos Aires accounts for approximately 44.6% of the population of Argentina and for approximately 33.6% of total beer sales of CCU Argentina by volume in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Competition.</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 Warsteiner (owner of CASA Isenbeck).&nbsp; The principal proprietary brands of these companies are Quilmes, Schneider and CASA 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. In 2008, these assets were bought by CCU Argentina and subsequently merged into CICSA. In November 2010, SABMiller acquired CASA Isenbeck.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>According to the information made public by our competitors and our estimates for CASA Isenbeck, the different brewing groups had the following market shares in 2010: AmBev-Quilmes, 74%; us, 23%; and SABMiller&nbsp; (Warsteiner until November 2010), 3%.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table shows our market share in the Argentine market over the past five years:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0.15pt 6pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Argentine Market Share for Beer</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>Year</U></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U>Estimated Market Share</U></FONT></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U></U></FONT></P></TD>

   <TD vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><U></U></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>21%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>23%</FONT></P></TD></TR>

<TR height=0>

   <TD width="50%">&nbsp;<FONT size=1 face=Arial>Source: CICSA</FONT></TD>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010, Quilmes had five breweries in Argentina with an estimated total annual production capacity of 1.2 billion liters.&nbsp; Quilmes&#8217; large size enables it to benefit from economies of scale in the production and distribution of beer throughout Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that Quilmes&#8217; average market share in 2010 decreased to 74% 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 (today SABMiller), 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; In July 1999, the merger of Companhia Cervejaria Brahma and Companhia Antarctica Paulista was announced, creating AmBev.&nbsp; This merger was finally approved in March 2000, creating one of the largest beverage producers in the world.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s returnable glass bottle system, we estimate that imported beer sales accounted for less than 0.7% of the total sales volume in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>28</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Product Type</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1999 Excise Taxes</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Current Excise Taxes</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-Alcoholic Beverages</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cola soft drinks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Flavored soft drinks, mineral water and juices</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0%-4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4%-8%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Alcoholic Beverages</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Whisky</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>12%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10-29% alcohol content</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>30% or more alcohol content</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="52%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="23%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Non-Alcoholic Beverage Business</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; We have produced and sold soft drinks 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&#8217;s, a local fruit related company, we bottled and distributed Watt&#8217;s nectar products in Chile from 1987 until December 2006. At present Promarca, owned by us and Watt&#8217;s 50-50%, is the owner of the brand and we produce, bottle and distribute nectar products in bottles under Promarca&#8217;s license. We have been in the bottled water business since 1960, and since December 2007 this business is conducted by Aguas CCU, 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 sports drinks (Gatorade and imported Propel) and tea (Lipton) under the license of PepsiCo and our own brand energy drinks (Kem Extreme) as well as PepsiCo&#8217;s licensed one (imported SoBe Adrenaline Rush).&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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&#8217;s shares owned by BAESA for approximately CLP54,118 million.&nbsp; Since that date, we own 100% of ECUSA&#8217;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 &#8220;&#8211; Non-Alcoholic Beverage Production and Marketing in Chile.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Chilean Non-Alcoholic Beverage Market</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010, we estimate that annual carbonated soft drinks consumption in Chile was 2,037 million liters or approximately 119 liters per capita.&nbsp; We estimate that consumption of fruit nectars and juices was 338 million liters or approximately 20 liters per capita, in 2010.&nbsp; We also estimate that consumption of mineral water, including both carbonated and non-carbonated, was 193 million liters or approximately 11 liters per capita, in 2010. Purified Water per capita consumption is estimated to be 8.3 liters with a total consumption of 141 millions of liters.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>nectars and fruit juices, which are estimated to have accounted for approximately 19% of our total non-alcoholic beverage sales by revenues in 2010.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial>29</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Soft Drink and Mineral Water Sales</FONT></U></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Volume </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></U></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></FONT></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Carbonated </FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Soft Drinks</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Nectars </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mineral</FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Water</FONT></U></P></FONT></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></U></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Carbonated </FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Soft Drinks</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Nectars (3)</FONT></U></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mineral</FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Water</FONT></U></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,866</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>223</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,257</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>114</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>137</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>174</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,369</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>117</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>143</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>186</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,461</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>147</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>185</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>115</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>144</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,037</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>338</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>193</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="12%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,568</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=center width="11%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>150</FONT></P></TD></TR>

<TR height=0>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR></TABLE><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Based on our sales data, publicly available information from competitors, equity research analyst reports, information from Nielsen and ANBER.</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Population estimated in accordance with Chile&#8217;s national census of April 2002.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes liquid juices, nectars, fruit beverages and artificial juices.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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:</FONT></P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Type</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Colas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>58%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>58%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>58%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-colas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>42%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>42%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>42%</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 TCCC (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 2010.&nbsp; Distribution of these brands is concentrated in the supermarket channel where they constituted a 7% market share in 2010.&nbsp; Additionally, discount brand producers have entered the market and represented 6% of the soft drinks market in 2010.&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 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The bottled water market in Chile is comprised of both carbonated and non-carbonated mineral water, and purified water.&nbsp; As with the soft drink market, approximately 95% 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 TCCC in Chile.&nbsp; Our mineral water products have been produced by ECUSA since November 1994. We have approximately 13% participation in the purified water market segment in 2010, according to Nielsen, &nbsp;after introducing Nestl&#233; Pure Life at the end of September 2008. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217; prices include any national and/or local price promotions offered by the manufacturer, the nature of product consumption (on-premise or take-out), the type of product packaging (returnable or non-returnable), the applicable tax structure, the desired profit margins and the geographical location of the retailer.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Non-alcoholic Beverage Production and Marketing in Chile</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; Our soft drinks, nectar and water production and marketing in Chile generated net sales of CLP187,071 million, CLP201,512 million and </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CLP223,476 million, or 26.3%, 25.9% and 26.7% of our total net sales, in 2008, 2009 and 2010, respectively.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">30</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table shows the soft drink and water brands produced and/or sold by us through ECUSA during 2010:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Brand</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Product</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Affiliation(1) </FONT></U></P></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Bilz</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 6.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.85pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pap</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.85pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.85pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.85pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 7.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Bilz Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 7.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pap Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 7.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Kem </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 7.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Kem Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Kem Xtreme</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Functional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nobis</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>CCU Proprietary</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Canada Dry Ginger Ale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Canada Dry Ginger Ale Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Canada Dry Agua T&#243;nica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Canada Dry Agua T&#243;nica Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Canada Dry Lim&#243;n Soda</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Canada Dry Lim&#243;n Soda Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 4.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4.45pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Crush</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4.45pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4.45pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4.45pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Crush Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Schweppes Holdings Ltd.</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pepsi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pepsi Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 6.95pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Seven-Up</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Seven-Up Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Lipton Ice Tea</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Ice Tea</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mirinda</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Soft Drink</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Cola Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gatorade</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Isotonic</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Functional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Propel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Isotonic</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Functional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pepsico</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>SoBe Adrenaline Rush</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Energy</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Functional</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PepsiCo</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Watt&#8217;s</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nectars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Promarca</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Watt&#8217;s Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nectars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Promarca</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Watt&#8217;s Ice Frut</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nectars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Promarca</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Watt&#180;s Soya</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nectars</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Promarca</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cachantun</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mineral Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Aguas CCU-Nestl&#233;</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Mas de Cachantun</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Mas Woman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Mineral Water</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Mineral Water&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Proprietary</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Proprietary&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Aguas CCU-Nestl&#233;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" face=Arial,sans-serif>&#193;guas CCU-Nestl&#233;</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Porvenir</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Perrier&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mineral Water</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mineral Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Proprietary</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Aguas CCU-Nestl&#233;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" face=Arial,sans-serif>Nestl&#233; Waters M&amp;D</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Glacier</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purified Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Aguas CCU-Nestl&#233;</FONT></P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nestl&#233; Pure Life</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purified Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nestl&#233; S.A.&amp;others</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 3.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) NOTE: CCU owns directly or indirectly 50% of Promarca&nbsp; and 50.1% of Aguas CCU.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 1994, ECUSA and Cadbury Schweppes plc (&#8220;Cadbury Schweppes&#8221;), the latter through its subsidiaries CS Beverages Ltd. and Canada Dry Corporation Ltd., entered into license agreements for all Cadbury Schweppes products. On December 11, 1998, 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&#8217;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&#8217;s previous license contracts with CS Beverages Ltd. and Canada Dry Corporation Ltd.&nbsp; The new agreement, referred to as the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8220;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Bottler Contract</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8221;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The license agreement for nectar products with Watt&#8217;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&#8217;s nectars in non-returnable packaging (wide mouth glass and plastic bottles).&nbsp; A new license agreement between us and Watt&#8217;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&#8217;s, under which we participate in equal parts in Promarca .&nbsp; This new company owns the brands &#8220;Watt&#8217;s&#8221;, &#8220;Ice Frut de Watt&#8217;s&#8221;, &#8220;Yogu Yogu&#8221; and &#8220;Shake a Shake&#8221; in Chile.&nbsp; Promarca granted its subsidiaries, for an indefinite period, the exclusive licenses for the production and sale of the different product categories.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 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 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 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 equity, within the scope of the association contract. Since the materialization of the sale, ECUSA holds 50.1% of the participation in Aguas CCU. CCU owns directly or indirectly 99.94% of ECUSA&#8217;s equity. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>32</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>During 2008, 2009 and 2010, we sold our soft drink and water products in the following packaging formats:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Carbonated Soft Drinks and Nectars</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="36%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Mineral and Purified Water</FONT></U></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Container</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="5%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Returnable </FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>35%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>36%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="5%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Non-Returnable (</FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>63%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>62%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>64%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="5%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>94%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>94%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>94%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&#8220;Post-Mix&#8221; </FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(3)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="5%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;-&nbsp;</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="5%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -17.2pt; MARGIN: 0cm 0cm 0pt 17.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp; Returnable soft drink containers include both glass and plastic bottles of assorted sizes.&nbsp; Returnable water containers include glass bottles of assorted sizes and returnable 20-liter jugs.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -17.2pt; MARGIN: 0cm 0cm 0pt 17.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp; Non-returnable soft drink containers include glass and plastic bottles, and aluminum cans of assorted sizes.&nbsp; Non-returnable water containers include plastic bottles and certain glass bottles of assorted sizes.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp; Post-mix cylinders are sold specifically to on-premise locations for fountain machines.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;&#8211; Raw Materials&#8221; and &#8220;&#8211; Our Other Businesses.&#8221;.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 23.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 15.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Colas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>73.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>84.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>85.3</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Non-colas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>178.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>184.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>205.3</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>135.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>130.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>132.0</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Nectars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>70.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>78.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>91.7</FONT></P></TD></TR>

<TR style="HEIGHT: 14.4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Soft Drinks Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>458.0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>477.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>514.3</FONT></U></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Mineral Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>114.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>113.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>118.8</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Purified Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 4.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 5.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.3pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>6.1</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Licensed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;0.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>8.2</FONT></P></TD></TR>

<TR style="HEIGHT: 13.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>119.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>122.9</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.65pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>133.2</FONT></U></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total Soft drinks+Water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>577.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>600.0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>647.4</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 35.45pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter39"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>33</FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader40"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 24pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Affiliation</FONT></U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Soft drinks</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proprietary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>178.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>184.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>205.3</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schweppes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>120.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>115.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>124.0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>88.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>98.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>93.3</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promarca </FONT><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>70.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>78.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>91.7</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Water</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Proprietary </FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(</FONT><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>2</FONT><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>118.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>118.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>124.9</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp; Nestl&#233; Waters</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4.2</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>8.2</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>577.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>600.0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>647.4</FONT></U></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) As of December 2009, we own 50% of the rights to the Watt&#8217;s brand (nectar), currently held through our affiliate&nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Promarca.</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2) As of December 2009 we own 50.1% of the rights to all the water brands held through the affiliate&nbsp;</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Aguas CCU.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;&#8211; Our Soft Drinks and Mineral Water Production and Marketing in Chile.&#8221;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 distributed throughout the country. Purified water is produced with water pumped from our wells located in the plant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 purchases were made in either of these countries during 2010.&nbsp; While aluminum cans used in packaging of 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 (&#8220;PET&#8221;), which we purchase from various suppliers.&nbsp; See &#8220;&#8211; Our Other Businesses.&#8221; We obtain the labels for our soft drinks and water products principally from local suppliers. Crowns are currently imported from Brazil and Mexico.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>terms and conditions.&nbsp; Without considering the soft drinks concentrates purchased from Schweppes Holdings Ltd. and PepsiCo under the license agreements described under &#8220;&#8211; Our Soft Drinks and Mineral Water Production and Marketing in Chile&#8221;, 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT size=2 face=Arial>34</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales, Transportation and Distribution in Chile</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; We have the capacity to reach 91,097 customers with our direct sales force, as well as through Comercial CCU and Comercial Patagona. ECUSA, our non- alcoholic beverage subsidiary, 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 346 salesmen as of December 2010, directly sells to approximately 57,895 customers.&nbsp; 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 in the aggregate 24% of our sales by volume. During 2010, 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 mineral and purified water with any of our customers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In October 2005, we launched Comercial CCU, the subsidiary in charge of a single sales force dedicated to selling all of our beverage and sweet snacks products, so as to capture synergies and focus on sales execution.&nbsp; As of 2010, 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Business Overview-Summary-Distribution Network</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 43%, 40% and 42% of ECUSA&#8217;s soft drink and water sales to third parties in Chile in 2008, 2009 and 2010, respectively.&nbsp; Losses on credit sales of soft drinks and mineral water in Chile have not been significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We distribute our soft drinks and mineral water products throughout Chile to:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>wholesalers; and </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>supermarket chains.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2008, 2009 and 2010, the percentage mix of the above distribution channels for our carbonated soft drinks, nectars, and mineral and purified water products in Chile was as follows:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="54%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Soft Drinks and</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="54%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Water Products Sold</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Distribution Channels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Off-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>42%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>42%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>41%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>16%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesalers&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>11%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>11%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supermarkets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>32%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>32%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>33%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="46%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The average price per liter to our customers for non-alcoholic products increased 0.9%, from an average of CLP329.0 in 2009 to CLP332.1 in 2010.&nbsp; For water products, the average price per liter increased from an average of CLP284.0 in 2009 to CLP275.2 in 2010, for nectars the increase was from CLP443.9 in 2009 to CLP442.8 in 2010 and for carbonated soft drinks, it increased from CLP320.3 in 2009 to CLP326.1 in 2010. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Seasonality in Chile</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.05pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.05pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Carbonated Soft Drinks, Nectars &amp; Water</FONT></U></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Quarter</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Sales Volume</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Annual</FONT></U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif> </FONT><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Sales Volume</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>&nbsp; (million liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(%)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>172.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>29.8</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>116.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>20.2</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>122.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>21.2</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>166.5</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>28.8</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>577.7</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100.0</FONT></U></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>165.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>27.5</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>123.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>20.6</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>132.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>22.0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>179.4</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>29.9</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>600.0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100.0</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>181.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>27.5</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>135.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>20.6</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>149.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>22.7</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>192.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>29.2</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>659.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100.0</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Competition in Chile</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 TCCC and its affiliates.&nbsp; TCCC&#8217;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 carbonated soft drink sales volume in 2010.&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 along with private labels represent approximately 7% of the soft drink market in 2010 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, as per Nielsen during 2010, our carbonated soft drink market share increased to approximately 24.3% and CCU&#8217;s estimate for the total non-alcoholic beverage market participation was 28.9%.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. These Nielsen results are, for each year, higher than our own estimates.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>36</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Chilean Carbonated Soft Drink Market Share</FONT></U></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="100%" colSpan=3>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></U></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Nielsen</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 8.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Company Estimates (*)</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>22%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>19%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>21%</FONT></P></TD></TR>

<TR height=0>

   <TD width="33%">&nbsp;</TD>

   <TD width="33%">&nbsp;</TD>

   <TD width="34%">&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -14.4pt; MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Based on our sales data, publicly available information from competitors, equity research analyst reports, information from Nielsen and ANBER.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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; During 2002, we launched Bilz Light, Pap Light, Agua T&#243;nica Light and Gatorade. In April 2003, we introduced to the market Kem Xtreme, a soft drink with a high level of caffeine.&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&#8217;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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010.&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fruit nectars under the trade name &#8220;Watt&#8217;s&#8221;, 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 six years since the re-launch of Watt&#8217;s nectar, we have attained our seventh year as market leader in the bottled category of nectars, with a market share of 57% during 2010, according to Nielsen.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 TCCC licensees in Chile).&nbsp; We estimate that our sales of Cachantun and Porvenir brand mineral waters accounted for approximately 67%, while those of Vital S.A. products accounted for approximately 27% of total mineral water sales by volume in 2010.&nbsp; Small domestic bottlers, private labels and discount brands, as well as imported mineral water products, comprise the remaining 6% sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37</FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=3 align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Chilean Mineral Water Market Share</FONT></U></P>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Nielsen</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Company Estimates (*)</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>72%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>67%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>69%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>63%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>66%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>61%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>68%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>61%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>67%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>62%</FONT></P></TD></TR>

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   <TD width="33%">&nbsp;</TD>

   <TD width="33%">&nbsp;</TD>

   <TD width="34%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.4pt; MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Based on our sales data, publicly available information from competitors, equity research analyst reports, information from Nielsen and ANBER. Does not consider Glacier and/or Nestl&#233; Pure Life purified water sales.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Wine Business</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> We entered the Chilean wine market in October 1994 with the purchase of 48.4% of VSPT&#8217;s equity for approximately CLP17,470 million, thereby acquiring an interest in the third largest winery in Chile (formerly VSP).&nbsp; During the first half of 1995, VSPT&#8217;s capital was increased by approximately CLP14,599 million, of which we contributed approximately CLP7,953 million.&nbsp; During August-October 1997, VSPT&#8217;s capital was increased again by approximately CLP11,872 million, of which we contributed approximately CLP6,617 million, plus approximately CLP191 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 CLP5,526 million.&nbsp; During March-June 1999, VSPT&#8217;s capital was increased by approximately CLP17,464 million, of which we contributed approximately CLP10,797 million.&nbsp; Between November 2000 and March 2001, VSPT&#8217;s capital was increased by approximately CLP22,279 million, of which we contributed approximately CLP13,402 million.&nbsp; During October and November 2005, VSPT&#8217;s capital was increased by approximately CLP346 million. &nbsp;We did not participate in this capital increase. Between April and June 2007, VSPT&#8217;s capital was increased by approximately CLP13,692 million, of which we contributed approximately CLP5,311 million. On December 3, 2008, the extraordinary shareholders&#8217; meetings of VSP and VT approved the merger of both companies. The merged company was named &#8220;Vi&#241;a San Pedro Tarapac&#225; S.A.&#8221; (VSPT), and started operating on December 9, 2008 but consolidating its financial statements with ours since October 1, 2008. In December 2008, VSPT&#8217;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 2010, our total ownership interest in VSPT was 50.01%.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We believe that having entered into the Chilean wine business provided us with the opportunity to further exploit our nationwide distribution system through the expansion of our beverage portfolio.&nbsp; We also believe that the development of our domestic wine business helps to 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The proceeds from VSPT&#8217;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&#8217;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 52.1 million liters in December 31, 1998, to 62.1 million liters in 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 in December 31, 2007. As a result of the merger with Vi&#241;a Tarapac&#225; in December 2008, the vinification 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&#8217;s expansion process.&nbsp; The proceeds from VSPT&#8217;s capital increase during November 2000 and March 2001 were used to finance the winery&#8217;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&#8217;s 2007 capital increase were used mainly to acquire shares in </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In December 2001, Vi&#241;a Santa Helena (&#8220;VSH&#8221;) 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 100% of said company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>At VSPT&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In December 2008, VSP and VT merged and created a new wine group, 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, FLC, Bodega Tamar&#237;, Vi&#241;a Leyda and Vi&#241;a Tabal&#237; S.A. These are all important and renowned cellars in Chile and Argentina, each with its own distinctive brands, and they represent the best wines these terrains can deliver. Since the merger, VSPT became the second largest Chilean wine exporter and the third most important actor in the local market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Chilean Wine Market</FONT></I></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that wine consumption in Chile amounted to approximately 13 liters per capita in 2010.&nbsp; Given that the Chilean wine industry is fragmented, no single wine producer accounts for the majority of production and/or sales.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>The leading wineries include, other than VSPT, Vi&#241;a Concha y Toro S.A. </FONT><FONT style="FONT-SIZE: 10pt" lang=ES-AR face=Arial,sans-serif>(&#8220;Concha y Toro&#8221;), Vi&#241;a Santa Rita S.A. (&#8220;Santa Rita&#8221;) and Bodegas y Vi&#241;edos Santa Carolina S.A. </FONT><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>(&#8220;Santa Carolina&#8221;).&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In addition, there are numerous medium-sized wineries, including Vi&#241;a Undurraga S.A. (&#8220;Undurraga&#8221;), Cousi&#241;o Macul S.A. (&#8220;Cousi&#241;o Macul&#8221;), and Vi&#241;a C&#225;nepa y C&#237;a. (&#8220;C&#225;nepa&#8221;) and Vi&#241;a Montes. All wineries, which sell wine products that comply with industry and tax regulations, make up Chile&#8217;s formal wine market. VSPT is a member of the formal wine market, as are most other principal wineries in Chile. The Agricultural and Livestock Service (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Servicio Agr&#237;cola Ganadero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>, or &#8220;SAG&#8221;) 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 230 million liters of wine during 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total Volume</FONT></U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (1)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Per Capita</FONT></U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (2)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 6pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(millions of liters)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>238</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>244</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>15</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>230</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>228</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>230</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sources: SAG until 2006, Central Bank and the Wineries of Chile Association, competitors&#8217; public information and Nielsen. </FONT></I></P>

   <P style="TEXT-INDENT: -14.4pt; MARGIN: 0cm 0cm 0pt 14.4pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes wine sales from pisco producers in the III and IV Regions of Chile.</FONT></P></TD></TR>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT&#8217;s Production and Marketing</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010, VSPT&#8217;s vineyards covered an aggregate of 3,663 hectares in Chile, distributed among eleven different plantations.&nbsp; The winery also has 495 hectares under long-term lease.&nbsp; In Argentina, we have another 532 hectares located in the province of Mendoza.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT is one of Chile&#8217;s largest producers and distributors of wine in terms of sales volume and net sales.&nbsp; In 2009 and 2010 our wine segment sales amounted to CLP124,726 million and CLP132,293 million, respectively, representing 16.1% and 15.8% of our total net sales, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following chart indicates the breakdown of VSPT&#8217;s volume in the domestic and export markets, including sales from FLC and Tamar&#237; in Argentina:</FONT></P>

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<TR style="HEIGHT: 25.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Domestic Volume</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Export Volume</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total Volume </FONT></U><U><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>(1)&nbsp;</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(million liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(million liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(million liters)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>47.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>46.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>&nbsp;94.2&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>50.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>55.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>105.8</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>50.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>50.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>101.0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>54.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>67.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>122.0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>60.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>70.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>130.0</FONT></P></TD></TR></TABLE><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) Includes bulk sales exports in Chile and Argentina</FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that VSPT&#8217;s share by volume of Chile&#8217;s formal wine market was approximately 21% in 2008, 23% in 2009 and 24% in 2010.&nbsp; According to the Wineries of Chile Association, VSPT&#8217;s share of Chile&#8217;s total wine export sales by volume was 10% in 2008, and 12% in 2009, and 12% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT, VSH, Vi&#241;a Altair, Vi&#241;a Mar, Vi&#241;a Misiones de Rengo, Bodega Tamar&#237; and FLC, produce and market premium, varietal and popular-priced wines as set forth below:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Brand</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Icon</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Premium</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Varietal</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Popular-priced</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Vi&#241;a San Pedro Tarapac&#225;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Cabo de Hornos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1865</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Castillo de Molina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

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<TR>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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<TR style="HEIGHT: 3.9pt">

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<TR style="HEIGHT: 3.9pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrontes Reserva</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malbec Varietal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Finca La Celia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Supremo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; La Celia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; La Consulta</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Furia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>X</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>40</FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table presents our breakdown of total sales volume in thousands of liters by category of VSPT&#8217;s Chilean wines during 2010:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Domestic</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Export</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(thousands of liters)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2,734</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>8,042</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>10,776</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Varietal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5,009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>42,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>47,870</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Popular-Priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>49,288</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>54,631</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Bulk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7,994</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7,994</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>57,031</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>64,239</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>121,270</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table presents our breakdown of total sales volume in thousands of liters by category of VSPT&#8217;s Argentine wines during 2010:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Domestic</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Export</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>(thousands of liters)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>566</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1,531</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Varietal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1,565</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4,095</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5,660</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Popular-Priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Bulk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>804</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>696</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>1,500</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2,935</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5,755</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>8,691</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, VSPT&#8217;s storage capacity totaled 91.5 million liters and its peak bottling and packaging capacity totaled 71,775 liters per hour (excluding 3.4 million liters of storage capacity through its non-consolidated subsidiary, Vi&#241;a Valles de Chile S.A.)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<a name="_bclFooter47"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>41</FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_48"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader48"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Domestic Market</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; Our Chilean domestic wine is packaged in bottles, jugs, cartons, and bag-in-box containers at VSPT&#8217;s production facilities in Lontu&#233;, Molina and Isla de Maipo.&nbsp; The following chart shows our packaging mix for domestic wine sales for the last three years:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 25.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Percentage of Total Domestic</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Wine Sold in Chile</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Container</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Carton</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>76%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>67%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>68%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Jug </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Glass Bottles </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>23%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>33%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>32%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Bag-in-Box</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The average price for our domestic wine customers was CLP678.1 and CLP758.5 per liter in 2009 and 2010, respectively, experiencing a growth of 11.9%.&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Export Market</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>According to industry sources, exports of Chilean wine increased from approximately 43 million liters in 1990 to 733 million liters in 2010, at a compounded annual growth rate of 15.2%.&nbsp; During 2009 and 2010, Chilean wine exports reached 694 million liters and 733 million liters, respectively.&nbsp; The 5.7% volume increase from 2009 to 2010 was due to the better quality-to-price ratio of the Chilean wine. We believe that Chilean wine exports have grown steadily due to their comparatively low prices and positive international image, as well as due to external factors, such as low wine production in the Northern Hemisphere in certain years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT exported 50.3 million liters, 67.8 million liters and 70.0 million liters of wine in 2008, 2009 and 2010, respectively.&nbsp; During 2010, VSPT exported wine to more than 80 countries worldwide.&nbsp; Exports accounted for net sales of CLP84,272 million and CLP86,505 million in 2009 and 2010, respectively.&nbsp; In 2010, VSPT&#8217;s primary export markets included The United States, Finland, Brazil, the United Kingdom, the Netherlands and Sweden.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt 72pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Percentage of Total Export</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="75%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Wine Volume from Chile</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Container</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Glass Bottles </FONT><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>69%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>72%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>77%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Bulk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>15%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>17%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>12%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Carton</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>16%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>12%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>10%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes jugs.</FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>42</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We experienced a decrease of 7.2% from CLP1,380.1 in 2009 to CLP1,280.8 per liter in 2010 in the average price to our Chilean export wine customers mainly due to a stronger Chilean peso as compared to the exports destination countries&#8217; currencies, given that&nbsp; the U.S. dollar export average price increased. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 50% of the grapes used for export wines from its own vineyards during 2010. Of the wine sold in the domestic market, 5% are grapes from our vineyards, 10% 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 2010, approximately 60% of the wine used in domestic sales was purchased from ten local producers: Corretajes Vinicola Patacon SPA, CPCh, Agro Comercial Metropolitana Ltda., Torres y C&#237;a. Ltda., RR Wine LTDA, Vi&#241;a Saavedra Ltda., Vi&#241;edos Err&#225;zuriz Ovalle S.A, Aguilera y Barrios Ltda., Vin&#237;cola Los Cerrillos y Cia Ltda., and Coop. Vitiv. Loncomilla Ltda.&nbsp; VSPT has various alternative sources of supply, which can be used when they are attractive. VSPT&#8217;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&#8217;s own automated packing lines.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Domestic Sales, Transportation and Distribution</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; After production, bottling, and packaging, wine is either stored at the production facilities or transported to one of the 21 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview-Summary-Distribution Network</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>wholesalers; and </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>supermarket chains.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="75%" colSpan=3 noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Wine Products Sold</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Distribution Channels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Off-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>26%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>27%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>26%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>On-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>6%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Wholesalers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>32%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>28%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>29%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Supermarkets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>38%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>40%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>38%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT sales force of 128 salesmen as of December 2010, sells our wine products directly to approximately 6,716 customers, none of which accounted for more than 2% of our total wine sales by volume, with the exception of three supermarket chains that represented 24%.&nbsp; We do not maintain any long-term contractual arrangements for the sale of wine with any of our customers. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>43</FONT></FONT></P></DIV></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Export Sales, Transportation and Distribution</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT has a presence in more than 80 countries. In order to increase its presence in the market, VSPT has distribution agreements with key distributors, such as Pernod Ricard in Sweden, Finland, Norway and Estonia, Shaw Ross International in the U.S., a subsidiary of Southern Wine and Spirits, a major wholesale distributor that has been recognized as the best U.S. distributor by Wine Enthusiast Magazine, DGS and Baarsma in Holland and Denner in Switzerland. In Canada we have distribution agreements with Diamonds Wines, in Korea with Keumyang, as well as other distributors.&nbsp; In France and Germany &nbsp;VSPT has distribution agreements with LGCF and with Direct Wines in the United Kingdom. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Geographical Markets</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 38% of total domestic sales of VSPT products by volume in 2010.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table provides the distribution of VSPT&#8217;s exports from Chile during 2010 by geographical markets:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helv,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Market</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Volume </FONT></U><U><FONT style="FONT-SIZE: 6pt" lang=ES face=Arial,sans-serif>(1)&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Total Exports</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>(thousands of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>26,039</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>46%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>15,077</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>27%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>USA and Canada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>9,910</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>18%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>5,219</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>9%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>56,245</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Helv,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="28%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>100%</FONT></U></P></TD></TR></TABLE><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Excludes bulk exports.</FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Competition</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; The wine industry is highly competitive in both the domestic and the export markets. VSPT&#8217;s domestic market share was approximately 24% in 2010.&nbsp; In Chile, VSPT competes directly against all other Chilean wineries.&nbsp; We believe that VSPT&#8217;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 2010, Concha y Toro and Santa Rita had a market share of approximately 31% and 29%, 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&#8217;s &#8220;informal market.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010, excluding bulk wine.&nbsp; Our other principal Chilean competitors, namely Concha y Toro, Santa Rita and Santa Carolina had market shares of 37%, 5% and 4%, respectively.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Spirits Business</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Overview</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 was produced by our subsidiary Pisconor S.A.&nbsp; Pisco is a distilled wine spirit, very popular in Chile, produced exclusively in Chile&#8217;s third and fourth regions and in the southern regions of Peru. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, CPCh, was created, after Pisconor and Control contributed their assets and commercial brands. Currently we own 80% of CPCh and Control owns the remaining 20%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>44</FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In May 2007, CPCh entered the rum category, the second most consumed spirit in Chile and the then fastest growing spirit category. The alcohol to produce the rum is imported and we finish the production process locally.&nbsp; We sell rum under our proprietary brand &#8220;Sierra Morena&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>During 2008, the Company added several pisco and pisco based cocktail brands as well as new varieties of its rum brand to its portfolio.</FONT></P>

<P style="MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Chilean Pisco and Rum Markets.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Traditionally, beer, wine and pisco have been the principal alcoholic beverages consumed in Chile. We estimate that annual pisco consumption in Chile was 35 million liters, or approximately 2.1 liters per capita in 2010.&nbsp; In addition, we estimate that annual rum consumption in Chile was 24 million liters, or approximately 1.4 liter per capita during 2010.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total Pisco Sales Volume (1)</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(in millions of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Pisco per Capita (2)</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total Rum Sales Volume (1)</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(in millions of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rum per Capita (2)</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(liters)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>42</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>0.5</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>41</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>0.7</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.0</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>36</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="20%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.4</FONT></P></TD></TR></TABLE></DIV>

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<TR style="HEIGHT: 33.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 33.15pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) Based on our sales data and information from Nielsen. Includes FAB in the case of pisco</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2) Population estimated in accordance with Chile&#8217;s national census of April 2002</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We estimate that total pisco consumption in Chile decreased at a four-year compounded annual growth rate of 4.0% between 2006 and 2010.&nbsp; During 2010, the pisco market remained substantially flat, increasing by only 0.2%.&nbsp; We estimate that total rum consumption in Chile increased at a four-year compounded annual growth rate of 29.2% between 2006 and 2010.&nbsp; During 2010, the rum market increased 42.7% from the prior year, as a result of higher preference from consumers and lower prices of imported liquors due to a stronger Chilean peso.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wholesale and retail prices of pisco are not regulated in Chile</FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Spirits Production and Marketing in Chile</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Our production of spirits in Chile generated net sales of CLP38,830 million and CLP43,218 million representing 5.0% and 5.2% of our total net sales in 2009 and 2010, respectively.&nbsp; The increase experienced in 2010 is mainly due to the introduction of more premium beverages producing a higher value sales mix.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 10.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ultra premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Medium-priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Medium-priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 10.55pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Popular-priced</FONT></P></TD></TR>

<TR style="HEIGHT: 14.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Pisco brands</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>pisco brands</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>pisco brands</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;RTD brands</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp;pisco brands</FONT></U></P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Control C</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Mistral</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Sour</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>La Serena</FONT></P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Mistral Nobel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Tres Erres</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Ruta Norte</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Sour Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>MOAI de RRR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Pica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Horc&#243;n Quemado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Mango</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>&nbsp; &nbsp;Mistral Gran Nobel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Mango Light</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Campanario Pi&#241;a Colada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Chirimoya Colada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Melon Colada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Melon Tuna Colada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Cola de Mono</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt 6.2pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Vaina</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Campanario Lucuma Colada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=top width="16%">

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Ruta Sour</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Ruta Sour Pica</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Ruta Sour Light</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Ruta Sour Mango</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ruta Pi&#241;a Colada</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3.55pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Mistral Creme</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 5.7pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mistral Ice Blend</FONT></P></TD>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>After the completion of the CPCh transaction with Control, we expanded our proprietary brands portfolio considerably, adding brands as Campanario in the mainstream and cocktail 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In the rum market, our proprietary brands are Cabo Viejo in standard-priced segment, 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, our spirits were produced at four plants which are located in the III and IV Regions of Chile. The bottling process was done in the Ovalle plant bottling facility. Horc&#243;n Quemado and Fehrenberg are produced and bottled in a third-party plant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Raw Materials and other supplies</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 and Peru. We principally purchase bottles from Cristaler&#237;as Chile and Cristaler&#237;as Toro S.A.I.C.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The price of the principal raw materials used in pisco and rum production in Chile have not been subject to volatility during the years covered by this report.&nbsp; However, from time to time, the price of grapes, wine and alcohol may fluctuate depending on demand and supply factors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sales, Transportation and Distribution</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; We</FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;have the capacity to reach 20,051 customers either directly through our dedicated sales force or through Comercial CCU&#8217;s sales force. As of December 31, 2010, our dedicated sales force of 92 salesmen served 9,260 customers in the territories where Comercial CCU and/or Comercial Patagona do not operate. 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 &#8220;&#8211; Business Overview-Summary-Distribution Network&#8221;. None of our customers accounted for more than 3% of our total spirits sales by volume, with the exception of seven large supermarket chains that represented in the aggregate 30% of total spirits sales.&nbsp; During 2010, the Chilean supermarket industry continued to consolidate, increasing the importance and purchasing power of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 21 warehouses which are located throughout Chile and are either owned or leased by us. These warehouses are part of CCU&#8217;s sales and distribution system. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. Payment on credit sales for spirits is generally due 54 days from the date of delivery. Credit sales accounted for 55% of our spirits sales in Chile in 2010. Losses on credit sales of spirits in Chile have not been significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We distribute our spirits throughout Chile to:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>supermarket chains,</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>on-premise retail: retail establishments such as restaurants, hotels and bars for on-premise consumption; and</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 54pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>wholesalers.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2008, 2009 and 2010, the percentage of spirits sales attributable to each of these distribution channels in Chile was as follows:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100%" colSpan=4 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></P>

   <P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 6pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Percentage of Total Spirits Sold</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 6pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Distribution Channels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 6pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Supermarkets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>44%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>40%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>41%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Off-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>27%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>31%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>28%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On-premise retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wholesalers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 23%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 22%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>24%</FONT></U></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 4pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100%</FONT></U></P></TD></TR>

<TR height=0>

   <TD width="34%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Category</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.3pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.3pt; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="66%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(in millions of liters)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Ultra premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Premium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6.6</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Medium-priced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2.6</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Medium-priced mix </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7.7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6.9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6.3</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Popular-priced</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 1.3</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; 1.2</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.2</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17.1</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16.9</FONT></U></P></TD></TR>

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   <TD width="22%">&nbsp;</TD></TR></TABLE>

<P align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sours and Cream cocktails</FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The average price for our spirits in Chile increased 1.2%, from CLP1,890.8 per liter in 2009 to CLP1,912.7 per liter in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Geographical Markets</FONT></I></B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 41.3% of our spirits sales by volume in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Competition.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Chilean Market Share for Pisco</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>45%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>46%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>45%</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>45%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="50%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>47%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our principal competitor in the pisco business is Cooperativa Agr&#237;cola Pisquera Elqui Ltda.&nbsp; (&#8220;Capel"), which is the market leader.&nbsp; According to Nielsen numbers, we had 46.6% market share in 2010, although our internal estimate is somewhat higher (49.7%).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our competitor Capel has nine production facilities located in the III and IV 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&#8217;s brands of pisco by volume accounted for approximately 54% of total pisco sales in 2008, 53% in 2009 and 50% in 2010, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>According to Nielsen calculations, our estimated average share of the Chilean rum market was 15.1% in 2010 and 13% in 2009 and&nbsp; 2008.&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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Other Businesses</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Plastic Bottles</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Through our subsidiary F&#225;brica de Envases Pl&#225;sticos S.A. (&#8220;PLASCO&#8221;), 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. In 2009, PLASCO began to produce plastic caps. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The manufacturing of plastic caps also involves a two-step process. The first step consists of a compress molding process, which manufactures caps from PP resin. The second step consists in the decoration of the plastic caps with an off set printing process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Prices of principle raw materials required by our PLASCO subsidiary have not been volatile during 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, 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 2010, PLASCO sold </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>295.1 million bottles</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> and </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>98.0 million pre-forms</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. Of all </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>bottles </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>supplied by PLASCO, approximately 93% of the pre-forms were manufactured and blown into bottles by PLASCO. All the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>pre-forms </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>sold were manufactured by PLASCO and later blown into bottles by Aguas CCU. The remaining bottles and pre-forms were bought by PLASCO and then transferred to ECUSA. PLASCO has, to date, not sold any bottles to third parties. Plastic bottle and pre-form sales by volume increased from 362.2 millions in 2009 to 393.1 millions in 2010. During 2010, PLASCO sold 240 millions of plastic caps. </FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>PLASCO&#8217;s net sales of CLP27,745 million, operating income of CLP2,258 million and net income of CLP1.798 million in 2010, represented an increase of 8.62 % and 13.1%, and an decrease of&nbsp; 21.2 %, respectively, over 2009.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sweet Snacks</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, with a 50% interest each in Calaf S.A. (today, Foods), 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 products. The three brands &#8211;Calaf, Natur and Nutrabien&#8211; 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&#8217;s brand equity.&nbsp; We sell Foods&#8217; products through CCU&#8217;s sales platform to 34,227 clients, with the potential to reach more than 116,792 clients and with a dedicated sales force that serves the supermarket chains. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Government Regulation </FONT></U></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Government Regulation in Chile</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;&#8211; Environmental Matters.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Regulations specifically concerning the production and distribution of &#8220;alcoholic beverages&#8221; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The regulatory agency for alcoholic beverages is the SAG. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Reglamento Sanitario de los Alimentos</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Servicios de Salud</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (&#8220;Health Services&#8221;) was replaced by the Ministry of Health&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Government Regulation in Argentina</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>National Law </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>N&#176;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18,284 (the Argentine Food Code, or the &#8220;Code&#8221;) 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 establishes 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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. On December 30, 2003, FHI merged into Heineken Americas B.V. Currently, Qui&#241;enco and Heineken Chile Ltda., 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Qui&#241;enco is the holding company of one of Chile&#8217;s largest business conglomerates, with investments in various sectors of the Chilean economy.&nbsp; Qui&#241;enco&#8217;s principal holdings include Banco de Chile (one of the largest and most respected banks in Chile) and Madeco S.A. (a leading manufacturer of flexible packaging, copper and aluminum-based products in Chile, Argentina and Peru).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Heineken, the Dutch brewer, is one of the largest brewers in the world with 140 breweries in more than 70 countries and 65,730 employees worldwide.&nbsp; Heineken group beer volume was 146 million hectoliters during 2010, the main brands being Heineken and Amstel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table provides our significant subsidiaries as of March 2011:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Subsidiaries</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Country</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Ownership Interest</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU Chile</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>100.00%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU Argentina</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Argentina</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ECUSA</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>99.94%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Aguas CCU-Nestl&#233;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>50.10%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>VSPT</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>50.01%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>CPCh</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Chile</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="31%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>80.00%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>51</FONT></FONT></P></DIV></DIV>

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<A name="page_58"></A>

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<a name="_bclHeader58"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Property, Plant and Equipment</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Set forth below is information concerning our production facilities as of December 31, 2010, all of which are owned and operated by us or our subsidiaries:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="18%"></TD>

   <TD width="21%"></TD>

   <TD width="20%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Nominal Installed</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Monthly Production</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Capacity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(in million liters)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" rowSpan=4 width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Utilized Capacity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><STRONG><FONT style="FONT-SIZE: 10pt" face=Arial>During</FONT></STRONG><FONT style="FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Peak Month (1)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(%)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Average Utilized</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Capacity</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">During 2010 (2)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(%)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=4 width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Facility Size(3)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><BR><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(square meters)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" colSpan=2 align=left><B><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Beer Production Facilities</FONT></I></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Santiago</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">52.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">84.5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">66.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">139,114</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Temuco</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">103.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">93.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">50,876</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Kunstmann</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">86.6%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">66.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">5,018</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Chile Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">65.1</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">88.0%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">71,7%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">195,008</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Santa Fe</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">24.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">104.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">92.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">58,989</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Salta</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">62.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">41.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10,866</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Luj&#225;n</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">24.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">80.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">51.5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">68,869</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Argentina Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">54.9</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">89.2%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">68.8%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">138,724</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><B><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Soft Drinks Production</FONT></I></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Santiago</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">80.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">66.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">58.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">129,570</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Antofagasta</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12.4</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14.5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">36,453</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">93.0</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">59.8%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">51.2%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">166,245</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" colSpan=2 align=left><B><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Purified Water Production</FONT></I></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Santiago</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,989</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13.1</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.0%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10.9%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,989</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" colSpan=2 align=left><B><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Mineral Water Production</FONT></I></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Coinco</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">35.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">27.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">16,702</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="23%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Casablanca</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="21%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3,347</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="23%" align=middle><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="18%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">41.5</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="21%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">34.7%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">26.3%</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="17%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20,049</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="99%" colSpan=5><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD rowSpan=10 width="99%" colSpan=5 align=left>

   <P align=justify><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1) Based on the year ended December 31, 2010. Utilized Capacity During Peak Month is equal to production output as a </FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">percentage of Nominal Installed Production Capacity during our peak month for each&nbsp;respective plant. Nominal Installed Monthly </FONT><FONT style="FONT-FAMILY: arial">Production defined as production capacity for current product/packaging mix within 25 days per month and 3 shifts per day. The </FONT><FONT style="FONT-FAMILY: arial">implicit slack (spare) capacity does not necessarily measure real slack capacity. We believe that real production capacity is less </FONT><FONT style="FONT-FAMILY: arial">than the nominal installed production capacity as adjustments are required for real machinery performance, packaging mix, </FONT><FONT style="FONT-FAMILY: arial">availability of raw materials and bottles, seasonality within the months and other factors. As a result, we believe that the peak </FONT><FONT style="FONT-FAMILY: arial">monthly capacity utilization rates shown above understate real capacity utilization and that slack capacity is overstated. We </FONT><FONT style="FONT-FAMILY: arial">estimate that during the peak month in 2010, the real slack capacity amounted to approximately 6.5 million liters in Chilean beer, 4.8 </FONT><FONT style="FONT-FAMILY: arial">million liters in Argentine beer, 17.3 million liters in soft drinks , 10.6 million liters in purified water and 17.2 million liters in Chilean </FONT><FONT style="FONT-FAMILY: arial">mineral water.</FONT><FONT style="FONT-FAMILY: arial"></FONT> </FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></P></TD></TR>

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   <TD rowSpan=4 width="99%" colSpan=5 align=left>

   <P align=justify><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2) Average Utilized Capacity during 2010 equals the plant&#8217;s total production output as a percentage of nominal installed annual </FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">production capacity in 2010. Nominal installed annual production capacity is calculated by multiplying the Nominal Installed Monthly </FONT><FONT style="FONT-FAMILY: arial">Production Capacity by 11 months (on average, a one month period is required each year for maintenance and repairs). Given the </FONT><FONT style="FONT-FAMILY: arial">seasonal nature of our beer production and sales, these figures underestimate capacity utilization during peak months.</FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></P></TD></TR>

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   <TD width="99%" colSpan=5 align=left>

   <P align=justify><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3) Facility size equals total built area including warehousing logistics activities.</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our installed vinification and storage capacity is shown in the table below:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Installed Vinification </FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Storage Capacity in Tank<FONT style="FONT-SIZE: 10pt" face=Arial>s</FONT></FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Facility</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Dinamic Capacity (1)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>and Barrels</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Size</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>(million liters)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>(million liters)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>(square meters)</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Wine Production Facilities</FONT></I></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Lontu&#233;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>11.6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>24,709</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Molina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>23.0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>38.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>50,307</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Totihue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0.7&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>0.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5,374</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Santa Helena</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.1&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7,134</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Tarapac&#225;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>6.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>12.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>27,481</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Vi&#241;a Mar </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>8,086</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Casa Rivas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.5&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>4,315</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Misiones de Rengo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>5.0&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7.8</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>17,174</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Chile Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>42.3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>7</FONT>8.6</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>144,580</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Finca La Celia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7.5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>7.3&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>9,675</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Tamar&#237;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.0</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2.3&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>3,418</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Argentina Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>9.5</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>9.6&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>13,093</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="75%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1): Considers on average two times utilization fermentation tank capacity.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, VSPT had a nominal filling capacity of 29,280 liters per hour at its Lontu&#233; plant, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>26,820 liters per hour at its Molina plant, 9,000 liters per hour at its Tarapac&#225; Plant, 1,050 liters per hour </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>at its Misiones de Rengo Plant and 1,500 liters per hour at its Vi&#241;a Mar Plant. At FLC in Argentina, VSPT had a nominal filling capacity of 6,000 liters per hour. </FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our installed spirits production capacity is shown in the table below:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Installed Production</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Facility Size</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Capacity (1)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(square meters)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(million liters)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Spirits Production Facilities</FONT></I><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Pisco Elqui</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.20</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12,032</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Sotaqu&#237; (2)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12,078</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Monte Patria</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt" face=Arial>1</FONT>2.54</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">33,726</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Salamanca</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.92</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8,746</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Ovalle (3)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18,028</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">16.7</FONT></B></TD>

   <TD width="25%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">84,611</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1): 26&#186;GL</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(2): Sotaqui Planta, only produced wines.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(3): Ovalle Plant is a bottling.</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="25%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>As of December 31,2010, we had a nominal bottling capacity of 10,385 liters per hour at our Ovalle Plant (18,028 square meters).</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For information regarding environmental matters, see &#8220;&#8211; Environmental Matters.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">53</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>Environmental Matters </FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 (or </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Comision Nacional del Medio Ambiente</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>, or &#8220;CONAMA&#8221;), has given the respective authorizations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN color=black face=Arial,sans-serif>Through the enactment of Law </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>N&#176;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN color=black face=Arial,sans-serif>20,417 in 2010, which amends Law </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>N&#176;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN color=black face=Arial,sans-serif>19,300, the Ministry of Environment has established itself as the new government body responsible for the development and implementation of various instruments for environmental management in relation to standards, protection of natural resources, environmental education and pollution control, among other things, gradually replacing the CONAMA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Argentina</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s breweries have been awarded the </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Certificado&nbsp;</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>de Aptitud Ambiental</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (Environmental Aptitude Certificate) which is the main document endorsing the companies environmental management in each provincial state.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>In addition, according to CCU policy and environmental targets, CCU has obtained the ISO 14001:2004 certification for the Luj&#225;n Plant, and established a plan to obtain the same certification for the Santa F&#233; Plant during 2011. Further, CCU is committed to obtaining the EcoSello certification for the Salta Plant in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The most important environmental statute in Argentina is the Hazardous Waste Act (Law N&#176;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 environmental legislation with broad and generic goals, as well as water codes and related agencies to regulate the use of water and the disposal of effluents in the water.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>By implementing</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif> the world class manufacturing program, Optimazici&#243;n de la Cadena de Abastecimiento (&#8220;OCA&#8221;), the manufacturing facilities of CCU Argentina have started implementing improvement programs aimed at reducing their water and electrical power consumption &#8211; a milestone that will benefit environmental management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Finally, the CCU Quality and Environment Corporate Management [group] has informed CCU Argentina about the need to study the effects of greenhouse gases through a carbon footprint survey, as part of its commitment to environmental management.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 4A: Unresolved Staff Comments</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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; Not applicable.&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>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 5: Operating and Financial Review and Prospects</FONT></B></H3>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Overview</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 second largest purified water producer, the third largest wine player in Chile, the second largest Chilean wine exporter, the second largest pisco producer in Chile and the third largest participant in the rum industry in Chile. 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We face certain key challenges and risks associated with our business. These risks include competition within the market place, managing operating costs and the integration and expansion of new products.&nbsp; We currently have approximately 83% 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 agreements and new products through internal development.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The analysis of our results is based on financial statements prepared in accordance with IFRS as issued by the (IASB. Since we adopted IFRS in 2009, only the three most recent years are considered in the discussion.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, we reached new historical records in sales volumes, net sales revenues and operating income, obtaining an operating income of CLP162,049 million. We had consolidated net sales of CLP838,258 million, of which 34.4% was accounted for by our beer sales in Chile, 18.7% by our beer sales in Argentina, 26.7% by our non-alcoholic beverages sales in Chile, 15.8% by wine sales, 5.2% by spirits sales and the remainder by sales of other products and/or consolidation eliminations. Our net sales revenues increased 7.9% over the prior year as we increased sales of existing products and had a higher average price per product. Operating results increased 18.0% as a result of a combination of higher gross profit partially compensated by higher expenses and the non-recurring profit generated by the sale of a property in Per&#250;. The net profit attributable to equity holders of the Parent Company decreased 13.5% mainly due to the absence of a 2009 non-recurring profit related to the sale of 29.9% of&nbsp; Aguas CCU (CLP19,920 million).</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Impact of the February 27, 2010 Earthquake and Tsunami</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On February 27, 2010, an 8.8 magnitude earthquake struck the central and south regions of Chile. The quake epicenter was located 200 miles southwest of Santiago and 70 miles north of Concepci&#243;n, Chile&#8217;s second largest city. The regions of B&#237;o B&#237;o and Maule were the most severely affected regions especially in the coastal area, which, shortly after the earthquake, was hit by a tsunami that significantly damaged cities and port facilities. The regions of Valpara&#237;so and the Santiago Metropolitan area were also severely affected. According to an initial assessment by the government of Chile, the repair of the resulting damage, excluding damage to port facilities, is likely to take between three and four years and the preliminary assessments of reconstruction costs indicate that they could total approximately US$30 billion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The February 27, 2010 earthquake&#8217;s impact on CCU&#8217;s operations related primarily to damage to infrastructure, inventory destruction and business interruptions, which was adequately covered by our insurance policies. The recovery plan and controls put in place by CCU proved to be effective and brought operations back to normality with minimal unavoidable product supply interruption.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, we had received a material portion of our total estimated losses in payouts under such policies in the amount of CLP21,722 million. As of the date of the filing of this annual report, CCU has received the total amount due from its insurance policies totaling CLP 43,478 million. This amount, received in compensation for the losses caused by the February 27, 2010 earthquake, had a CLP 12,683 million positive non-recurring effect in our financial results for the first quarter ended March 31, 2011 (such results were filed with the SEC pursuant to a Form 6-K on May 9, 2011).&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As a result of the February 27, 2010 earthquake, legislation has been passed raising the corporate income tax rate in order to pay for reconstruction following the earthquake, which may have an adverse effect on our results. The new legislation has increased the corporate tax rate from its previous rate of 17.0% to 20.0% for the income accrued in 2011. For the income accrued in 2012, the rate would decrease to 18.5% and further decrease to its current rate of 17.0% in 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Outlook.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; We had a successful 2010, particularly in light of the February 27, 2010 earthquake and its consequences. Immediately after the earthquake, CCU implemented a contingency plan seeking to maximize the demand supply for our products, despite damages to our Santiago brewery and winery installations and significant loss of inventory. The damages caused by the earthquake were (and are) adequately covered by our insurance. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Operating Results</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="72%" colSpan=6 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Year Ended December 31,</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" colSpan=2 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" colSpan=2 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="24%" colSpan=2 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT>010</FONT></P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="72%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(millions of CLP, except percentages)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Beer Chile Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>270,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>38.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>278,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>35.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>287,981</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>34.4%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Beer Argentina Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.......... &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115,187</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>16.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>137,296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>17.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>156,363</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>18.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic Beverages Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>187,071</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>26.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>201,512</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>25.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>223,476</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>26.7%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Wine Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>............................ &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>92,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>13.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>124,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>16.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>132,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>15.8%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Spirits Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(4)&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>5.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>38,830</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>5.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>43,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 5.1%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>............................................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp; 6,402</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 0.9%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; ( 3,988)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; (0.5)%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; ( 5,072)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; (0.6)%</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total................................................... </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>710,189</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>100.0%</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>776,544</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>100.0%</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>838,258</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>100.0%</FONT></U></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Operating result</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Beer Chile Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>74,896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>60.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>77,191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>56.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>85,295</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>52.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Beer Argentina Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.......... &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10,627</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>8.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>17,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>12.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22,028</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>13.6%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic Beverages Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>21,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>17.4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>24,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>18.0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32,364</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>20.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Wine Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>............................ &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>10,304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>8.3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>12,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>8.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10,256</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>6.3%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Spirits Segment </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(4)&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>6,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>4.9%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>6,421</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>4.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>6,409</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>4.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other </FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>............................................. &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; 515</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 0.4%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (&nbsp;&nbsp;&nbsp; 464)</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; (0.3)%</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5,698</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>3.5%</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total................................................... </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>123,990</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>100.0%</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;137,382&nbsp;</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>100.0%</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162,049</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=Arial,sans-serif>100.0%</FONT></U></B></P></TD></TR>

<TR height=0>

   <TD width="28%">&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD>

   <TD width="12%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.05pt; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) Includes sales of beer, beer by-products and other products such as malt, spent grain and yeast.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2) Includes sales of carbonated and non-carbonated soft drinks, nectar, mineral and purified water, sports and energy drinks, tea</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>and related merchandise.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3) Includes sales of wine, by-products and other products such as labels and corks.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -35.8pt; MARGIN: 0cm 0cm 0pt 35.8pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(4) Includes sales of pisco, cocktails, rum and by-products.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-INDENT: -35.8pt; MARGIN: 0cm 0cm 0pt 35.8pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(5) Includes the operating income of the plastic bottle and caps&nbsp; division, non recurring items&nbsp; and consolidation eliminations.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>57</FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader64"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="28%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="24%" colSpan=2 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Year Ended December 31,</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="24%" colSpan=2 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2008</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="24%" colSpan=2 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2009</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="24%" colSpan=2 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2010</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="72%" colSpan=6 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(millions of CLP, except percentages and sales volume data)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net sales</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">710,189</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">100.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">776,544</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">100.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">838,258</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">100.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Cost of goods sold</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(335,579)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(47.3%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(365,098)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(47.0%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(383,813)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(45.8%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Gross profit</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">374,610</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">52.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">411,446</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">53.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">454,445</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">54.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other operating income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">472</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(473)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.1%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8,263</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.0%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">MSD&amp;A</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(251,092)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(35.4%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(273,591)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(35.2%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(300,659)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(35.9%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Operating result</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">123,990</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">17.5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">137,382</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">17.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">162,049</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net financing expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(4,797)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.7%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(10,367)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1.3%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(8,288)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1.0%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Results of indexed units</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(15,626)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(2.2%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4,190</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.5%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(5,080)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.6%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Exchange rate differences</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(866)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.1%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1,390)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.2%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1,401)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.2%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Share of profits of associates &amp; joint</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,564</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,349</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">966</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">ventures</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,563</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21,925</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD style="TEXT-INDENT: 1px" width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">655</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Other gains/(losses)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">105,827</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">153,089</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">147,593</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">17.6%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Income before taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Income taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(10,524)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1.5%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(11,724)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1.5%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(27,656)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(3.3%)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Net profit for the year</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">95,303</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">141,365</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">119,937</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">14.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Attributable to:</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Equity Holders of Parent Company</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">90,414</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">128,037</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">16.5%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">110,700</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD>

   <TD width="12%" align=right><U><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></U></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Minority Interest</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4,890</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">13,328</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9,237</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.1%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Sales volume (1):</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Beer (Chile) (2)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">516.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">507.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">514.8</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Beer (Argentina)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">363.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">391.6</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">414.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Non-alcoholic beverages</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">577.7</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">600.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">659.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Wine (3)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">101.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">122.0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">128.5</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Spirits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT> <FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21.1</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.9</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21.2</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT style="FONT-FAMILY: arial"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1)</FONT><FONT style="FONT-SIZE: 8pt">In millions of liters.</FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="52%" colSpan=3 align=left><FONT style="FONT-FAMILY: arial"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2)</FONT><FONT style="FONT-SIZE: 8pt">Free samples for promotions are considered in sales volume.</FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=3 width="100%" colSpan=7 align=left>

   <P align=justify><FONT style="FONT-FAMILY: arial"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3)</FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">&nbsp;</FONT>Includes sales of wine in Argentina for the domestic market, which equaled 1.4 million liters in 2008, 2.1 million liters in 2009 </FONT></FONT><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">and 2.9 million liters in 2010; wine exports from Argentina, totaling 4.8 million in 2008, 7.0 million in 2009 and 5.8 million in </FONT><FONT style="FONT-FAMILY: arial">2010; and bulk sales export in Chile and Argentina of 9.2 million liters in 2008, 11.5 million in 2009 and 9.5 million in 2010.</FONT><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></P></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>FISCAL YEAR ENDED DECEMBER 31, 2010 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2009</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif><FONT style="COLOR: #000000"><SUP><FONT style="FONT-SIZE: 10pt">1</FONT></SUP></FONT></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The major occurrences of the fiscal year ended 2010 were: (a) the February 27, 2010 earthquake, which damaged our production capacity in our brewery located in Santiago and in some wineries and caused inventory losses in several different categories. As a result of the earthquake, an inevitable and temporary shortage in our supply of beer allowed our competitors to gain some market share, resulting in a 2.5% decrease in our market share. (b) The Chilean peso was on average 8.8% stronger than the U.S. dollar, setting a negative scenario for exports, though a positive one for buying commodities and other raw material imports. (c) Private consumption experienced a strong acceleration due to increasing employment rates after the February 27, 2010 earthquake. (d) increased competition in the one-way packaging and premium products market.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, the earthquake had no net income statement effect, as the amount of the expenses and impairment of assets related to the earthquake were offset by identical amounts for insurance recoveries that were considered virtually certain under IAS 37. See Note 36 to the financial statements for further discussion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net Sales</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net sales were CLP838,258 million in 2010, compared to CLP776,544 million in 2009, representing a 7.9% increase, primarily due to higher sales volumes and higher per unit prices in all segments.&nbsp; The net sales performance of each of our business segments during 2010 is described below:</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif><SUP><FONT style="COLOR: #000000; FONT-SIZE: 10pt">1</FONT></SUP></FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Segment analysis excludes &#8220;Other/eliminations&#8221; data.</FONT></P><FONT lang=PT-BR></FONT></DIV></HR>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>58</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; Our net sales of beer in Chile increased 3.5% to CLP287,981 million in 2010, from CLP278,170 million in 2009. Such increase resulted primarily from a 2.4% increase in unit price and a 1.5% increase in sales volume.&nbsp; Higher sales volumes, despite the initial negative impact of the February 27, 2010 earthquake in Chile, were primarily a result of the domestic private consumption acceleration, as well as the company&#8217;s proper sales execution. The higher per unit price of our products is a result of the price increase in premium and one-way packaging towards the end of 2010, and of a sales mix that included more premium beverages. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; Our net sales of beer in Argentina increased 13.9% to CLP156,363 million in 2010, from CLP137,296 million in 2009.&nbsp; This increase was due to 5.8% higher beer sales volume and 6.6% increase in per unit price, measured in Chilean pesos. The higher beer sales volume&nbsp; was a result of a slightly higher market share and better penetration of our products. Higher per unit prices were primarily a result of price increases implemented during 2010 to compensate for increased costs and expenses, as well as a higher incidence of direct sales in our sales mix.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our net sales of non-alcoholic beverages increased 10.9% to CLP223,476 million in 2010, from CLP201,512 million in 2009.&nbsp; This increase in sales was due to a 9.8% increase in sales volume and 0.9% increase in unit price, on average. Higher sales volume are a result of increases of 8.9%, 16.9% and 8.3% in carbonated soft drinks, nectars and water volumes, respectively, as a result of increased consumption after the </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>February 27, 2010</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> earthquake, slightly higher market share, and effective sales execution. Unit price for carbonated soft drinks increased by 1.8%, however unit price for nectars and water decreased by 0.2% and 3.1%, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; Our net sales of wine increased 6.1% to CLP132,293 million in 2010, from CLP124,726 million in 2009.&nbsp; The increase in sales is due to a 9.3% increase in sales volume and a 0.5% decrease in unit prices.&nbsp; The increase in sales volume was the result of a 9.5% increase in Chilean domestic volume and 11.2% increase in Chilean exports, which was offset by a 5.4% decrease in volume in&nbsp; Argentina. The decrease in unit prices is due to 7.2% lower unit prices in Chilean exports, expressed in Chilean currency. Lower unit prices in Chilean exports are a result of&nbsp; the appreciation of the local currency vis-&#224;-vis the currencies of the exports&#8217; destination countries. Domestic wine and Argentine wine average prices, also expressed in Chilean pesos, were 11.9% and 4.8% higher, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our net sales of spirits increased 11.3% to CLP43,218 million in 2010, from CLP38,830 million in 2009. This increase in sales is due to a 6.7% increase in sales volume and a 1.2% increase in per unit price due a sales mix that included more premium beverages.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Cost of Goods Sold</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>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 2010 was CLP383,813 million, compared to CLP365,098 million in 2009. As a percentage of net sales, cost of goods sold was 45.8% in 2010 and 47.0% in 2009. Our cost of goods sold for each business segment during 2010 is described below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our Chilean beer segment decreased 0.3% to CLP113,816 million in 2010, from CLP114,108 million in 2009.&nbsp; This decrease was due to a stronger Chilean peso and lower costs for some raw materials in U.S. dollars, compensating for the higher sales mix of premium and one-way products, which tend to have a higher production cost.&nbsp; Cost of goods sold as a percentage of net sales decreased from 41.0% in 2009 to 39.5% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our Argentine beer segment increased 8.8% to CLP66,543 million in 2010, from CLP61,154 million in 2009, due to inflationary costs pressures. Cost of goods sold as a percentage of net sales decreased from 44.5% in 2009 to 42.6% in 2010, primarily a result of higher average prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our non-alcoholic beverage segment increased 7.5% to CLP108,666 million in 2010, from CLP101,075 million in 2009. This increase was due to higher sales </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>volume, given that the unitary cost of our goods was lower than in 2009. Cost of goods sold as a percentage of net sales decreased from 50.2% in 2009 to 48.6% in 2010.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our wine segment increased 7.7% to CLP83,876 million in 2010, from CLP77,855 million in 2009.&nbsp; This increase was primarily a result of higher cost of wine used as raw material in 2010, due to the scarcity created by the wine losses after the February 27, 2010 earthquake and a colder than usual spring. Cost of goods sold as a percentage of net sales increased from 62.4% in 2009 to 63.4% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our spirits segment increased 9.8f% to CLP22,622 million in 2010, from CLP20,602 million in 2009 as a result of an increase in the costs of raw materials driven by the </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>February 27, 2010 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>earthquake.&nbsp; Cost of goods sold as a percentage of net sales decreased from 53.1% in 2009 to 52.3% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Gross Profit</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Our gross profit increased 10.5% to CLP454,445 million in 2010, from CLP411,446 million in 2009.&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 53.0% in 2009 to 54.2% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Marketing and Selling, Distribution and Administrative Expenses</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Our marketing and selling, distribution and administrative expenses (&#8220;MSD&amp;A&#8221;) 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 9.9% in 2010 to CLP300,659 million, from CLP273,591 million in 2009.&nbsp; As a percentage of net sales, our MSD&amp;A increased from 35.2% in 2009 to 35.9% in 2010. The MDA&amp;A performance of each business segment during 2010 is described below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Chile:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; The MSD&amp;A of our Chilean beer segment increased 3.6% to CLP89,203 million in 2010, from CLP86,072 million in 2009.&nbsp; The increase in MSD&amp;A is primarily attributable to higher marketing and distribution expenses. The higher marketing expenses were related to the introduction of a new image for the Cristal brand, which started in 2009, the activities surrounding the 2010 Soccer World Cup in South Africa and the bicentennial celebration of Chile&#8217;s independence. As a percentage of net sales, our MSD&amp;A increased from 30.9% in 2009 to 31.0% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Argentina:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; The MSD&amp;A of our Argentine beer segment increased 15.6% to CLP68,006 million in 2010, from CLP58,814 million in 2009.&nbsp; The increase in MSD&amp;A is primarily due to higher distribution expenses, higher investment in marketing and higher personnel expenses, all related to inflationary pressures.&nbsp; As a percentage of net sales, our MSD&amp;A increased from 42.8% in 2009 to 43.5% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; The MSD&amp;A of our non-alcoholic beverage segment increased 9.6% to CLP82,745 million in 2010, from CLP75,503 million in 2009. This increase is primarily due to higher distribution expenses.&nbsp; As a percentage of net sales, our MSD&amp;A for this segment decreased from 37.5% in 2009 to 37.0% in 2010, primarily as a result of the dilution of fixed expenses due to higher sale volumes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; The MSD&amp;A of our wine segment increased 9.5% to CLP38,372 million in 2010, from CLP35,055 million in 2009.&nbsp; This increase in MSD&amp;A is primarily related to higher volumes. As a percentage of net sales, our MSD&amp;A for this segment increased from 28.1% in 2009 to 29.0% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits:&nbsp; </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The MSD&amp;A of our spirits segment decreased 21.7% to CLP14,368 million in 2010, from CLP11,802 million in 2009.&nbsp; This decrease in MSD&amp;A is primarily due to higher marketing and distribution expenses, after bringing the marketing rate to historical normal levels. As a percentage of net sales, our MSD&amp;A for this segment increased from 30.4% in 2009 to 33.2% in 2010.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other Operating Income/(expenses)</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The other operating income/(expenses) increased in 2010 resulting in a net income of CLP1,472 million, as compared to a net expense of CLP473 million in 2009. With the exception of the wine segment, all segments contributed to the positive variance. In 2010, we recorded a non-recurring profit of CLP6,791 million generated in the sale of a property in Per&#250;, which was not allocated to any business segment.&nbsp;&nbsp;&nbsp; </FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Operating Result</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our operating result increased 18.0% in 2010 to CLP162,049 million, as compared to CLP137,382 million in 2009, including the described non-recurring profit. As a percentage of net sales, operating result increased from 17.7% in 2009 to 19.3% in 2010. Excluding non-recurring profit, the operating result would have increased 13.0% and, as a percentage of net sales, would have increased 0.8%. The operating result performance of each of our business segments during 2010 is described below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our Chilean beer segment increased 9.7% to CLP85,295 million in 2010, from CLP77,191 million in 2009.&nbsp; Our operating margin for this segment increased from 27.7% in 2009 to 29.6% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our Argentine beer segment, measured in Chilean pesos, increased 27.1% to CLP22,028 million in 2009, from CLP17,328 million in 2009.&nbsp; The results of this business segment are affected by the fluctuation of the Chilean peso vis-&#224;-vis the Argentine peso, taking into account the Chilean peso as functional currency, when IFRS was adopted. Our operating margin for this segment increased from 12.6% in 2009 to 14.1% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our non-alcoholic beverage segment increased 31.1% to CLP32,364 million in 2010, from CLP24,686 million in 2009. Our operating margin for this segment increased from 12.3% in 2009 to 14.5% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our wine segment decreased 16.1% to CLP10,256 million in 2010, from CLP12,220 million in 2009.&nbsp; Our operating margin for this segment decreased from 9.8% in 2009 to 7.8% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Spirits:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our spirits segment decreased 0.2% to CLP6,409 million in 2010, from CLP6,421 million in 2009. Our operating margin for this segment decreased from 16.5% in 2009 to 14.8% in 2010.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net Financing Expenses</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net financing expenses decreased 20.1% to CLP8,288 million in 2010 as compared to CLP10,367 million in 2009.&nbsp; This decrease is primarily due to a higher level of financial debt in 2009 as a result of the refinancing of a USD$100 million loan that was originally due in November 2009 and the acquisition of Vi&#241;a Tarapac&#225;.. We improved our liquidity by offering local bonds in April 2009.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Share of profits of associates and joint ventures </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU has 50% participation in each of the following companies: Cervecer&#237;a Austral S.A., Foods, Vi&#241;a Valles de Chile S.A. and Promarca. The share of the profit in the referred companies decreased 13.7% to CLP966 million in 2010, from CLP1,349 million in 2009.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Result of indexed units and Exchange rate differences</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The adjustment units applied to our liabilities due to Chilean inflation and foreign exchange fluctuations resulted in a net loss of CLP6,481 million in 2010, as compared to a net profit of CLP2,800 million in 2009. These results are largely due to the effect of a negative 2.3% inflation rate in 2009, compared to a positive inflation rate of 3.0% in 2010, over the Company&#8217;s UF</FONT><FONT><FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif><SUP><FONT style="COLOR: #000000; FONT-SIZE: 10pt">2 </FONT></SUP></FONT></FONT></FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>denominated liabilities, despite the lower average UF liability balances held in 2010.&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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other gains (losses) net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our other gains decreased from a net gain of CLP21,925 million in 2009 to a net loss of CLP655 million in 2010. The change is largely explained by the CLP24,439 million result before taxes generated from the sale of 29.9% of Aguas CCU in 2009. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif><SUP><FONT style="COLOR: #000000; FONT-SIZE: 10pt">2</FONT> </SUP></FONT></FONT></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>The Unidad de Fomento (UF) is a monetary unit expressed in Chilean pesos, whose value is indexed to the Chilean inflation. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Income taxes</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our income taxes for 2010 amounted to CLP27,656 million, translating into an effective consolidated tax rate of 18.7%. Income taxes in 2009 amounted to CLP11,724 million translating into an effective consolidated tax rate of&nbsp; 7.7%.&nbsp; In 2009, our effective consolidated tax rate was lower than the Chilean statutory rate of 17%, primarily due to a reduction in our income tax due to an investment restructuring and non-taxable income generation.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit of the year</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net profit for 2010 decreased 15.2% from CLP141,365 million in 2009 to CLP119,937 million in 2010, primarily as a result of the lack of the non-recurrent profit generated in 2009 due to the sale of 29.9% of Aguas CCU and the effect of a positive inflation rate in 2010 on our UF denominated net liabilities, as compared to the deflation experienced through 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit attributable to equity holders of parent company</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net profit attributable to equity holders of our parent company decreased 13.5% from CLP128,037 million in 2009 to CLP110,700 million in 2010 for the reasons explained in the preceding paragraphs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit attributable to minority interest</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Minority interest decreased from CLP13,328 million in 2009 to CLP9,237 million in 2010. This decrease was primarily due to lower results in Aguas CCU, VSPT and CPCh, partially compensated by better results in&nbsp; Cervecera Kunstmann S.A., and CCU Argentina, coupled with the decrease in our ownership stake of Aguas CCU.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>FISCAL YEAR ENDED DECEMBER 31, 2009 COMPARED TO FISCAL YEAR ENDED DECEMBER 31, 2008</FONT><FONT style="COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><SUP>3</SUP></FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net Sales</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net sales were CLP776,544 million in 2009 compared to CLP710,189&nbsp; million in 2008, representing a 9.3% increase, which is primarily 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; Our net sales of beer in Chile increased 3.0% to CLP278,170 million in 2009, from CLP270,058 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 primarily 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; Our net sales of beer in Argentina increased 19.2% to CLP137,296 million in 2009, from CLP115,187 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 Luj&#225;n and also to a 0.9% organic growth. Higher prices were primarily due to price increases implemented during the year and a higher premium product mix.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our net sales of non-alcoholic beverages increased 7.7% to CLP201,512 million in 2009, from CLP187,071 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>

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<DIV style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; Our net sales of wine increased 34.6% to CLP124,726 million in 2009, from CLP92,671 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>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 prices in the domestic market, Chilean exports and Argentine wine, respectively.</FONT> </DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><SUP>3</SUP></FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Segment analysis excludes &#8220;Other/eliminations&#8221; data.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; Our net sales of spirits [increased] 0.1% to CLP38,830 million in 2009, from CLP38,799 million in 2008. This increase 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 primarily due to consumer&#8217;s habit changes towards other imported liquor.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Cost of Goods Sold</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>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 CLP365,098 million compared to CLP335,579 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our Chilean beer segment increased by 2.6% to CLP114,108 million in 2009, from CLP111,191 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our Argentine beer segment increased by 9.9% to CLP61,154 million in 2009, from CLP55,623 million in 2008. Cost of goods sold as a percentage of net sales decreased from 48.3% in 2008 to 44.5% in 2009, primarily due to higher volumes and costs of raw materials, higher personnel and energy costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our non-alcoholic beverage segment increased by 7.5% to CLP101,075 million in 2009, from CLP93,993 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our wine segment increased by 44.5% to CLP77,855 million in 2009, from CLP53,891 million in 2008.&nbsp; This increase was primarily 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; Our cost of goods sold for our spirits segment increased by 0.5% to CLP20,602 million in 2009, from CLP20,502 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, primarily due to the lower costs of grapes in 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Gross Profit</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Our gross profit increased 9.8% to CLP411,446 million in 2009, from CLP374,610 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Marketing and Selling, Distribution and Administrative Expenses</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Our 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 CLP273,591 million, from CLP251,092 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Chile:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; The MSD&amp;A of our Chilean beer segment increased 3.2% to CLP86,072 million in 2009, from CLP83,434 million in 2008.&nbsp; The increase in MSD&amp;A is primarily due to higher distribution expenses and marketing investment in relation to the launching of Cristal&#8217;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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Beer Argentina:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; The MSD&amp;A of our Argentine beer segment increased 19.3% to CLP58,814 million in 2009, from CLP49,297 million in 2008.&nbsp; The increase in MSD&amp;A is primarily 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>: The MSD&amp;A of our non-alcoholic beverage segment increased 5.6% to CLP75,503 million in 2009, from CLP71,466 million in 2008. This increase is primarily 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, primarily due to the dilution of fixed expenses as a result of higher sale volumes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Wine</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; The MSD&amp;A of our wine segment increased 21.1% to CLP35,055 million in 2009, from CLP28,939 million in 2008.&nbsp; This increase in MSD&amp;A is primarily 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Spirits</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>:&nbsp; The MSD&amp;A of our spirits segment decreased 2.1% to CLP11,802 million in 2009, from CLP12,053 million in 2008.&nbsp; This decrease in MSD&amp;A is primarily 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other Operating Income/(expenses)</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Other operating income/(expenses) decreased in 2009 to a net expense of CLP473 million as compared to an income of CLP472 million in 2008. The negative variation was originated in the segments Beer Chile (CLP261 million), Beer Argentina (CLP359 million), non-alcoholic beverages (CLP268 million) and Wine (CLP60 million), whereas in the Spirits segment the variation was positive CLP224 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Operating Result</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our operating result increased by 10.8% in 2009 to CLP137,382 million as compared to CLP123,990 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Chile</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our Chilean beer segment increased by 3.1% to CLP77,191 million in 2009, from CLP74,896 million in 2008.&nbsp; Our operating margin for this segment remained at 27.7%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Argentina</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our Argentine beer segment, measured in Chilean pesos, increased by 63.1% to CLP17,328 million in 2009, from CLP10,627 million in 2008.&nbsp; The results of this business segment are affected by the fluctuation of the Chilean peso vis-&#224;-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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic beverages</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our non-alcoholic beverage segment increased by 14.1% to CLP24,686 million in 2009, from CLP21,633 million in 2008. Our operating margin for this segment increased from 11.6% in 2008 to 12.3% in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our wine segment increased by 18.6% to CLP12,220 million in 2009, from CLP10,304 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Spirits:</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>operating result from our spirits segment increased by 6.7% to CLP6,421 million in 2009, from CLP6,016 million in 2008. Our operating margin for this segment increased from 15.5% in 2008 to 16.5% in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net financing expenses</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net financing expenses increased 116.1% to CLP10,367 million in 2009 as compared to CLP4,797 million in 2008.&nbsp; This increase is primarily due to a higher level of financial debt caused by the early procurement of the refinancing of a USD$100 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Share of profits of associates and joint ventures </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU has 50% participation in each of the following companies: Cervecer&#237;a Austral S.A., Foods, Vi&#241;a Valles de Chile S.A. and Promarca and the share of the profit in the referred companies decreased 13.7% to CLP1,349 million in 2009, from CLP1,564 million in 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Result of indexed units and Exchange rate differences</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 CLP2,800 million in 2009, as compared to a net loss of CLP16,492 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&#8217;s UF</FONT><FONT><FONT><FONT style="LETTER-SPACING: -0.1pt; COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><SUP>4</SUP></FONT></FONT></FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other gains (losses) net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our other gains, including the immediately recognized negative goodwill presented in a separate line in 2008,&nbsp; increased from a net profit of CLP1,563 million in 2008 to a net gain of CLP21,925 million in 2009. The CLP20,362 million variance is largely explained by the CLP24,439 million result before taxes generated with the sale of 29.9% of Aguas CCU in 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Income taxes</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our income taxes for 2009 amounted to CLP11,724 million, translating into an effective consolidated tax rate of 7.7%. Income taxes in 2008 amounted to CLP10,524 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%, primarily due to a reduction in our income tax resulting from an investment restructuring and from non-taxable income generation.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit of the year</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net profit of the year increased 48.3% from CLP95,303 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 and a favorable financial position vis-&#224;-vis a negative inflation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit attributable to equity holders of parent company</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our net profit attributable to equity holders of our parent company increased 41.6% from CLP90,414 million to CLP128,037 million for the reasons explained in the preceding paragraph.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net profit attributable to minority interest</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Minority interest increased from CLP4,890 million in 2008 to CLP13,328 million in 2009. This increase was primarily due to better results in Aguas CCU, CPCh, Cervecera Kunstmann S.A., VSPT and CICSA, coupled with a participation decrease in Aguas CCU</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Liquidity and Capital Resources</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Our main source of liquidity has been cash generated by our operating activities, which amounted to CLP150,844 million and CLP159,265 million during 2009 and 2010, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>In 2010, our cash flows provided by operating activities totalled CLP159,265 million. The main component of cash flows generated by operating activities in 2010 were amounts collected from clients net of payment to suppliers of CLP365,609 million compared to CLP392,971 million in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>In 2010, our cash flows used in financing activities totalled CLP79,364 million compared to CLP37,057 million in 2009. The main components of cash flows used in financing activities consisted of dividends paid of CLP72,371 million and repayment of bank borrowings of CLP7,038 million, partially offset by </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>proceeds from short-term borrowings of CLP8,571 million. In 2009, payments of cash dividends were CLP50,710 million and repayment of bank borrowings was CLP97,608 million and there were no proceeds from short-term borrowing, however the proceeds from long-term borrowings were CLP118,032 million.</FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="COLOR: #000000; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><SUP>4</SUP></FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>The Unidad de Fomento (UF) is a monetary unit expressed in Chilean pesos, whose value is indexed to the Chilean inflation. </FONT></P><FONT lang=PT-BR></FONT></DIV></HR>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>65</FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>In 2010, our cash used in investment activities totalled CLP65,348 million compared CLP30,732 million in 2009. The main components of cash used in investment activities in 2010 consisted of capital expenditures of CLP64,396 million and payments made to obtain control of subsidiaries or other businesses of CLP10.646 million, partially offset by the proceeds from sale of assets of CLP11,162 (primarily attributable to the one time cash flow of CLP10,953 million on the Peru site sale, sale profit net of tax was paid in Peru).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>There are no material restrictions, either legal or economic, that would limit our ability to transfer funds (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>i.e.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>, dividends, loans, or advances) from our subsidiaries to us.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2010, we had CLP77,411 million in cash, time deposits and marketable securities, which does not include CLP74,203 million corresponding to readjustable promissory notes issued by the Central Bank and purchased under resale agreements. Indebtedness, including accrued interest, amounted to CLP225,308 million as of December 31, 2010. Short-term indebtedness included:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP5,829 million of short-term bank borrowings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP5,087 million of bonds payable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP431 million of financial lease obligations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2010, long-term indebtedness, excluding the current portion, comprised:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP42,722 million of long-term obligations to banks, and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP155,813 million of long-term obligations to the public represented by bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=SymbolMT>&#8226; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>CLP15,426 million of long-term financial lease obligations.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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 CLP104,188 million in order to refinance a previous loan of CLP30.000 million and the US$100 million syndicated loan due in November 2009. The conditions of the bonds are as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>&#8220;I&#8221; Series</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>&#8220;H&#8221; Series</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>UF amount</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>3 million</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>2 million</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Term</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>5 years</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>21 years</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Duration</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>4.63 years</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>11.5 years</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Amortization</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Bullet</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Since year 11</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Interest Rate</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>UF+3.00%</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>UF+4.25%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2010, some of our outstanding debt instruments required that we maintain certain financial ratios. The most significant covenants required us to maintain a consolidated interest coverage ratio (the ratio of operating result (&#8220;EBIT&#8221;) 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 adjusted liabilities to adjusted equity) equal or lower than 1.50 to 1.00 in CCU, 1.20 to 1.00 in VSPT and 2.00 to 1.00 in CPCh; a minimum consolidated equity of CLP312,516.75 million, of CLP83,337.8 million in VSPT and of UF700 thousand (CLP15,019 million as of Dec 31, 2010) in CPCh; and a maximum indebtedness ratio of&nbsp; less than 3.00 to 1:00 from financial liabilities (bank loans, notes, and leasing obligations) to EBITDA. Furthermore, we were required to maintain a ratio of our unpledged assets over our unsecured liabilities of at least 1.2. The definition of, and calculation mechanics for, all covenants were established when we first entered into these debt instruments, and were based on Chilean GAAP, which are no longer in use since the Company adopted IFRS, as issued by the IASB. For that reason, the Company in 2010 adapted, with the consent of its creditors, these requirements to the new accounting standards and principles.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6</FONT></FONT></P></DIV></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>At December 31, 2010, we met all our financial debt covenants and had a consolidated interest coverage ratio of 18.79 to 1, a consolidated leverage ratio of 0.77 to 1. The consolidated adjusted equity attributable to equity holders of the parent company as of December 31, 2010 was CLP542,531 million. Our indebtedness ratio was 1.16 and the ratio of unpledged assets over unsecured liabilities was 2.3, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>None of our indebtedness, or that of our subsidiaries, contains any term that restricts our ability to pay dividends other than the requirement to maintain a minimum consolidated equity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>The following table summarizes debt obligations held by us as of December 31, 2010. 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>

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<TR style="HEIGHT: 12.75pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest - Bearing Debt as of December&nbsp; 31, 2010 &#8211; Cash flow</FONT></U></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(millions of CLP, except percentages)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Contractual Maturity Date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 200%; FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Fixed Rate</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Average Int. Rate</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2011</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2013</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2014</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2015</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Thereafter</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TOTAL</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CLP (UF) <SUP>(1)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9,344</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9,199</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>72,461</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6,991</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>100,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>207,551</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CLP (UF)<SUP> (1)</SUP></FONT><SUP><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,056</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>11,975</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,155</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>29,327</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>46,964</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD></TR>

<TR style="HEIGHT: 16.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Argentine pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>14.5%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD></TR>

<TR style="HEIGHT: 8.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>17,063</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>21,319</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>10,459</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>73,652</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>8,146</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>129,394</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>260,033</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Variable Rate</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Averge Int. Rate</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2011</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2013</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2014</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2015</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Thereafter</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>TOTAL</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 18pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>US$ <SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Banks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0.7%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>354</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>33,468</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>33,823</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>354</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>33,468</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>33,823</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>A UF (</FONT><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Unidad de Fomento</FONT></I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>) is a daily indexed, peso-denominated monetary unit. The UF is set daily in advance based on the previous month's inflation rate.</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Includes&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>banks and financial institutions.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 18.65pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(3) Includes the US$70 million syndicated loan, which is hedged through cross-currency interest rate swap agreements. As of December 31, 2010, LIBOR was applied until maturity.&nbsp;&nbsp; </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>To hedge our market risks, we hold debt obligations in various currencies and enter into derivatives contracts.&nbsp; See &#8220;Item 11: Quantitative Information about Market Risk.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010, we had invested CLP122,293 million in Chilean peso related instruments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010:</FONT></P>

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<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 21.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.5pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Short-Term Financial Instruments</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(millions of CLP)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Time deposits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; 45,789</FONT></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Marketable securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2,301</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Repos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; 74,203</FONT></U></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="60%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>122,293</FONT></U></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Capital Expenditures Commitments</FONT></B></H5>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our plans for capital expenditures through 2014 period are displayed in the following table:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2014</FONT></U></I></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Business Unit</FONT></U></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2011</FONT></U></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2012</FONT></U></I></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><U><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>2013</FONT></U></I></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>(millions of CLP)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Beer Chile</FONT></I></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>16,217</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>43,979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>11,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>5,544</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>10,663</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,095</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,037</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,301</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,672</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,717</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,763</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Software and hardware</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>86</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>86</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>128</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>27,950</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>57,816</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>21,126</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>15,312</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Beer Argentina</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,861</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>10,581</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>11,372</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,677</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>5,354</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,973</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,973</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,973</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,742</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,742</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,742</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Software and hardware</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>504</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>69</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>70</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>74</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>13,007</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>16,634</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>17,637</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>13,535</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Non-alcoholic beverages</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>29,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>9,687</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,198</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,569</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,804</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,560</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,441</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Software and hardware</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>465</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>305</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>714</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>17,173</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>41,379</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>18,249</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>20,438</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Wine</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,083</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>4,036</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,437</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,241</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,113</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,547</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,620</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,697</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Software and hardware</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>144</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>146</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>147</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,904</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>1,202</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>884</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>7,136</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,895</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>6,405</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>8,969</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Spirits</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Machinery and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>2,640</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>792</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>375</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Packaging</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>171</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Marketing assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Software and hardware</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>411</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>3,374</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>792</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>770</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>375</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Others</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>44,919</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>30,757</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>27,982</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>15,284</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>Total</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>113,559</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>154,272</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>92,167</FONT></I></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif>73,911</FONT></I></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=Arial></FONT>&nbsp;</P>

<a name="_bclFooter74"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>68</FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_75"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>During the years 2011 through 2014, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0.2pt 6pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0.2pt 6pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Contractual Obligations</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0.2pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table summarizes our known contractual obligations as of December 31, 2010:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0.2pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 72pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="67%" colSpan=5>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Payments due by period</FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(unaudited, in millions of CLP)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 1.75pt 0pt 0cm"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contractual Obligations</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 3.75pt 0pt 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 3.65pt 0pt 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Less than 1 year</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 4.1pt 0pt 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1-3 years</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 8.7pt 0pt 0cm" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3-5 years</FONT></I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: -4.45pt; MARGIN: 0cm 4.5pt 0pt 4.45pt" align=center><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>More than 5 years</FONT></I></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 2pt 1.45pt 2pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Long-Term Debt Obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>259,322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.9pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.9pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>63,126</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 5.3pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>79,706</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.9pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>100,132</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 2pt 1.45pt 2pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capital Lease Obligations </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>34,533</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2,120</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2,092</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29,261</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 2pt 1.45pt 2pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Operating Lease Obligations </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>121,443</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>40,919</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>34,651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14,670</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31,204</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 2pt 1.45pt 2pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Purchase Obligations </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>188,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>34,080</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>34,080</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>48,323</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>51,484</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 2pt 1.45pt 2pt 0cm"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>603,314</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>112,466</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>133,976</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>144,790</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 6.45pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>212,081</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes our obligation to lease our new headquarter building (see Note [26] to the financial statements). </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes real state property, vineyards and warehouse leases, as well as marketing contracts.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes raw material purchase contracts.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Off Balance Sheet Arrangements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>made guarantees;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a retained or a contingent interest in transferred assets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>an obligation under derivative instruments classified as equity; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 34 to our audited consolidated financial statements for a more detailed discussion of contingencies, including guarantees.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Research and Development</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 and enhancement 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 &#8220;state of the art&#8221; 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. The 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 &#8220;Item 6: Directors, Senior Management and Employees&#8221; and &#8220;Item 7: Major Shareholders and Related Party Transactions.&#8221;&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 &#8220;Item 4: Information on the Company &#8211; Our Business &#8211; Business Overview &#8211; Our Beer Business &#8211; Our Beer Business in Argentina &#8211; Beer Production and Marketing in Argentina.&#8221;</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Critical Accounting Policies and Practices</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s subjective judgments. The most critical accounting polices and estimates are described below. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a) Property, plant, equipment and bottles: </FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s judgment regarding appropriate capitalization or expensing of costs related to fixed assets, and the evaluation of potential impairments, if any. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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&#8217;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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LAYOUT-GRID-MODE: both; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b) Goodwill, impairment of goodwill and intangible assets other than goodwill: </FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 and 2.15.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>c) Deposits on bottles and containers</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp; </FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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 2.21.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>d) Severance Indemnities:</FONT></I></B><FONT style="LINE-HEIGHT: 12pt; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> As of December 31, 2010, 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% in Chile and 13.9% in Argentina.&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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>e) Financial instruments:&nbsp; </FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company recognizes a financial asset or liability in its balance sheet when it becomes subject to 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 value of another financial instrument of similar characteristics, (iii) discounted cash flows, and (iv) other valuation models.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The estimated losses from bad debts are determined by applying differentiated percentages, taking into account maturity factors, until reaching 100% of the balance in most of the debts older than 180 days, with the exception of those cases that in accordance with current policies, for which losses are estimated due to partial deterioration based on a case by case analysis.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Trend Information</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The Chilean economy experienced a 5.2% increase in 2010, after decreasing 1.7% in 2009, thus showing its largest expansion since 2005 and leaving behind the low expectations after the February 27, 2010 earthquake. All the economic sectors contributed to the positive results, with the exception of the fishing and industrial sectors, which showed decreased activity as a result of the February 27, 2010 earthquake. According to the statistics published by the Central Bank of Chile, as of May of 2011, the GDP growth for the year has been estimated at 6%. During 2010, on the domestic side of the economy, internal demand increased 16.4%, private consumption increased 10.4%, capital accumulation increased 18.8% (including a sharp increase in equipment of 38.5%) and investment in construction increased 1.8%. With regards to private consumption, the mentioned average of 10.4% increase was a result of a significant increase in durable goods, mostly cars and electric appliances, and a decreased in non-durable goods. On the other hand, public spending increased 3.3%. Retail activity increased 13.3%, which resulted in a quarter of the GDP growth. Economic activity after the February 27, 2010 earthquake explains the growth in retail activity that is associated with the reconstruction and restocking of goods after a natural disaster, and also the increased activity in the construction sector associated with demolition and repair expenses, which compensated for the lower investment in public works.&nbsp; The inflation rate was 3.0% in 2010 and it is expected to be higher in 2011, reaching 4.5%. Unemployment was 8.1% on average, and decreased to 7.1% in the last quarter 2011.&nbsp; We cannot assure you that our products&#8217; consumption will vary in the same proportion as the overall economic indicators</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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, 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 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 built process imported liquefied natural gas (&#8220;GNL&#8221;) started its operation in August 2009, bringing further 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>After four years of recession in Argentina, the economy stabilized in 2003, as evidenced by significant increases in consumption and in the recovery of prices in the beer industry.&nbsp; This positive trend has continued and GDP grew 7.3% per annum, on average, between 2003 and 2010, whereas inflation rate has become a burden.&nbsp; Nevertheless, </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>further recovery in Argentina will depend on deep structural reforms in many areas, including regulations in several markets, as well as the solution to the local energy crisis and an increase in investments to support current economic growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 6: Directors, Senior Management and Employees</FONT></B></H3>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Directors and Senior Management</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The following table sets forth certain information with respect to our executive officers and members of our board of directors, as of March 2011:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Directors</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Position</FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Position Held Since </FONT></U></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>At CCU Since</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Guillermo Luksic </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chairman of the Board and Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 1990 (Chairman) November 1986 (Director)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 1986</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>John Nicolson</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Vice Chairman of the Board and Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 2008 (Vice Chairman) October 2008 (Director)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>October 2008</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Andr&#243;nico Luksic </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 1986</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 1986</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Giorgio Maschietto </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2001</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2001</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Manuel Jos&#233; Noguera</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 1987</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 1987</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Carlos Olivos</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>October 2003</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>October 2003</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Philippe Pasquet</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>June 2003</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>June 2003</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Francisco P&#233;rez </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 1998</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>February 1991</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Alberto Sobredo</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2007</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Senior Management</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Position</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Position Held Since</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>At Company Since</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Patricio Jottar </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chief Executive Officer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 1998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 1998</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marcela Achurra</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Legal Affairs Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>February 2005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 1995</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Javier Bitar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Vi&#241;a San Pedro Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>January 2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 2004</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marisol Bravo </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Corporate Affairs and Public Relations Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>June 1994</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 1991</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Theodorus De Rond</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU Chile Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 2007</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pablo De Vescovi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Human Resources Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 1998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 1994</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Francisco Diharasarri</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ECUSA Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>October 2003</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>June 1985</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Roelf Duursema</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>General Comptroller</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>January 2005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 2004</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Hugo Ovando </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>C&#237;a. Pisquera de Chile Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September 1997</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Armin Kunstmann</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chairman of C&#237;a. Cervecera Kunstmann</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 2002</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 2006</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dirk Leisewitz</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Corporate Operations Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>January 2005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>December 1987</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Stephen Koljatic</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Development Manager</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>April 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>September&nbsp; 2001</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Ricardo Reyes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chief Financial Officer</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 2005</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>July 1996</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fernando Sanchis </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU Argentina Manager</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>May 1995</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>November 1994</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mr. Guillermo Luksic and Mr. Andr&#243;nico Luksic are brothers.</FONT></P>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mr. Francisco P&#233;rez was our Chief Executive Officer between 1991 and 1998.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Guillermo Luksic</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (55), 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, CCU Chile, ECUSA, CCU Argentina, Vi&#241;a San Pedro Tarapac&#225; S.A and Madeco S.A., as well as a member of the board of directors of several other companies, including IRSA, CICSA, CPCh, Banco de Chile, LQ Inversiones Financieras S.A., Antofagasta plc. and Nexans. Mr. Luksic is an active member of Centro de Estudios P&#250;blicos, a Chilean think tank and member of the board of directors of Universidad Finis Terrae.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>John Nicolson</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (57), has served as our Director since October 2008 and was appointed as Vice Chairman in November 2008. 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&#8217;s Executive Committee and a member of Edinburgh University&#8217;s Advisory Board. He received a degree in Marketing and Economics at the University of Strathclyde, Scotland, and also completed the Executive Program at Carnegie Mellon University, USA and the Directors&#8217; Forum at London Business School, United Kingdom.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Andr&#243;nico Luksic</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (57), 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 and LQIF S.A., as well as a member of the board of directors of several other companies and institutions , including Madeco S.A, Sociedad de Fomento Fabril (&#8220;SOFOFA&#8221;), Santiago Stock Exchange, and other. He serves on the International Business Leaders&#8217; Advisory Council for the Mayor of Shanghai. He is member of the Advisory Board of the Panam&#225; Canal, as well as a member of the Chairman&#8217;s Advisory Council of the Americas.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Giorgio Maschietto</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (71), 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, CPCh, 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. Mr. Maschietto presented his resignation on May 4<SUP>th</SUP>, 2011 and the Board, according to the applicable rules, designated Mr. Jorge Luis Ramos Santos as board member, until the next Shareholders meeting. Mr. Ramos (58) was appointed Deputy President for Heineken Americas in 2010. He joined FEMSA in 1996 and became CEO of FEMSA Cerveza in 2006, after serving two years as Co-CEO. Before joining FEMSA, Mr. Ramos held executive positions in various corporations and financial institutions, including Grupo ALFA and Santander. Mr. Ramos has a bachelor&#8217;s degree in Administration and Public Accounting from Tecnol&#243;gico de Monterrey and an MBA degree from the University of Pennsylvania&#8217;s Wharton School of Business.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Manuel Jos&#233; Noguera</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (61), has served as our Director since May 1987.&nbsp; He is currently Chief Legal Counsel of Qui&#241;enco and senior partner at the law firm Noguera, Larra&#237;n y Dulanto Ltda.&nbsp; He has been the legal advisor for the Luksic group for over 35 years.&nbsp; He is member of the board of several companies, including IRSA and LQ Inversiones Financieras S.A. He is also legal advisor to the Board of Madeco S.A.&nbsp; He received his law degree from the Catholic University of Chile.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Carlos Olivos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (69), 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 was member of the International Bank for Reconstruction and Development&#8217;s (World Bank) legal department, Head of the Banco Central de Chile&#8217;s legal department and Chairman of the Board at the then Banco Osorno and Banco Santiago. He received his law degree from the University of Chile and his Master&#8217;s degree in Comparative Jurisprudence from New York Univers ity Law School.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Phillipe Pasquet</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (72), 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., CICSA, VSPT, ECUSA, CCU Chile, CPCh, Foods and IRSA.&nbsp; He received degrees from the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#201;cole Sup&#233;rieure de Commerce</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> in Dijon, France, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Institut International de Commerce</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> in Paris, and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Centre Europ&#233;en d&#8217;Education Permanente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> in Fontainebleau, France.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Francisco P&#233;rez</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (53), has served as our Director since July 1998. &nbsp;He is Chief Executive Officer of Qui&#241;enco since 1998.&nbsp; Prior to joining Qui&#241;enco, he was our Chief Executive Officer between 1991 and 1998. He is member of the board of several companies, including CCU Argentina, ECUSA, VSPT, CPCh, IRSA, Madeco S.A., Banco de Chile, Banchile Corredores de Seguros S.A.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>, LQ Inversiones Financieras S.A., Foods and Compa&#241;&#237;a Sudamericana de Vapores S.A. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>He received a degree in Business Administration from the Catholic University of Chile and a Master&#8217;s degree in Business Administration from the University of Chicago.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Alberto Sobredo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (62), 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 style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>He held several positions at Coca Cola Gillette, Reckitt &amp; Colman and Unilever, where he was President and CEO of Unilever Latin America until his retirement in January 2007.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> He received a Doctorate degree in Management Sciences from the University UADE in Argentina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Patricio Jottar</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (48), has served as our Chief Executive Officer since 1998.&nbsp; He is also currently a Director of CCU Argentina, CICSA, ECUSA, VSPT, CCU Chile, Foods, Cervecer&#237;a Austral S.A., Aguas CCU and Compa&#241;&#237;a Cervecera Kunstmann S.A. and is Chairman of the Board of CPCh.&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&#8217;s degree in Economics and Business Administration from the Instituto de Estudios Superiores de la Empresa, in Barcelona, Spain.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marcela Achurra</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (45), 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Javier Bitar</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (45), 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., &#196;ltair, Vi&#241;a Misiones de Rengo, Vi&#241;a Mar, Vi&#241;a Santa Helena y Transportes CCU.&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&#8217;s and Master&#8217;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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Marisol Bravo</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (51), 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Theodorus De Rond</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (56), 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, PLASCO and Transportes CCU.&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 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pablo De Vescovi</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (58), 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. (&#8220;Embochile&#8221;), 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Francisco Diharasarri</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (50), 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, CICSA, PLASCO, Transportes CCU and Aguas CCU.&nbsp; He received a degree in Civil Engineering from the University of Chile.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Roelf Duursema</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (60), 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&#8217;s degree in Economics from the Erasmus University in Rotterdam.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Armin Kunstmann</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (58), is the Chairman of the Board of Compa&#241;&#237;a Cervecera Kunstmann S.A. (&#8220;CCK&#8221;), 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&#8217;s degree in Chemical Engineering from the University Federico Santa Mar&#237;a in Chile.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dirk Leisewitz</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (65), 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&#8217;s degree in Administration and Management from the Catholic University of Louvain in Belgium.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Hugo Ovando</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (41), is the General Manager of Compa&#241;&#237;a Pisquera de Chile and assumed the position as of April 30, 2010. He has been with us since 1997. He is also a director of Aguas CCU, CICSA, PLASCO and Transportes CCU. Prior to these positions, he was Corporate Projects Manager and Investor Relations Manager and Development Manager.&nbsp; He received a degree in Business Administration from the Catholic University of Chile and a MBA from Babson College. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Stephen Koljatic (</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35) is our Corporate Development Manager since April 2010. He joined the Company in 2001 as Finance Manager in Karlovacka Brewery in Croatia. Between 2003 and 2005 he was Corporate Strategic Planning Manager and later in 2006 he became Finance Manager at Transportes CCU. In 2007 he joined Heineken&#8217;s Group Commerce in the Netherlands in the position of Global Sales &amp; Distribution Development Manager until 2008. Prior to his current position he was Sales Manager at Comercial CCU, with responsibilities for northern Chile. Mr. Koljatic received his degree in Business Administration from the Catholic University of Chile in 1999 and an MBA from the same university in 2005.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Ricardo Reyes </FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(56), 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 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fernando Sanchis</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (50), is the General Manager of CCU Argentina and has been with us since 1995.&nbsp; Prior to joining us, he was Chief Financial Officer of Embochile, a former PepsiCo bottler and held the same position at Uruguay&#8217;s PepsiCo&#8217;s bottler.&nbsp; He received an accounting degree from the Buenos Aires University of Argentina.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010 directors are summarized in the following table:</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On January 13, 2003, the existing shareholders&#8217; agreement was amended in order to allow the Sch&#246;rghuber </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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&#8217;s shares.&nbsp; As of December 31, 2005, IRSA&#8217;s primary shareholders&#8217; 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&#8217;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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Compensation</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For the year ended December 31, 2010, the aggregate amount of compensation paid by us to all our directors was CLP2,152 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Board of Directors&#8217; compensation is determined by the shareholders at the annual general shareholders&#8217; meeting. The Board&#8217;s compensation, approved at our shareholders&#8217; 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. Additionally, board members who participate in the Business Committee receive UF17 for each meeting they attend. Law </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>N&#176;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18,046 introduced a mandatory remuneration for the board members who are members of the Directors Committee, consisting of, at a minimum, one third of the remuneration a board member receives in such capacity. The rule was effective in 2010 and the Shareholders Meeting of April 20, 2010 approved that this remuneration was to be paid with UF34 for each meeting the board member attends a session and the remaining portion, up to the mandated one third, will be paid once the total amount of the compensation paid to the board member is known. Furthermore, board members who sit on the Audit Committee receive a monthly compensation of UF25. The described compensation package was also approved for 2011 in the shareholders&#8217; meeting held on April 15, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, the total compensation paid by us and our subsidiaries to each of our directors for services rendered was as follows:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Director</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Meetings fee </FONT></U><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Participation</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="66%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CLP thousands)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Guillermo Luksic</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>70,194</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>234,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>304,575</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>John Nicolson</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16,932</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>230,328</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Andr&#243;nico Luksic</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>2</FONT>17,606</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Giorgio </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Maschietto&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>92,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>223,888</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>316,078</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Manuel Jos&#233; Noguera</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>25,391</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>238,787</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Carlos Olivos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37,026</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>250,422</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Philippe Pasquet</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>81,439</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>223,888</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>305,327</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Francisco P&#233;rez</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>89,354</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>302,750</FONT></P></TD></TR>

<TR style="HEIGHT: 12.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Alberto Sobredo</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37,026</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>213,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.25pt; PADDING-TOP: 0cm" vAlign=top width="22%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>250,422</FONT></P></TD></TR>

<TR style="HEIGHT: 9.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.55pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>

   <P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Includes the remuneration for members of the Audit, Directors and Business Committees.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For the year ended December 31, 2010, the aggregate amount of compensation paid to our senior managers, to other managers and to the main executives, was CLP</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6,887&nbsp;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We do not maintain any stock option, pension or retirement programs for our directors or senior managers.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-GB face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>77</FONT></FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-GB face=Arial,sans-serif>Board Practices</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-GB face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We are managed by our board of directors which, in accordance with our bylaws (</FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Estatutos</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>), is formed by nine directors who are elected at the regular shareholders&#8217; 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&#8217; meetings.&nbsp; If such a vacancy occurs, the entire board of directors must be renewed at the next following shareholders&#8217; 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&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Directors Committee</FONT></U></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The directors committee&#8217;s discussions, agreements, and organization are regulated, in every applicable matter, by the Chilean Corporations Act provisions relating to board of directors&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>T</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB 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 &#8220;2010 amendment&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under the 2010 amendment, corporations whose market capitalization reaches or exceeds 1.5 million </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Unidades de Fomento</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (as of April 30, 2011 approximately CLP32,567 million) and </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10% of such shares</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>, shall designate a </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>comit&#233; de directores</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> or &#8220;directors committee.&#8221;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.45pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pursuant to the 2010 amendment, the powers and duties of the directors committee are as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>to examine the independent accountants&#8217; reports, the balance sheets, and other financial statements submitted by the corporation&#8217;s managers or liquidators to the shareholders, and issue an opinion about them prior to their submission for shareholder approval;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s proposal, the board shall be entitled to make its own proposal, submitting both to the shareholders for their consideration;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>to examine the managers&#8217;, principal executive officers&#8217; and employees remuneration policies and compensation plans;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>78</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>all other matters contemplated in our bylaws or entrusted to the directors committee by a shareholders&#8217; meeting or the board of directors.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Regarding related party transactions mentioned in the third bullet point above, the 2010 amendment </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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 &#8220;Item 7: Major Shareholders and </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Related Party Transactions.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -15pt; MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.-&nbsp; Was a partner or shareholder that possessed or controlled, directly or indirectly, 10% or more of the company&#8217;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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.-&nbsp; Was a partner or shareholder who possessed or controlled, directly or indirectly, 10% or more of the company&#8217;s capital; a director; manager; administrator or principal executive officer&nbsp; of main competitors, suppliers or clients of the company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 companys 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The candidate who obtains the highest votes shall be elected as independent director.</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 Mr.. Olivos and Mr. Sobredo are independent directors pursuant the Chilean Corporations Act, as amended in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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&#8217; meeting of the company held on April 20, 2010, is 34 </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Unidades de Fomento</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (as of April 30, 2011, approximately CLP738 thousand) per assistance to directors committee meeting plus the amount required to complete the remaining third of the remuneration of a regular director. The same remuneration package was approved for 2011, at the shareholders&#8217; meeting of the company held on April 15, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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&#8217; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Audit Committee</FONT></U></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The duties of the audit committee are: </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Resolve disputes that arise between our administration and the external auditors with regard to financial reports.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Grant approval prior to the contracting of non-audit services provided by the external auditors.</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Establish an annual budget for expenses and hiring of external consultants.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-VARIANT: small-caps" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Employees</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chile</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2008, 2009 and 2010, we had a total of 4,419, 4,375 and 4,454 permanent employees in Chile, respectively.&nbsp; As of December 2010, 2,319 were represented by 41 labor unions.&nbsp; The average tenure of our permanent employees was approximately eight years.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table shows the breakdown of our employees by business segments:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Business</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>729</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>655</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Non-alcoholic beverages</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>873</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>824</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>887</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>Wine (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>978</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>960</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>1,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=FR face=Arial,sans-serif>Transportes CCU</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>734</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>794</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>817</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Others (**)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,105</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,092</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1,093</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,419</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,375</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,570</FONT></U></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="55%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>( *)&nbsp; Wine includes FLC personnel</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(**) Includes our corporate, pisco, plastic and Comercial CCU divisions.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>During 2010, 2,010 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2008, 2009 and 2010, we made severance payments in the amounts of CLP3,018 million, CLP4,540 million and CLP2,021 million, respectively.&nbsp; Permanent employees are entitled to the basic payment, as required by law, of one month&#8217;s salary for each year, or six-month portion thereof, worked.&nbsp; This condition is subject to a limitation of a total payment of no more than 11 months&#8217; 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 2010, we laid off 407 employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We do not maintain any pension fund or retirement program for our employees.&nbsp; Workers in Chile are subject to a national pension fund law which establishes a system of independent pension plans, administered by </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Administradoras de Fondos de Pensiones</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (&#8220;AFPs&#8221;).&nbsp; We have no liability for the performance of the pension plans or any pension payments to be made to the employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In addition to our permanent work force, as of December 31, 2010, we had 434 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Argentina</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a) </FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Beer Business</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2008, 2009 and 2010, we had a total of 822, 867 and 920 permanent employees, respectively.&nbsp; As of December 31, 2010, 538 employees were represented by one labor union, which is&nbsp; member of the Argentine Beer Workers Federation (Federaci&#243;n Argentina de Trabajadores Cerveceros y Afines or &#8220;FATCA&#8221;).&nbsp; As of December 31, 2009, the average tenure of our employees in Argentina was approximately nine years. The 6% growth of our staff as of December 2010 is due to the hiring of a larger number of sales people to increase our direct sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 CLP229 million, CLP209 million and CLP272 million in 2008, 2009 and 2010, 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&#8217;s salary for each year or fraction thereof </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In addition to our permanent work force, as of December 31, 2010, we had 266 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b) </FONT><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Wine Business</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, FLC and Bodega Tamar&#237; , the Argentine subsidiaries of VSPT, had a total of 116 and 34 permanent employees, respectively, 79 of which were represented by one labor union. FLC has the majority of the employees (116). The average tenure of our employees was approximately four years.&nbsp; In addition to our permanent work force in FLC, we had 22 temporary employees, who were hired for specific time periods to satisfy short-term needs.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Share Ownership</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0.2pt 0pt 0cm"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Except as disclosed in &#8220;Item 7: Major Shareholders and Related Party Transactions &#8211; Major Shareholders,&#8221; as of March 31, 2011, our senior management and our board members in the aggregate owned less than one percent of the our shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We do not maintain stock option or other programs involving our employees in the capital of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><A name="_Toc295205347"></A><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 7: Major Shareholders and Related Party Transactions</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Major Shareholders</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 March 31, 2011, 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>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Shareholder</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Number of shares owned</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>% Ownership</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif>Inversiones y Rentas S.A.</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Inversiones IRSA Ltda. </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>196,421,725</FONT></P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14,146,707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>61.67%</FONT></P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.44%</FONT></P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our directors and executive<BR>&nbsp;&nbsp; officers as a group </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>62,368</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 33.15pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.02%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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   <P style="TEXT-INDENT: -17.25pt; MARGIN: 0cm 0cm 0pt 17.25pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp; Inversiones y Rentas S.A. owns 99.9999% of Inversiones IRSA Ltda.&#8217;s equity.</FONT></P>

   <P style="TEXT-INDENT: -17.25pt; MARGIN: 0cm 0cm 0pt 17.25pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp; Does not include the 210,568,432 shares of our common stock owned, directly and indirectly, by Inversiones y Rentas S.A., which is 50% beneficially owned by the Luksic family, as discussed below.&nbsp; Guillermo Luksic and Andr&#243;nico Luksic, our directors, are members of the Luksic family.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In addition, as of March 31, 2011, JPMorgan Chase Bank N.A. (&#8220;JPMorgan&#8221;), the Depositary for our ADR facility, was the record owner of 34,418,940 shares of our common stock (10.8% of the outstanding common stock) deposited in our ADR facility.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2011, we had </FONT><FONT style="LAYOUT-GRID-MODE: line; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>4,721 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>shareholders of record. To the best of our knowledge seven shareholders are not Chilean, excluding ADR holders, and of those seven non-Chilean shareholders, three are U.S. corporations with a total of 1,460,074 shares of common stock.&nbsp; All shareholders have equal voting rights. Non-Chileans can also hold shares in custody of private banks, however this information is not publicly available, thus those custodians are part of the seven non-chilean shareholders. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 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: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Related Party Transactions</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>T</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face="Times New Roman,serif">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pursuant to </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Chapter XVI of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>the Chilean Corporations Act </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>referred to above, </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>One or more related persons&nbsp; pursuant to the Securities Market Law</FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>;&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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.&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&#8217;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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>whether acting alone or in agreement with others, has sufficient voting power to influence the company&#8217;s management;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>creates conflicts of interest in doing business with the company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>in the case of a corporate entity, is influenced in its management by the company; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s securities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Additionally, pursuant to article 147 of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Chapter XVI of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2.-&nbsp; Prior to the company&#8217;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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>from the independent advisor, and such arrangement shall be communicated to the shareholders by means of a &#8220;Relevant Fact.&#8221; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The directors shall decide whether the transaction is in the best interest of the corporation, within five&nbsp; business days from the date the last report was received from the independent advisors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Relevant Fact.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.- Transactions that do not involve a &#8220;material amount.&#8221; For this purpose, any transaction that is both greater than 2,000 Unidades de Fomento (as of April 30, 2011, approximately ThCLP43,423) and in excess 1% of the corporation&#8217;s equity, or involving an amount in excess of 20,000 Unidades de Fomento (as of April 30, 2011, approximately ThCLP434,231) 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2.- Transactions that pursuant to the company&#8217;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 &#8220;Relevant Fact&#8221; and made available to shareholders at the company&#8217;s business offices and on its internet site, and the transaction shall be reported as a &#8220;Relevant Fact,&#8221; if applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s offices in Avda. Vitacura 2670, 26 floor, Santiago, Chile,&nbsp; and on the web site www.ccu.cl.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>used to measure the levels of service and their prices. Service levels are evaluated directly by users three times a year.</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 Ltda., a Chilean limited corporation controlled by Heineken Americas B.V. are the only shareholders of IRSA, each with a 50% equity interest See &#8220;Item 4: Information on the Company &#8211; Organizational Structure.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 4: Information on the Company &#8211; Business Overview &#8211; Our Beer Business in Chile &#8211; Beer Production and Marketing in Chile&#8221; and &#8220;Item 4: Information on the Company &#8211; Business Overview &#8211; Our Beer Business in Argentina &#8211; Beer Production and Marketing in Argentina.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Also </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>subject to the above license agreements, o</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>n April 24, 2006, through our subsidiary CCU Chile, 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&#8217;s appointed Distributor.&nbsp; This agreement commenced on April 24, 2006 for one year renewable annually.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Additionally, a Technical Assistance Agreement was executed with </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-GB 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&#8217; 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&#8217; prior written notice to the other of its intention to terminate this agreement.&nbsp; This agreement has been renewed automatically.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Since the establishment of our Directors Committee in 2001, as required by the Chilean Corporation Act, all related party contracts have been reviewed by it, and then approved by our 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our principal transactions with related parties for the twelve-month period ended December 31, 2010, are detailed below:</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Company</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Relationship</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Transaction</FONT></U></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Amount (CLP million)</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Anheuser Busch International, Inc.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Subsidiary shareholder</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif> (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purchase/ products sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,514</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Ahheuser Busch LA Development Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Subsidiary shareholder </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>License/technical as&#237;stanse</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,194</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cervecer&#237;a Modelo S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Subsidiary related</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purchase of products/ license/ technical assistance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>345</FONT></P></TD></TR>

<TR style="HEIGHT: 8.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.55pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>C&#237;a. Cervecera del Tr&#243;pico</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Subsidiary related</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.55pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purchase of products/ advertising contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.55pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2,754</FONT></P></TD></TR>

<TR style="HEIGHT: 22.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.1pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Heineken Brouwerijen B.V.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Parent company related</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Products purchase and sale/ license/ technical assistance/ packaging sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.1pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,322</FONT></P></TD></TR>

<TR style="HEIGHT: 13.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.6pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Heineken Italia Spa.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Parent company related</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.6pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Purchase of products/ advertising contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.6pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>91</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.3pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Promarca S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Joint Venture</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Royalty paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.3pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2,268</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cervecer&#237;a Kunstmann Ltda.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Subsidiary shareholder</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Product sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>194</FONT></P></TD></TR>

<TR style="HEIGHT: 10.4pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Comercial Patagona Ltda.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Joint Venture subsidiary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.4pt; PADDING-TOP: 0cm" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Marketing services/products sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.4pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,246</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Subsidiary shareholder</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Loan/grape acquisition</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>4,320</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" width="25%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cervecer&#237;a Austral S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Joint venture</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Products purchase and sale/ royalty paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2,658</FONT></P></TD></TR>

<TR style="HEIGHT: 9.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.2pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Banco de Chile</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.2pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Parent company related</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.2pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Product sales/financial products and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.2pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>130,088</FONT></P></TD></TR>

<TR style="HEIGHT: 9.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Joint venture</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Services/ product purchases and sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.1pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>264</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Joint venture</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Services/ product sales/ consignment sales/ interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>13,471</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Banchile Corredores de Bolsa S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Parent company related</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Financial investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>60,841</FONT></P></TD></TR></TABLE><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Until December 20, 2010</FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>See Note 15 to our consolidated financial statements for detailed information including also 2009.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Interests of Experts and Counsel</FONT></U></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 8: Financial Information</FONT></B></H3>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Consolidated Statements and Other Financial Information</FONT></U></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>See &#8220;Item 18: Financial Statements and Exhibits&#8221; for the Company's Financial Statements and notes, audited by PricewaterhouseCoopers.&#8221;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Wine Exports</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We, through our subsidiary VSPT, exported wine to more than 80 countries in 2010.&nbsp; VSPT is the second largest wine exporter in Chile.&nbsp; See &#8220;Item 4: Information on the Company </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Business Overview </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our Wine Business.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table presents our total wine exports by volume, in millions of Chilean pesos as of December 2008, 2009 and 2010 as percentage of total sales for the last three years:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exports (thousands of liters)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>50,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>67,804</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>69,994</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; % of total sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.0%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exports (CLP million)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>60.382 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>84,272 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>86,505</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="44%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; % of total sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10.3%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>87</FONT></FONT></P></DIV></DIV>

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<a name="_bclHeader94"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Legal Proceedings</FONT></U></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Nothing to report</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Dividend Policy and Dividends</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our board of directors announced at our annual shareholders&#8217; meeting held on April 15, 2011, 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&#8217; meeting held on April 15, 2011, a dividend of CLP115,78103 per share of common stock was approved, in addition to the interim dividend of CLP58 per share of common stock distributed in January 7, 2011. Together, these dividend payments amounted to CLP55,350 million, representing 50.0% of 2010 the Income of the Year Attributable to Equity Holders of the Parent Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year ended</FONT></B><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> December 31,</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interim</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CLP Per share </FONT></U></B><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Final </FONT></U></B><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interim</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>US$ Per ADS </FONT></U></B><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Final </FONT></U></B><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></U></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>77.62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>112.62</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.32</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.06</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>47.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>102.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>149.20</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.61</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>47.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>108.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>155.66</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.38</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>60.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>141.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>201.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.61</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.35</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.96</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>58.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="16%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>115.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>173.78</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0.58</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="17%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.83</FONT></P></TD></TR>

<TR height=0>

   <TD width="17%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim and final dividend amounts are expressed in historical pesos.</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars per ADR dividend information serves reference purposes only as we pay all dividends in Chilean pesos.&nbsp; The Chilean peso amounts as shown here have been converted into U.S. dollars at the respective observed exchange rate in effect at each payment date.&nbsp; Note: The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos.</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The final dividend with respect to each year is declared and paid within the first five months of the subsequent year.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 10: Additional Information </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange Controls </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>General Legislation and Regulations.&#8221;&nbsp; Under our foreign investment contract, the depositary, on behalf of ADR holders, will be granted access to the formal exchange market to convert cash dividends from pesos to dollars and to pay such dollars to ADR holders outside of Chile.&nbsp; Dividends received in respect of shares of </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face=Arial></FONT>


<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Common Stock by holders, including holders of ADRs who are not Chilean residents, are subject to Chilean withholding tax.&nbsp; See &#8220;Item 10: Additional Information </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Taxation.&#8221;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>88</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Significant Changes</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These are the Company&#8217;s second annual consolidated financial statements prepared in accordance with IFRS, as issued by the IASB. Until and including our financial statements for the year ended December 31, 2008, we prepared our consolidated financial statements in accordance with Chilean GAAP, which differs in certain important aspects from accounting principles contained in IFRS. The effects of the transition to IFRS on the Company&#8217;s financial statements for the year ended December 31, 2008 are detailed in Note 4 to our consolidated annual financial statements included in the 2009 annual report.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 9: The Offer and Listing</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Offer and Listing Details</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Santiago Stock Exchange</FONT></U></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(per share of common stock)</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>NYSE</FONT></U></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(per ADS)</FONT></U></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>High</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Low</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>High</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Low</FONT></U></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(CLP)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(CLP)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(US$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(US$)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 15.7pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2006 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>2,350</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>30.65</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>21.14</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2007 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,280</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,040</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>45.80</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>26.91</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>2,650</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>39.91</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>22.54</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,167</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>39.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>25.93</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>61.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>34.81</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2011 (through Mar. 31)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,900</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>60.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>51.40</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,821</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3167</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>31.44</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>25.93</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,996</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,265</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>36.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>27.75</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,898</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>36.96</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>32.00</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,102</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,339</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>39.94</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>33.08</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,823</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>42.89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>34.81</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>3,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>47.49</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>37.69</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,920</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>59.95</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>42.56</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,900</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>61.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>53.65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,900</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>60.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>51.40</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Last six months</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=middle>

   <P style="MARGIN: 0cm 15.7pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; October 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,770</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>59.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>53.65</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; November 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,900</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,427</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>61.53</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>55.75</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; December 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>61.21</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Helvetica,sans-serif>56.68</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; January 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>60.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>53.04</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; February 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>4,900</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>55.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>51.40</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; March 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,650</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>5,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>59.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Helvetica,sans-serif>52.00</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8<FONT style="FONT-SIZE: 10pt" face=Arial>9</FONT></FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_96"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader96"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Plan of distribution</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Markets</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;CCU.&#8221;&nbsp; The Santiago Stock Exchange accounted for approximately 92.3% and 93.2% of the trading volume of our common stock in Chile in 2009 and 2010, respectively.&nbsp; The remaining 7.7% and 6.7%, 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 &#8220;CCU&#8221;, 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, as depositary, and the holders from time to time of the ADSs.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 25.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 25.3pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Year</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 25.3pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Quarter</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 25.3pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Traded Volume</FONT></U></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(thousands of ADS)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2008</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,707</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,384</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,215</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,098</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11,404</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,093</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,212</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,602</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,330</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11,237</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1<SUP>st</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2,799</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2<SUP>nd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5,705</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3<SUP>rd</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4,378</FONT></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4<SUP>th</SUP> quarter</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3,168</FONT></U></P></TD></TR>

<TR style="HEIGHT: 12.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="33%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt; HEIGHT: 12.65pt; PADDING-TOP: 0cm" vAlign=top width="34%" align=middle>

   <P style="MARGIN: 0cm 32pt 0pt 0cm" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16,051</FONT></U></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Selling Shareholders</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Dilution</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Expenses of the Issue</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<a name="_bclFooter96"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>90</FONT></FONT></P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_97"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader97"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 10: Additional Information</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Share Capital</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Memorandum and Articles of Association</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Registration and corporate purposes</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. &nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;s Registry of Commerce for 1902, and published in Chile&#8217;s Official Gazette on March 24, 1902.&nbsp; We are recorded on March 8, 1982, at Chile&#8217;s Securities Registry of the SVS under N&#176; 0007.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under Article 4 of our bylaws, the corporation&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Directors.</FONT></I></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under the Chilean law regarding corporations (the &#8220;Chilean Corporations Act&#8221;), 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 &#8220;Item 7: Major Shareholders and Related Party Transactions.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The amount of any director&#8217;s remuneration is established each year by the annual shareholders&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Rights, preferences and restrictions regarding shares.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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 the shares entitled to vote; however, the Chilean Corporations Act provides that in order to carry certain motions, a two thirds majority of the outstanding voting stock is necessary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our directors are elected every three years and their terms are not staggered.&nbsp; Our shareholders may accumulate their votes in favor of just one person or distribute their votes to more than one person.&nbsp; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;majority shareholders&#8221;) 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our transformation into a different type of legal entity,</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>our merger with and/or into another company, </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>other cases provided for by statute or in our bylaws, if any. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our bylaws do not provide for additional circumstances under which shareholders may withdraw.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Action necessary to change the rights of holders of stock.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217; 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&#8217; right to receive no less than 30% of the net profits accrued in any fiscal year (the &#8220;minimum dividend&#8221;) requires the unanimous vote of all stockholders.&nbsp; The above notwithstanding, no decision of the shareholders&#8217; meeting can deprive a shareholder of any part of the stock that he owns. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our bylaws do not contemplate additional conditions in connection with matters described in this subsection.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; meetings.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>distribution of profits of the respective fiscal year, including the distribution of dividends;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>election or revocation of regular and alternate board members, liquidators and external auditors; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>dissolution of the corporation;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>transformation, merger or spin-off of the corporation and amendments to its bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>issuance of bonds or debentures convertible into stock;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>when requested by shareholders representing at least 10% of issued stock with voting rights; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>when required by the SVS, notwithstanding its right to call such meeting directly.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Limitations on the right to own securities.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 6: Directors, Senior Management and Employees </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8211; </FONT></I><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Directors and Senior Management.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-STYLE: normal; LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Takeover defenses.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Ownership threshold.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;&#8211; Rights, preferences and restrictions regarding shares.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Material Contracts</FONT></U></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Exchange Controls</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>General Legislation and Regulations</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. The Central Bank of Chile is responsible for, among other things, monetary policies and exchange controls in Chile. See &#8220;Item 3. Key Information &#8211; Selected Financial Data &#8211; Exchange Rate.&#8221; Foreign investments can be registered with the Foreign Investment Committee under Decree Law No. 600 &#8211;registration which grants the investor access to the Formal Exchange Market&#8211; or with the Central Bank of Chile under Chapter XIV of the Central Bank Foreign Exchange Regulations. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 (&#8220;Chapter XXVI&#8221;), 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&#8221;), 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The April 19<SUP>th</SUP> Regulations, among others, eliminated the following restrictions:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>minimum risk classification restrictions and terms for the issuance of bonds;</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="mso-ansi-language: ES"><FONT style="FONT-SIZE: 10pt" lang=ES face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mandatory Reserve deposits for foreign capitals.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 (&#8220;The New Rules&#8221;). 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Our ADRs</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&#8211; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>General Legislation and Regulations.&#8221;. 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 deposit on surrender of ADRs (including amounts received as cash dividends and proceeds from the sale in Chile of the underlying Shares and any rights with respect thereto). In December 1999, amendments were introduced to Chapter XXVI whereby, among other things, the Central Bank of Chile was authorized to reject applications under such regulations without expression of cause. In reviewing such applications, the Central Bank of Chile was required to take into account the situation of the balance of payments and the stability of the capital account. However, the Central Bank of Chile was authorized to impose certain conditions on the applicants prior to resolving the applications. In April 2000, Chapter XXVI was again amended in order to incorporate, in addition to shares issued by Chilean corporations, quotes of investment funds as eligible to be converted into ADSs. Chapter XXVI did not require delivery of a new application in case of the entry of U.S. dollars intended for the acquisition of shares not subscribed by the shareholders or by the transferees of the options to subscribe the shares.</FONT>
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<DIV style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Withdrawn Shares&#8221;) access to the Formal Exchange Market to convert Chilean pesos to U.S. dollars (and to remit such </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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&#8217;s residence and domicile were outside Chile and a certificate from a Chilean stock exchange (or from a brokerage or securities firm established in Chile) that such Withdrawn Shares had been sold on a Chilean exchange), (c) proceeds from the sale in Chile of pre-emptive rights to subscribe for and purchase additional Shares of our common stock, (d) proceeds from the liquidation, merger or consolidation of the Company and (e) other distributions, including, without limitation, those resulting from any recapitalization, as a result of holding Shares represented by ADSs or Withdrawn Shares. Access to the Formal Exchange Market in the case of (a), (b), (c) and (d) above would be available for only five working days following the sale of the shares on the stock exchange. Transferees of Withdrawn Shares would not be entitled to any of the foregoing rights under Chapter XXVI unless the Withdrawn Shares were redeposited with the Custodian. Investors receiving Withdrawn Shares in exchange for ADRs would have the right to redeposit such Shares in exchange for ADRs, provided that certain conditions to redeposit were satisfied. For a description of the Formal Exchange Market, see &#8220;Item 3: Key Information &#8211; Selected Financial Data &#8211; Exchange Rates.&#8221; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&nbsp; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US 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 benefit of our Foreign Investment Contract, subject to receipt by the Central Bank of Chile of a certificate from the Depositary that such deposit had been effected and that the related ADRs had been issued and receipt by the Custodian of a declaration from the person making such deposit waiving the benefit of our Foreign Investment Contract with respect to the deposited Shares. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chapter XXVI required foreign investors acquiring shares or securities in Chile to maintain a mandatory reserve (the &#8220;Mandatory Reserve&#8221;) 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 &#8220;Fee&#8221;). 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2009, the Central Bank of Chile adopted a new policy regarding the surrender of ADR&#8217;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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b) &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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Taxation</FONT></U></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Chilean Tax Considerations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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&#8217;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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash dividends and Other Distributions.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 income in excess of retained taxable income is subject to the 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 file for the reimbursement of the excess withholding.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Capital Gain.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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.&nbsp; 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 </FONT>

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&#8217; registry of the issuer or within two business days prior to the date on which the sale is recorded in the shareholders&#8217; registry, the acquisition price of such exchanged shares shall be the price registered in the invoice issued by the stock broker that participated in the sale transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>A foreign institutional investor is an entity that is either:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>be organized abroad and not be domiciled in Chile;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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&#8217; capital or profits;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>register in a special registry with the Chilean Internal Revenue Service.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 Chilean taxes shall be calculated using the criteria set forth in the Chilean Income Tax Law; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 12pt 54pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other Chilean Taxes.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Withholding Tax Certificates.</FONT></I></B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>United States Tax Considerations</FONT></B></H5>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 conversion transaction or U.S. Holders (as defined below) whose functional currency is not the U.S. dollar), some of which may be subject to special rules.&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><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">For purposes of this discussion, a &#8220;U.S. Holder&#8221; is any beneficial owner of shares of Common Stock or ADSs that is (i) a citizen or resident of the United States, (ii) a corporation or partnership organized under the laws of the United States or any State, (iii) an estate whose income is subject to United States federal income tax regardless of its source or (iv) a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust. The discussion does not address any aspects of United States taxation other than federal income taxation. Investors are urged to consult their tax advisors regarding the United States federal, state and local and other tax consequences of owning and disposing of Common Stock and ADSs. </P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash Dividends and Other Distributions.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Under the United States federal income tax laws, and subject to the passive foreign investment company (&#8220;PFIC&#8221;) 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 non-corporate 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 &#8220;qualified foreign corporation.&#8221;&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 style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 904(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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<a name="_bclHeader109"></a><DIV align=justify><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Capital Gains.</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>PFIC Rules.</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CCU believes that it should not be treated as a passive foreign investment company (a &#8220;PFIC&#8221;) 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation, and as receiving directly its proportionate share of the other corporation's income. If the Company is treated as a PFIC, a U.S. Holder would be subject to special rules with respect to (a) any gain realized on the sale or other disposition of shares of Common Stock or ADSs and (b) any &#8220;excess distribution&#8221; by the Company to the U.S. Holder (generally, any distributions to the U.S. Holder in respect of the shares of Common Stock or ADSs during a single taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder in respect of the shares of Common Stock or ADSs during the three preceding taxable years or, if shorter, the U.S. Holder 's holding period for the shares or ADSs). Under these rules, (i) the gain or excess distribution would be allocated ratably over the U.S. Holder 's holding period for the shares of Common Stock or ADSs, (ii) the amount allocated to the taxable year in which the gain or excess distribution was realized would be taxable as ordinary income, (iii) the amount allocated to each prior year, with certain exceptions, would be subject to tax at the highest tax rate in effect for that year and (iv) the interest charge generally applicable to underpayments of tax would be imposed in respect of the tax attributable to each such year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 of the taxable year (but only to the extent of </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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>

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<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;qualified electing fund&#8221; under section&nbsp;1295 of the Internal Revenue Code. This option will not be available to U.S. Holders because the Company does not intend to comply with the requirements necessary to permit a U.S. Holder to make this election. U.S. Holders should consult their own tax advisors concerning the U.S. federal income tax consequences of holding shares or ADSs if the Company is considered a passive foreign investment company in any taxable year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information Reporting and Backup Withholding.</FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 reporting to the United States Internal Revenue Service and a backup withholding tax (currently, at a 28% rate) may apply unless the U.S. Holder furnishes a correct taxpayer identification number or certificate of foreign status or is otherwise exempt from backup withholding. Generally, a U.S. Holder will provide such certification on Form W-9 and a non-U.S. Holder will provide such certification on Form W-8BEN.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Dividends and Paying Agents</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Statement by Experts</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Documents on Display</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Subsidiary Information</FONT></U></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>104</FONT></FONT></P></DIV></DIV>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 11: Quantitative and Qualitative Disclosures About Market Risk</FONT></B></H3>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following discussion about our risk management activities includes &#8220;forward-looking statements&#8221; that involve risk and uncertainties.&nbsp; Actual results could differ materially from those projected in the forward-looking statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Qualitative Information About Market Risk</FONT></U></B></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest Rate Sensitivity</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010, we had a total CLP32,785 million in debt indexed to LIBOR (CLP40,309 million as of December 31, 2009). Consequently, as of December 31, 2010, our financing structure consists (without considering the effects of cross currency swaps) of approximately 15% debt with variable interest rates, and 85% debt with fixed interest rates.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, after considering the effect of interest rates and currency swaps, 100% of our long-term debt has fixed interest rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The terms and conditions of the Company&#8217;s obligations as of December 31, 2010, including exchange rates, interest rates, maturities and effective interest rates are detailed in Note 26</FONT><B><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT></I></B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>to our audited financial statements included elsewhere in this annual report.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Commodity Price Sensitivity</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 2010, we imported 30.052 tons of malt and 27</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif>,</FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>000 tons of barley.&nbsp; In Argentina during 2010, we purchased all of our malt from local suppliers.&nbsp; See &#8220;Item 4: Information on the Company &#8211; Business Overview &#8211; Our Beer Business &#8211; Our Beer Business in Chile &#8211; Raw Materials&#8221; and &#8220;Item 4: Information on the Company &#8211; Business Overview &#8211; Our Beer Business &#8211; Our Beer Business in Argentina &#8211; Raw Materials.&#8221;&nbsp; We do not hedge these transactions.&nbsp; Rather, we negotiate yearly contracts with malt suppliers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 &#8220;Item 4: </FONT></P>

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<FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Information on the Company &#8211; Business Overview &#8211; Our Soft Drinks and Mineral Water Business &#8211; Our Soft Drinks and Mineral Water Business in Chile &#8211; Raw Materials.&#8221;&nbsp; We do not hedge these transactions.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The principal raw materials used in the production of wine are harvested grapes and purchased wine. VSPT obtains approximately 50% 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 2010, 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 2008, 2009 and 2010, our wine subsidiary, VSPT, bought grapes and wine in Chile in the amount of CLP14,587, CLP15,733 million and CLP32.255 million, respectively.&nbsp; See &#8220;Item 4: Information on the Company &#8211; Business Overview &#8211; Our Wine Business &#8211; Raw Materials.&#8221;</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange Rate Sensitivity</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, we maintained in Chile foreign currency obligations amounting to CLP52,560 million, mostly denominated in U.S. dollars. Foreign currency obligations accruing variable interests (CLP32,785 million) represent 15% of the total such obligations. The remaining 85% is denominated in inflation-indexed Chilean pesos. The CLP46,376 million foreign currency obligations include loans for US$ 70 million (CLP32,785 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, we maintain foreign currency assets for CLP23,412 million that mainly correspond to exports accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Regarding the Argentine subsidiaries operations, the liability net exposure in U.S. dollars and other currencies amounts to CLP5,245 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2010, our assets (liabilities) net exposure in foreign currencies, after the use of derivative instruments, amounted to CLP1,532 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Of our total sales, both in Chile and Argentina, 11% correspond to export sales made in foreign currencies, mainly U.S. dollars, euro, sterling pound, and of the total costs, 57% 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010, the net investment in Argentine subsidiaries amounted to CLP86,527 million.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 13pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Quantitative Information About Market Risk</FONT></U></B></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest Rate Sensitivity</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>risk associated with this loan. As of December 31, 2010, our interest-bearing debt amounted to CLP232,967 million (see note 26 to the consolidated financial statements), 85% of which was fixed debt and 15% was variable-rate debt.</FONT></P>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest - Bearing Debt as of December&nbsp; 31, 2010</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(millions of CLP, except percentages)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Contractual Maturity Date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2011</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2012</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2013</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2014</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2015</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Thereafter</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Interest bearing liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fixed rate</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>CLP (UF)<SUP> (1)(2)</SUP></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Bonos and Banks</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>5,805</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>14,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>67,919</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,818</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>91,533</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>187,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>197,523</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>0.8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2.1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1.7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Average interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Argentine pesos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Average interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>14.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>14.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Variable rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$ <SUP>(3)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,785</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,992</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Average interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Libor + 0.27%</FONT></P></TD>

   <TD vAlign=bottom width="8%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Non interest bearing liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Derivate Contract</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cross Currency Swap:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Receive CLP at Libor + 0,27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>353</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,845</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>33,198</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>33,198</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Pay CLP (UF) at 2,75%</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,083</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>38,391</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>39,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>39,473</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Forwards</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,384</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,384</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,384</FONT></P></TD></TR>

<TR style="HEIGHT: 28.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 28.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>A UF (</FONT><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Unidad de Fomento</FONT></I><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>) is a daily indexed, peso-denominated monetary unit. The UF is set daily in advance based on the previous month's inflation&nbsp;rate.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Bonds issued in the Chilean market.</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>Includes the </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>US$70 million loans that are hedged through cross currency interest rate swap agreements</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P></TD></TR>

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<H5 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Commodity Price Sensitivity </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The major commodity price sensitivity faced by us is the variation of malt prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following table summarizes information about our malt, barley, sugar 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, 2010.&nbsp; For 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.</FONT></P>

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<a name="_bclFooter113"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>107</FONT></FONT></P></DIV></DIV>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Commodity Price Sensitivity as of December 31, 2010</FONT></U></B></P>

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<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12.35pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="60%" colSpan=6>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Carrying Amount</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>On Balance Sheet Position</FONT></U></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Malt inventory (millions of CLP)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>CLP8,564</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,401</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Bulk wine inventory - raw material</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>24,188</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>29,546</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="60%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Expected Maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Thereafter</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Purchase Contracts</FONT></U></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Malt:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Fixed Purchase Volume (tons)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>38,700</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>36,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,900</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Weighted Average Price (US$ per ton) (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>596</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>596</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>596</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Contract Amount (thousands of US$)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>US$23,065</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>21,456</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>5,900</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>53,467</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Barley:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Fixed Purchase Volume (tons)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>30,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>30,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>30,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>30,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>30,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Weighted Average Price (US$ per ton) (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>326</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>326</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>326</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>326</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>326</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Contract Amount (thousands of US$)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>US$9,780</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,780</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,780</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,780</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>9,780</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>52,350</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Sugar:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Fixed Purchase Volume (tons)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>55,000</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Weighted Average Price (US$ per ton) (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>805</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Contract Amount (thousands of US$)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>US$44,275</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>45,210</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Grapes:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Fixed Purchase Volume (tons)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>12,662</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>11,533</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>7,858</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>5,732</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>5,516</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>6,125</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Weighted Average Price (CLP per kg.) (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>185</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>189</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>194</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>191</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>386</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Contract Amount (millions of CLP)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>CLP2,348</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>1,869</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>1,486</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>1,111</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>1,055</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>2,364</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>13,411</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Wine:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Fixed Purchase Volume (million liters)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>7,497</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="HEIGHT: 12.35pt" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Weighted Average Price (CLP per liter) (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>428</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.35pt" vAlign=top width="10%">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp; Contract Amount (millions of CLP)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>CLP3,212</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>3,464</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>_________</FONT></P>

<P style="TEXT-INDENT: -14.15pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*)&nbsp; Weighted average price estimation is calculated based on expected market prices.&nbsp; Prices to be paid by us are adjusted based on current market conditions.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2009 we had malt purchase contracts for US$148.6 million, compared with US$114.2 million as of December 31, 2010. </FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange Rate Sensitivity</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB 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="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-GB 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-GB 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 VSPT, 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010 in million Chilean pesos, according to their maturity date, weighted-average interest rates and fair values:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange Rate Sensitivity as of December&nbsp; 31, 2010</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(millions of CLP, except percentages and exchange rate)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Contractual Maturity Date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2011</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2012</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2013</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2014</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2015</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Thereafter</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Debt Obligations</FONT></U></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Variable rate (US$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Short and medium term (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>25</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,785</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>32,992</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Average int.rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Libor + 0.27%</FONT></P></TD>

   <TD vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Libor + 0,27%</FONT></P></TD>

   <TD vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fixed rate (US$)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Short term</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>1,710</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fixed rate (Argentina $)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Short term</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>3,808</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Interest rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>14.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>14.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Cash and Cash</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Equivalents</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>376</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,121</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>TOTAL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,497</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,497</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>8,497</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Accounts Receivables</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>10,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>10,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>10,176</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>5,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>5,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>5,771</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>22,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>22,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>22,414</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>TOTAL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>38,361</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>38,361</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>38,361</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Contractual Maturity Date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Notional</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2011</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2012</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2013</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2014</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>2015</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Thereafter</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Fair Value</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>amount</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="38%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Derivate Contracts (in</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>thousand of US$)</FONT></U></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Receive Ch$/pay US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$84,820</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$84,820</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$84,820</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$84,343</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>Receive US$/pay Ch$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$70,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$70,000</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=ES face=Arial,sans-serif>US$70,934</FONT></P></TD></TR>

<TR style="HEIGHT: 32.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) This debt considers U.S. dollar loans that are hedged through cross currency interest rate swap agreements which convert the entire U.S. dollar debt to Chilean peso debt (UF1,850,175).</FONT></P></TD></TR>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 12: Description of Securities Other than Equity Securities</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>12</FONT></B><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.D.3. Depositary Fees and Charges </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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 JPMorgan, as depositary, and all owners from time to time of ADSs issued by CCU (&#8220;Deposit Agreement&#8221;).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fee</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Issuance of ADSs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>US$5 per each 100 ADSs issued</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cancellation of ADSs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>US$5 per each 100 ADSs canceled</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>12.D.4. Depositary Payments</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, the following payments were made by JPMorgan, on our behalf, in connection with our ADR program: </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Expenses</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>US$ amount</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Documents Edgard and filing</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20F legal review</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>FASB fee</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>PCAOB fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>NYSE annual Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Teleconferencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt 5.4pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="49%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.7</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.5</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.0</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.5</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80.9</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>&nbsp;PART II</FONT></B></H2>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 13: Defaults, Dividend Arrearages and Delinquencies</FONT></B></H3>

<P style="TEXT-INDENT: 36pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 14: Material Modifications to the Rights of Security Holders and Use of Proceeds</FONT></B></H3>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 15: Controls and Procedures</FONT></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>(a) </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Controls and Procedures</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> The Company&#8217;s management, with the participation of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2010. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of December 31, 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Disclosure controls and procedures means controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods required and that such information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(b) </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Management&#8217;s Annual Report on Internal Control over Financial Reporting.</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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, 2010 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;) and, based on such criteria, our management has concluded that, as of December 31, 2010, our internal control over financial reporting is effective.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The effectiveness of our internal control over financial reporting as of December 31, 2010 has been audited by PricewaterhouseCoopers, an independent registered public accounting firm, as stated in their report which appears herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(c) </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Attestation Report of the Registered Public Accounting Firm.</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; See page F-2 of our audited consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(d) </FONT><I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Changes in Internal Control over Financial Reporting.</FONT></I><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; There has been no change in our internal control over financial reporting during 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16A: Audit Committee Financial Expert</FONT></B></H3>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16B: Code of Ethics</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 August 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16C: Principal Accountant Fees and Services</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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, 2009 and 2010:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2009</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2010</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>(millions of CLP)</FONT></P></TD>

   <TD vAlign=top width="34%" align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<FONT> (millions of CLP )</FONT></FONT></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Audit Fees </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=EN-US>266</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=EN-US>293</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Audit-Related Fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>8</FONT>2</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Tax Fees</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>All Other Fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>37</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.7pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>20</FONT></U></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Total Fees</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 5.4pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>396</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 12pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8220;Audit fees&#8221; 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. &#8220;Audit-related fees&#8221; 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; &#8220;Tax fees&#8221; are fees billed by PricewaterhouseCoopers associated with the issuance of certificates for tax and legal compliance purposes. &#8220;All Other Fees&#8221; are mostly related to the migration to IFRS. </FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Audit Committee Pre-Approval Policies and Procedures</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16D: Exemptions from the Listing Standards for Audit Committees</FONT></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Not applicable.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16F: Change in Registrant&#8217;s Certifying Accountants</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN face=Arial,sans-serif>During the years ended December 31, 2009 and 2010 and through the date of this Annual Report, the principal independent accountant engaged to audit our financial statements, PricewaterhouseCoopers (&#8220;PWC&#8221;), has not resigned, indicated that it has declined to stand for re-election after the completion of its current audit or been dismissed. For each of the years ended December 31, 2009 and 2010, PWC has not expressed reliance on another accountant or accounting firm in its report on our audited annual financial statements for such periods. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN face=Arial,sans-serif>During the years ended December 31, 2009 and 2010 and through the date of this Annual Report,&nbsp;we have not engaged&nbsp;a new independent accountant as either the principal accountant to audit our financial statements, or as an independent accountant to audit a significant subsidiary and on whom the principal accountant is expected to express reliance in its report. </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 16G: Corporate Governance</FONT></B></H3>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>General summary of significant differences with regard to corporate government standards</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 NYSE listing standards.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Composition of the board of directors; independence</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>directly or indirectly.&nbsp; In addition, the NYSE listing standards enumerate a number of relationships that preclude independence.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 10pt" lang=EN-US 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, 2011 approximately CLP32,567 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 &#8220;Item 7: Major Shareholders and Related Party Transactions.&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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. See &#8220;Item 7: Major Shareholders and Related Party Transactions.&#8221;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Committees</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under Chilean law, the only board committee that is required is the directors committee (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>comit&#233; de directores</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>), composed of three members, such committee having a direct responsibility to (a) review the company&#8217;s financial statements and the independent auditors&#8217; report and issue an opinion on such financial statements and report prior to their submission for shareholders&#8217; 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&#8217; and employees&#8217; compensation policies and plans and (e) to prepare an annual report 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&#8217;s bylaws, by the general shareholders&#8217; meeting or by the board.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Requirements to be deemed an independent director are set forth in &#8220;Item 6: Directors, Senior Management and Employees. Board Practices - Directors Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 members of our audit committee were, as of March 31, 2011, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Shareholder approval of equity-compensation plans</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 &#8220;equity-compensation plan&#8221; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under Chilean law, if previously approved by shareholders at an extraordinary shareholders&#8217; 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&#8217;s employees and/or for the employees of the company&#8217;s subsidiaries.&nbsp; Pursuant to NYSE rule 303A.00, as a foreign private 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Corporate Governance Guidelines</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 private issuer, we may follow Chilean practices and are not required to adopt and disclose corporate governance guidelines.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Code of Business Conduct</FONT></U></I><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Manual of Information of Interest to the Market</FONT></U></I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>.&nbsp; In 2008, the Superintendency of Securities and Insurance (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>Superintendencia de Valores y Seguros</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>, or &#8220;SVS&#8221;) 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. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;A copy of the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif>manual regarding disclosure of information of interest to the market,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> as amended on March 18, 2010, is available in our website at www.ccu.cl.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Executive Sessions</FONT></U></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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 private issuer, we may follow Chilean practices and are not required to comply with the NYSE listing standard for executive sessions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Certification Requirements</FONT></U></I><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>

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<A href="ccuform20f2010a.htm#page_4">Table of Contents</A></FONT></FONT></P></DIV>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>PART III</FONT></B></H2>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 17: Financial Statements</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company has responded to Item 18 in lieu of responding to this item.</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 18: Financial Statements</FONT></B></H3>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>See Annex for the Financial Statements </FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif>ITEM 19: Exhibits</FONT></B></H3>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H3>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Index to Exhibits</FONT></U></B></P>

<P style="TEXT-INDENT: -35.7pt; MARGIN: 0cm 0cm 0pt 35.7pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Company by-laws (incorporated by reference to Exhibit 1.1 of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. Annual Report on Form 20-F for the year ended December 31, 2001, filed on June 28, 2002).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8.1</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. significant subsidiaries (incorporated by reference to Exhibit 8.1 of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. Annual Report on Form 20-F for the year ended December 31, 2003, filed on June 24, 2004).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<A href="exhibit121.htm">12.1</A></FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<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></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<A href="exhibit122.htm">12.2</A></FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<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></P>

<P style="TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<A href="exhibit131.htm">13.1</A></FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<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></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<A href="exhibit132.htm">13.2</A></FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>
<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></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 13pt" lang=EN-US face=Arial,sans-serif>Index to Financial Statements and Schedules</FONT></U></B></P>

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   <A href="ccuform20f2010a.htm#page_124"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Report of Independent Registered Public Accounting Firm</FONT></A></TD>

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   <A href="ccuform20f2010a.htm#page_129"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Balance Sheet at December 31, 2010 and 2009</FONT>&nbsp;</A></TD>

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   <A href="ccuform20f2010a.htm#page_131"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statement of Income for each of the three years in the period ended<FONT size=3 face="Times New Roman">&nbsp;</FONT>December 31, 2010</FONT>&nbsp;</A></TD>

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   <A href="ccuform20f2010a.htm#page_134"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Consolidated Statement of Cash Flows for each of the three years in the period ended<FONT size=3 face="Times New Roman">&nbsp;</FONT>December 31, 2010</FONT>&nbsp;</A></TD>

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   <A href="ccuform20f2010a.htm#page_135"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Notes to the consolidated financial statements</FONT>&nbsp;</A></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" 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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 14pt" face=Arial,sans-serif><FONT lang=EN-GB>for the year ended as of December 31, 2010</FONT></FONT></P></DIV></TD></TR>

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   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">RUT: 81.513.400</FONT></I><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">-1</FONT></I>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Santiago &#8212; Chile</FONT></I>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Av. Andr&#233;s Bello 2711 &#8212; Pisos 2</FONT></I><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">,3, 4 </FONT></I><FONT size=1 face="Times-Roman,Times New Roman,Times,serif">y </FONT><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">5</FONT></I>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Las Condes</FONT></I>&nbsp;</TD></TR>

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   <TD width="75%" align=left><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif"></FONT></I></TD>

   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Tel&#233;fono: </FONT></I><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">(56) </FONT></I><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">(2) </FONT></I><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">940 </FONT></I><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">0000</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="75%" align=left><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif"></FONT></I></TD>

   <TD style="BORDER-LEFT: #ff0000 1px solid; PADDING-LEFT: 0.2in" width="25%" align=left><I><FONT size=1 face="Times-Italic,Times New Roman,Times,serif">www.pwc.cl</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">To the Board of Directors and Shareholders of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, shareholders' 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, </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">2010 </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">and 2009 and the results of their operations and their cash flows for each of the three years in the period ended December 31, </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">2010 </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">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, </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">2010, </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">based on criteria established in </FONT><I><FONT size=2 face="Times-Italic,Times New Roman,Times,serif">Internal Control -Integrated Framework </FONT></I><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management'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 principies 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.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">A company'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 principies. A company'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's assets that could have a material effect on the financial statements.</FONT></P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-2</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_125"></A>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=center>

<P></P>

<P></P>

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   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250903.jpg" width=102 height=37>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;
<IMG border=0 src="pwc.gif"><BR>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif"></FONT>&nbsp;</P>

<P align=center><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">
<IMG border=0 align=center src="firma.gif"></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">Santiago - Chile</FONT><BR><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">June 6, </FONT><FONT size=2 face="Times-Roman,Times New Roman,Times,serif">2011</FONT></P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-3</FONT></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_126"></A>

<P></P>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<P></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="37%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 63.4pt; PADDING-TOP: 0cm" vAlign=top width="63%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250905.jpg" width=102 height=37>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>INDEX</FONT></B></FONT></H1>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="95%" colSpan=3><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>INDEX</FONT></B></FONT></TD>

   <TD width="5%" align=right>4</TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_128"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_128">6</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_130"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF INCOME</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_130">8</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_131"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_131">9</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_132"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>STATEMENT OF CHANGES IN NET EQUITY</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_132">10</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_133"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>CONSOLIDATED STATEMENT OF CASH FLOW</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_133">11</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_134"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 1 General Information</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_134">12</A></TD></TR>

<TR>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_137"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 2 Summary of significant accounting policies</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_137">15</A></TD></TR>

<TR>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.1</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_137"><EM><FONT color=#003300><B>Basis of preparation</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_137">15</A></TD></TR>

<TR>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_138"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.2</FONT></I></B></FONT></A></TD>

   <TD width="1%"></TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_138"><EM><FONT color=#003300><B>Basis of consolidation</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_138">16</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.3</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_139"><EM><FONT color=#003300><B>Financial information as per operating segments</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_139">17</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.4</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_139"><EM><FONT color=#003300><B>Foreign currency and unidad de fomento (Adjustable unit)</B></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>. </FONT></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>17</FONT></FONT></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_139">17</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.5</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_140"><EM><FONT color=#003300><B>Cash and cash equivalents</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_140">18</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.6</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_140"><EM><FONT color=#003300><B>Financial instruments</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_140">18</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.7</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_142"><EM><FONT color=#003300><B>Financial asset impairment</B></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>&nbsp;&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>20</FONT></FONT></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_142">20</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.8</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_142"><EM><FONT color=#003300><B>Inventories&nbsp;</B></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>. </FONT></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>20</FONT></FONT></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_142">20</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.9</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_142"><EM><FONT color=#003300><B>Other non-financial assets</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_142">20</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.10</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_142"><EM><FONT color=#003300><B>Property, plant and equipment</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_142">20</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.11</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_143"><EM><FONT color=#003300><B>Leases</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_143">21</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.12</FONT></I></B></FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES>&nbsp;</FONT></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_143"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>Investment property</FONT></I></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_143">21</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.13</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_143"><EM><FONT color=#003300><B>Biological assets</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_143">21</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.14</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_144"><EM><FONT color=#003300><B>Intangible assets other than goodwill</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_144">22</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.15</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_144"><EM><FONT color=#003300><B>Goodwill</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_144">22</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.16</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_144"><EM><FONT color=#003300><B>Impairment of non-current assets other different than goodwill</B></FONT> <FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>22</FONT></FONT></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_144">22</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.17</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_145"><EM><FONT color=#003300><B>Non-current assets held for sale</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_145">23</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.18</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_145"><EM><FONT color=#003300><B>Income tax and deferred taxes</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_145">23</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.19</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_146"><EM><FONT color=#003300><B>Employees benefits</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_146">24</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.20</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_146"><EM><FONT color=#003300><B>Provisions</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_146">24</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.21</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_146"><EM><FONT color=#003300><B>Deposits on bottles and containers</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_146">24</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.22</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_146"><EM><FONT color=#003300><B>Revenue recognition</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_146">24</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.23</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_147"><EM><FONT color=#003300><B>Commercial agreements with distributors and supermarket chains</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_147">25</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.24</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_147"><EM><FONT color=#003300><B>Cost of sales of products</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_147">25</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>2.25</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_147"><EM><FONT color=#003300><B>Other expenses by function</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_147">25</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.26</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_148"><EM><FONT color=#003300><B>Distribution expenses</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_148">26</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.27</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_148"><EM><FONT color=#003300><B>Administration expenses</B></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_148">26</A></TD></TR>

<TR height=20>

   <TD width="5%" align=right><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES-CL>2.28</FONT></I></B></FONT></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="89%">
   <A href="ccuform20f2010a.htm#page_148"><EM><FONT color=#003300><B>Environment&nbsp;</B></FONT>&nbsp;<FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>&nbsp;</FONT></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><FONT lang=ES-CL>26</FONT></FONT></FONT></EM></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_148">26</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_148"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 3 Estimates and application of professional judgment</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_148">26</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_148"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 4 Accounting changes</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_148">26</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_149"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 5 Risk Administration</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_149">27</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_154"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 6 Financial Instruments</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_154">32</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_159"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 7 Financial Information as per operating segments</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_159">37</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_163"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 8 Business Combinations</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_163">41</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_166"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 9 Net Sales</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_166">44</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_166"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 10 Nature of the costs and expenses</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_166">44</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_166"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 11 Financial Results</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_166">44</A></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-4</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm">
<IMG src="x11060806250901.gif" width=15 height=24></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm">
<A href="ccuform20f2010a.htm#_Toc294278895"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>44</FONT></B></FONT></FONT></A></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_127"></A>

<P></P>

<P></P>

<DIV align=right>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="61%" colSpan=2>&nbsp;</TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250906.jpg" width=102 height=37>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm">&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_167"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 12 Other Gain and Loss</FONT></B></FONT> </A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_167">45</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_167"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 13 Cash and cash equivalents</FONT></B></FONT> </A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_167">45</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_169"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 14 Accounts receivables &#8211; Trade and other receivables</FONT></B></FONT> </A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_169">47</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_171"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 15 Accounts and transactions with related companies</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_171">49</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_175"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 16 Inventories</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_175">53</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_176"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 17</FONT></B></FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB> Other non-financial assets</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_176">54</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_177"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 18 Investments in Joint ventures</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_177">55</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_179"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 19 Intangible Assets (net)</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_179">57</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_180"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 20 Goodwill</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_180">58</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_182"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 21 Property, plant and equipment</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_182">60</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_184"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 22 Investment Property</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_184">62</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_184"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 23 Non-current assets held for sale</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_184">62</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_185"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 24 Biological Assets</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_185">63</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_186"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 25 Income taxes and deferred taxes</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_186">64</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_189"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 26 Other financial liabilities</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_189">67</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_197"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 27 Accounts payable &#8211; trade and other payables</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_197">75</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_197"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 28 Provisions</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_197">75</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_200"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 29 Other non-financial liabilities</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_200">78</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_200"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 30 Employee Benefits</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_200">78</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_205"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 31 Non-controlling Interests</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_205">83</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_205"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 32 Common Shareholders&#8217; Equity</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_205">83</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_208"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Note 33 Effects of changes in exchange rate currency</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_208">86</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_211"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 34 Contingencies and Commitments</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_211">89</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_214"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 35 Environment</FONT></B></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_214">92</A></TD></TR>

<TR height=20>

   <TD width="95%" colSpan=3>
   <A href="ccuform20f2010a.htm#page_214"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Note 36 Subsequent Events</FONT></B></FONT></FONT></A></TD>

   <TD width="5%" align=right>
   <A href="ccuform20f2010a.htm#page_214">92</A></TD></TR></TABLE></DIV>

<P><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>58</FONT></B></FONT></FONT> <FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>83</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>... </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>83</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>... </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>86</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>89</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>92</FONT></B></FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>.. </FONT></B></FONT></FONT><FONT style="DISPLAY: none" color=windowtext><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman,serif"><B><FONT lang=ES-CL>92</FONT></B></FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><B>F-5</B></FONT></H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_128"></A>

<P></P>

<P></P>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P></P></FONT></DIV>

<DIV align=right><FONT size=2></FONT>&nbsp;</DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 63.4pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250907.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Consolidated Statement of Financial Position (Assets)<BR></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="66%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33px" bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ASSETS</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid; BORDER-TOP: #ffffff 2px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash aquivalent</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137,353,669</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,328,952</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,078,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other non-financial assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,489,913</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable-trade and other receivables</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,377,777</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,833,634</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,214,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,353,258</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,069,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes receivables</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,150,987</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,053,034</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets different from assets held for sale</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>445,784,590</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>408,386,788</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets held for sale</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497,324</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets hel for sale</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>408,386,788</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,813</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other non-financial assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,826,744</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,643,639</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment in joint venture</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,596,043</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,284,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible assets other than goodwill</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,982,221</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,305,451</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,761,406</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,170,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment (net)</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>508,162,219</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>490,251,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Biological assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,668,630</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,900,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment property</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,403,275</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,291,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax assets</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,546,061</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,194,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>695,329,092</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,103,715,880</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>F-6</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT><FONT lang=PT-BR><BR clear=all></FONT></FONT>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_129"></A>

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<DIV align=right>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 63.4pt; PADDING-TOP: 0cm" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250908.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Consolidated Statement of Financial Position (<FONT style="FONT-SIZE: 9pt" face=Arial>Liabilities and Net Equity</FONT>)<BR></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.15pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="66%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="66%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>LIABILITIES AND NET EQUITY</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=middle><FONT color=#ffffff size=1 face=Arial><B>LIABILITIES</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #ffffff 3px solid" bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,821,855</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,051,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable-trade and other payables</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126,215,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable- to related companies</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,428,103</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,263,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other short-term provisions</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,290,713</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,401,517</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employee benefits provisons</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,069,052</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,682,173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other non-financial liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,963,923</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,492,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>236,958,080</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>246,135,192</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current Liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220,145,167</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>211,839,101</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable to related companies</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>620,868</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>610,093</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other long-term provisions</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,139,891</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,656,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred tax liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,454,015</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,867,537</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employee benefits provisions</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,297,403</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,400,802</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>299,657,344</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>284,374,171</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>536,615,424</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>530,509,363</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>NET EQUITY</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net equity attributable to equity holders of the parent</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Paid-in capital</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231,019,592</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231,019,592</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other reserves</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,119,228)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,194,445)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>311,754,155</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>256,404,398</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="66%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Subtotal net equity attributable to equity holders of the parent</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>505,654,519</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>462,229,545</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="66%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,419,068</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,976,972</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Shareholders' Equity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>615,073,587</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>573,206,517</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="66%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Liabilities and Shareholders' Equity</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,103,715,880</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-7</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_130"></A>

<P></P>

<P></P>

<DIV align=right>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250909.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Consolidated Statement of <FONT style="FONT-SIZE: 9pt" face=Arial>Income<BR></FONT></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE><FONT><FONT lang=PT-BR><BR clear=all></FONT></FONT></DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF INCOME</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="53%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#003300 width="53%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CONSOLIDATED SATETEMENT OF INCOME</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net Sales</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>838,258,327</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>776,544,195</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>710,189,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(383,812,866)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(365,098,371)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(335,578,823)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>454,445,461</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>411,445,824</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>374,610,447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income by function</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,432,003</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,362,077</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,485,542</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution costs</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(129,079,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(110,020,778)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,086,265)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Administrative expenses</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,995,182)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,833,191)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,580,276)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expenses by function</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108,544,472)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(98,571,931)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92,439,164)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other gains (losses)</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,136,250</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,924,632</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,562,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,380,886</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,075,957</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,094,361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial costs</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,668,587)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,442,847)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,891,801)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,563,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(865,556)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,626,490)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>147,592,719</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,088,841</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,827,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,656,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,723,673)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,524,247)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income from continued activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,936,670</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,365,168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,303,240</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="53%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income attributable to:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity holders of the controlling company</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>128,037,473</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90,413,642</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,237,155</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,327,695</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,889,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,936,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,365,168</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,303,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income per share (pesos):</FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283.87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discontinued operations</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Diluted earnings per share (pesos) from:</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283.87</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-8</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_131"></A>

<P></P>

<P></P>

<DIV align=right>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=center>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250910.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Consolidated Statement of <FONT style="FONT-SIZE: 9pt" face=Arial>Comprehensive </FONT><FONT style="FONT-SIZE: 9pt" face=Arial>Income<BR></FONT></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="53%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="53%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="COLOR: #ffffff"><B>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="8%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="COLOR: #ffffff"><B>Note</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,936,670</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,365,168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,303,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other income and expenses charged or credited againts net equity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(429,445)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,507,854)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,156,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange differences of foreign subsidiaries</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,900,089)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,738,644)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,866,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax related to other income components and expense charged</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>or credited against net equity</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(876,541)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total other comprehensive income and expense</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(12,250,087)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(40,140,163)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21,145,931</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Comprehensive income and expense (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>107,686,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>101,225,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>116,449,171</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="53%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Comprehensive income and expense originated by:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity holders of the controlling company</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>99,349,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90,646,599</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>110,510,418</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,336,818</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,578,406</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,938,753</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Comprehensive income and expense (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>107,686,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>101,225,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>116,449,171</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="74%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) Corresponds to the income (loss) for the year in case no income or expenses have benn recorded directly againts shareholders&#180;s equity.</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>F-9&nbsp;</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

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<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250911.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Statement of <FONT style="FONT-SIZE: 9pt" face=Arial>Changes In Net Equity<BR></FONT></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV></DIV><FONT><FONT lang=PT-BR><BR clear=all></FONT></FONT>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>STATEMENT OF CHANGES IN NET EQUITY</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="37%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="37%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>STATEMENT OF CHANGES IN NET EQUITY</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" colSpan=2 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Paid-in Capital</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="21%" colSpan=3 align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Other Reserves</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Retained earnings</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Net equity attributable<BR></B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT color=#ffffff><B>to equity <BR>holders <BR>of</B></FONT>&nbsp;<FONT color=#ffffff><B>the controlling<BR></B></FONT><FONT color=#ffffff><B>company</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Non-<BR>controlling<BR></B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT color=#ffffff><B>interest</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Total Shareholder's<BR></B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT color=#ffffff><B>Equity</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Common Stock</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Shares premium</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>translation</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>difference</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Hedge reserves</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Other reserves</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Balance as of January 1, 2008</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>197,925,086</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2,084,084</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>4,296,051</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>161,138,442</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>380,922,836</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>49,734,150</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>430,656,986</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Changes</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Final dividends (1)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(7,919,922)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(7,919,922)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(7,919,922)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends (2)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(14,969,635)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(14,969,635)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(14,969,635)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends according to policy (3)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(26,345,717)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(26,345,717)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(26,345,717)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other increases (decreases) in Net Equity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,615,333&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(14,312,182)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(1,636,567)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,666,584&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">48,424,903&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">50,091,487&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Comprehensive income and expense&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">15,817,197&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,279,579&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90,413,642&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">110,510,418&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,938,753&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">116,449,171&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Total changes in equity</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>17,615,333</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,817,197</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>4,279,579&nbsp; </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>14,312,182</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>39,541,801</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>62,941,728</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>54,363,656</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>117,305,384</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="37%" align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>AS OF DECEMBER 31, 2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>215,540,419</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,817,197</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>6,363,663</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(10,016,131)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>200,680,243</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>443,864,564</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>104,097,806</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>547,962,370</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Balance as of January 1, 2009</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>215,540,419</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,817,197</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>6,363,663</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(10,016,131)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>200,680,243</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>443,864,564</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>104,097,806</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>547,962,370</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Changes</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Final dividends (1)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(8,263,070)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(8,263,070)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(8,263,070)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends (2)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(19,110,172)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(19,110,172)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(19,110,172)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends according to policy (3)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(44,908,565)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(44,908,565)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(44,908,565)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other increases (decreases) in Net Equity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">31,700&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(31,511)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">189&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(3,699,240)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(3,699,051)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Comprehensive income and expense&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(31,989,355)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(5,401,519)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">128,037,473&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90,646,599&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">10,578,406&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">101,225,005&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Total changes in equity</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(31,989,355)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(5,401,519)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>31,700</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>55,724,155</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>18,364,981</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>6,879,166</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>25,244,147</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="37%" align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>AS OF DECEMBER 31, 2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>215,540,419</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(16,172,158)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>962,144</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(9,984,431)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>256,404,398</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>462,229,545</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>110,976,972</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>573,206,517</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Balance as of January 1, 2010</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>215,540,419</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(16,172,158)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>962,144</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(9,984,431)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>256,404,398</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>462,229,545</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>110,976,972</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>573,206,517</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Changes</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends (2)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(18,473,167)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(18,473,167)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(18,473,167)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interim dividends according to policy (3)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(36,876,591)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(36,876,591)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(36,876,591)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other increases (decreases) in Net Equity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(575,033)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(575,033)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(9,894,722)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(10,469,755)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Comprehensive income and expense&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(10,999,752)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(349,998)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">110,699,515&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99,349,765&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,336,818&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">107,686,583&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="37%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Total changes in equity</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(10,999,752)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(349,998)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(575,033)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>55,349,757</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>43,424,974</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(1,557,904)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>41,867,070</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="37%" align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>AS OF DECEMBER 31, 2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>215,540,419</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,479,173</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(27,171,910)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>612,146</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(10,559,464)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>311,754,155</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>505,654,519</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>109,419,068</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>615,073,587</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=7 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(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.&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="72%" colSpan=6 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(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.&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" colSpan=4 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(3) Related to CCU's policy to distribute a minimun dividend of at least 50% of the income (Note 32).&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B></B>&nbsp;</H1>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-10</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD width="50%">&nbsp;</TD>

   <TD style="HEIGHT: 63.4pt" vAlign=top rowSpan=4 width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG src="x11060806250912.jpg" width=102 height=37>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 11pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>Consolidated Statement of <FONT style="FONT-SIZE: 9pt" face=Arial>Cash Flow<BR></FONT></FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB" color=#003300><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#003300 face=Arial,sans-serif><FONT lang=EN-GB>(Figures expressed in thousands of Chilean pesos)</FONT></FONT></FONT><FONT style="mso-ansi-language: EN-GB">&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 26.15pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 26.15pt" vAlign=bottom width="50%">

   <P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD width="50%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>CONSOLIDATED STATEMENT OF CASH FLOW</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=ES-CL></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="53%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="53%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CONSOLIDATED STATEMENT OF CASH FLOW</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended as of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash flows from (used in) operational activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Collection classes:</B></FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from goods sold and services rendered</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.109.343.102</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.049.098.622</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941.931.350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other proceeds from operating activities</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.054.319</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.092.344</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.564.733</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Types of payments:</B></FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payments of operating activities</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(743.733.742)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(656.127.896)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602.725.119)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payments of salaries</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88.440.973)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(79.161.980)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77.034.752)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other payments for operating activities</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(130.673.513)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(139.937.632)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108.609.013)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends received</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.147.778</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>951.045</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>969.745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9.214.835)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9.377.031)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9.817.389)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest received</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.056.066</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.297.780</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>435.026</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax reimbursed (paid)</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19.438.054)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.360.477)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18.813.779)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other cash movements</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.165.032</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31.630.325)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14.455.614)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash flows from (used in) operational activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>159.265.180</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>150.844.450</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>125.445.188</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="53%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash flows from (used in) investing activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from sale and investment in a subsidiary</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29.874.428</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flows used for control of subsidiaries or other businesses</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10.646.456)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.036.500)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(78.522.049)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payments for the acquisition of joint venture</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8.963.674)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from sale of property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.162.012</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262.461</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>973.920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(64.396.164)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57.892.476)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60.684.622)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others cash movements</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.467.752)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.939.974)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5.453.316)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash flows from (used in) investing activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(65.348.360)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(30.732.061)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(152.649.741)</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="53%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash flows from (used in) financing activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from term loans</FONT>&nbsp;</TD>

   <TD width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118.031.844</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.838.271</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Proceeds from short-term loans</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.570.740</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total amount from loans</B></FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8.570.740</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>118.031.844</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30.838.271</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loan payments</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7.038.439)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(97.608.004)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5.762.989)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payments of finance lease liabilities</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.476.189)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.455.592)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.006.128)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Repayment of loans to related entities</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.341.762)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.482.778)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36.563)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(72.370.536)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50.709.762)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50.310.420)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="53%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others cash movements</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.707.315)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.832.556)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.569.067)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net cash flows from (used in) financing activities</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(79.363.501)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(37.056.848)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(29.846.896)</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="53%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Increase (Decrease) in cash and cash equivalents, before the effect of changes in exchange rate</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14.553.319</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>83.055.541</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(57.051.449)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Effects of changes in exchange rates on cash and cash equivalents</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(292.688)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1.001.857)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(4.351.189)</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="53%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents, initial balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137.353.669</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55.299.985</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>116.702.623</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="53%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalents, final balance</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>151.614.300</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137.353.669</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55.299.985</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=ES-CL></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=gray face=Arial,sans-serif><FONT lang=EN-GB>The accompanying notes 1 to 36 are an integral part of these consolidated financial statements.</FONT></FONT></P></FONT>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</H1>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-11</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>&nbsp; </FONT></DIV></FONT></DIV></DIV>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 35.95pt; PADDING-TOP: 0cm" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 35.95pt; PADDING-TOP: 0cm" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250913.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 1 </FONT></B></FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300><B><FONT lang=ES-CL>General Information</FONT></B></FONT></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (&#8220;CCU&#8221;, or the &#8220;Company&#8221; or the &#8220;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, &#8220;SVS&#8221;) under N&#186; 0007, consequently, the Company is subject to Regulation by the SVS. The Company&#8217;s shares are quoted in Chile on the Santiago Stock Exchange, Electronic 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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. (&#8220;Foods&#8221;) 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company is the largest producer, bottler and distributor of beer in Chile. CCU&#8217;s beer production and distribution includes a wide range of brands in the super premium, premium, mainstream as well as popular-priced segments, which are marketed under seven proprietary brands (or brand extensions) being the main Cristal, Escudo and Royal Guard. The main brand distributed and/or produced under license is Heineken. Beer manufacturing in Chile is carried out at the Santiago, Temuco and Valdivia plants.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 and Palermo. The Company also imports and distributes Negra Modelo, Corona, Guinness and Paulaner.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company is also a wine producer in Chile, through its subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. (&#8220;VSPT&#8221;), the second largest wine exporter in Chile, and the third largest winery in the domestic market. VSPT produces and markets ultra-premium, reserve, varietal 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company, through its subsidiary Embotelladora Chilenas Unidas S.A. (&#8220;ECUSA&#8221;) is one of the largest non-alcoholic beverage producers in Chile, including: soft drinks, mineral and purified water, nectars, tea, sports 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 and Pap in the category of soft drinks; Cachant&#250;n and Porvenir in 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company, through its subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. (&#8220;CPCh&#8221;), 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-12</FONT></FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250914.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the described licenses situation appears below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="85%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BACKGROUND-COLOR: #003300" width="100%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Main brands under license</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="85%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Licenses</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Validity Date</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Watt's rigid packaging, except carton</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Budweiser for Argentina and Uruguay</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pepsi, Seven Up and T&#233; Lipton</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>March 2020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Crush, Canada Dry (Ginger Ale, Agua T&#243;nica and Lim&#243;n Soda)</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Budweiser for Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Austral</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>September 2015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Negra Modelo and Corona for Argentina</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Heineken for Chile and Argentina (1)</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>June 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nestl&#233; Pure Life (2)</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Red Bull for Argentina</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>December 2012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gatorade (3)</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>March 2012</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="85%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="15%" align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) 5 years renewable License unless indicated by notice received 12 months in advance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(2) Renewable License for 5 years more, subject to compliance with the conditions agreed in the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(3) Renewable License for 2 or 3 year period, subject to compliance with the conditions agreed in the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 the Company had a total 5,490 employees according to the following detail:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="74%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="74%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number of employees</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="74%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Parent Company</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Main Executives</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Professionals and Techniciens</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>260</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.455</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="74%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Workers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="74%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>401</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5.490</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-13</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P></DIV></DIV>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250915.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The consolidated financial statements include the following significant subsidiaries direct and indirect:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="35%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=4 width="35%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Subsidiary</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>RUT</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Country of origin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Functional currency</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Share percentage with voting rights</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>%</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cervecera CCU Chile Ltda.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96.989.120-4</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.501.760-1</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9426</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia. Cervecerias Unidas Argentina S.A. (3)</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentinean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95.9647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.(2)</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0058</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.586.280-8</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportes CCU Limitada</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79.862.750-3</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCU Investments Limited</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Islas Cayman</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financiera CRECCU S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.041.227-9</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>F&#225;brica De Envases Pl&#225;sticos S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86.150.200-7</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Southern Breweries Establishment</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vaduz-Liechtenstein</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comercial CCU S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.554.560-8</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCU Inversiones S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.593.550-4</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9723</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Millahue S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91.022.000-4</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9621</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.9621</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A. (1)</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.003.431-2</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.1000</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.1000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="13%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccffcc" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0007</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.0007</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="35%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The main movements in the ownership of the subsidiaries included in these financial statements are as follows:</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES>(1) Aguas CCU-Nestl&#233; Chile S.A.</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 12)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>(2) Vi&#241;a San Pedro Tarapac&#225; S.A. and subsidiaries</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Between January 13 and 20, 2009, during the course of the company&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-14</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250916.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As a result of the above, as of December 31, 2010 and 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES>(3) Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. and&nbsp; subsidiaries</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On December 20, 2010, the Company, through its subsidiary Inversiones Invex CCU Limitada, acquired the 4.04% of the stake Anheuser-Busch Investments, S.L. had in the subsidiary Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A., As a consequence the Company became 100% owner of the before mentioned subsidiary.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 2 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>&nbsp;Summary of significant accounting policies</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Significant accounting policies adopted for the preparation of these consolidated financial statements are described below: </FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><A name="_Toc294278845"></A><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.1</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Basis of preparation</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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) and applied uniformly to the periods presented.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company has made certain reclassifications in the presentation of the consolidated financial statements as of December 31, 2009 and 2008, due to new instructions issued by the Superintendencia de Valores y Seguros (S.V.S.), in its Circular N&#176; 1975, dated March 25, 2010. These reclassifications relate mostly to regrouping certain assets and liabilities in the Consolidated Statement of Financial Position, all within the respective current and non current items, as well as regrouping of items in the Consolidated Statement of Income, which in no case affect the outcome or results of each year. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The consolidated&nbsp; financial statements cover the following periods: Balance sheet and Statement as of December 2010 and 2009, Statement of changes in net Equity, Statement of Income, Statement of Comprehensive Income and Statement of Cash Flow for the years ended December 2010, 2009 and 2008.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The amounts shown in the attached financial statements are expressed in thousands of Chilean pesos, which is the Company&#8217;s functional currency. All amounts have been rounded to thousand pesos, except when otherwise indicated.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The consolidated financial statements have been prepared on the historical basis, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit and loss.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s accounting policies. See </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 3</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> for disclosure of significant amounting estimates and judgments.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>At the date of issuance of these consolidated financial statements Amendments, Improvements and Interpretations to the existing standards have been published which have come into force during the financial year 2010 and the Company has adopted. These were made mandatory from the following dates:</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-15</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250917.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

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   <TD width="15%">&nbsp;</TD>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

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   <TD bgColor=#003300 vAlign=center rowSpan=2 width="85%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>New Standard Improvements and Amendments</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mandatory for</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>years beginning in:</B></FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IAS 1 Amendment</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Presentation of Financial Statements</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2010</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IFRS 2 Amendment</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Share-based Payment</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2010</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IAS 32 Amendment</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Classification of rights issue of shares</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">February 1, 2010</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IFRS 1 Amendment</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Exemptions from the initial adoption of IFRS</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">July 1, 2010</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IFRIC 19</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Cancellation of liabilities with equity instruments</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">July 1, 2010</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #003300" width="15%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="70%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="15%" align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB><BR>The adoption of the these standards, as per their mandatory application date, had not impact on the consolidated financial statements. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Also, at the date of issuance of these consolidated financial statements, Amendments, Improvements and Interpretations to the existing standards have been published, which are not yet valid and the Company has not early adopted. The following standards are required to be applied as from the dates indicated below:</FONT></FONT></P>

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   <TD width="15%">&nbsp;</TD>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="85%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>New Standard Improvements and Amendments</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Mandatory for</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>years beginning in:</B></FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Amendment IFRIC 14</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Prepayment of the obligation to maintain a minimum funding</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2011</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Revised IAS 24</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Related Party Disclosures</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2011</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IFRS 7</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Financial Instruments: Disclosures</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">July 1, 2011</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IAS 12 Amendment</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Income Taxes</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2012</FONT>&nbsp;</TD></TR>

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   <TD width="15%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">IFRS 9</FONT>&nbsp;</TD>

   <TD width="70%" align=left><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Financial Instruments: Classification and Measurement</FONT>&nbsp;</TD>

   <TD width="15%" align=middle><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">January 1, 2013</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #003300" width="15%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="70%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="15%" align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB><BR>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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.2</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Basis of consolidation<A name="_Toc294278846"></A></FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Subsidiaries</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The acquisition 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. 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&#8217;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&#8217; net assets, the difference is directly recognized in the Statement of Income as gain.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Transaction and Non-controlling Interest</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Inter-company transactions, balances and unrealized gains from transactions between the Group&#8217;s entities are eliminated during consolidation. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Whenever necessary to ensure uniformity with the policies adopted by the Company, the subsidiaries&#8217; accounting policies are amended.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The non-controlling interest is presented in the Net Equity section of the Statement of Financial Position. The gain or loss attributable to non-controlling interest is presented in the Consolidated Statement of Income after net income. </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-16</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250918.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Joint Ventures </FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217; agreement. The Company accounts for its participation in joint ventures by using the equity method. The 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.3</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Financial information as per operating segments</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=#339966 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>(See Note 7)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s % as compared to total income), the volume and Sales Income are the most important. Sales between segments are carried out at arm&#8217;s length and the net sales information as per geographical location is based on the producing and selling entity location.</FONT></FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.4</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Foreign currency and unidad de fomento (Adjustable unit)</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Presentation and functional currency</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Transactions and balances</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Transactions in foreign currency and adjustable units (&#8220;Unidad de Fomento&#8221; or &#8220;UF&#8221;) 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&#8217;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 monetary 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 statement of income as per Adjusment Units.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 Equity Reserve, under the Currency Translation Reserves item. 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The exchange rates of the main foreign currencies and adjustment units used in the preparation of the consolidated financial statements as of&nbsp; December, 2010, 2009 and 2008 are as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-17</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250919.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<TR>

   <TD width="30%">&nbsp;</TD>

   <TD width="31%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="61%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Chilean Pesos as per unit of foreign currency or adjustable unit</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Ch$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Ch$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Ch$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Foreign currencies</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="31%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US Dollar</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>USD</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>468,01</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>507,10</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>636,45</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>EUR</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>621,53</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>726,82</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>898,81</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentine Peso</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ARS</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,71</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133,48</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>184,32</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Canadian Dollar</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CAD</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>467,87</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>481,12</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sterling Pound</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>GBP</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>721,01</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>814,49</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>918,27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Swiss Franc</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CHF</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>499,37</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>489,10</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>602,64</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Australian Dollar</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>AUD</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>474,56</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>453,09</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>436,72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Danish Krone</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>DKK</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,39</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,69</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,62</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Japanese Yen</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>JPY</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,73</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,48</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,05</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Brazilian Real</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>BRL</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>281,31</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>290,94</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>271,70</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="30%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Adjustment Units</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="31%" align=middle>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unidad de fomento</FONT>&nbsp;</TD>

   <TD width="31%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>UF</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.455,55</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.942,88</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.452,57</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=5>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB>* 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.5</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Cash and cash equivalents<A name="_Toc294278849"></A></FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.6</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Financial instruments<A name="_Toc294278850"></A></FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Financial assets and liabilities</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company recognizes a financial asset or liability in its balance sheet when it becomes subject to the contractual stipulations of a financial instrument. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>After the initial recognition, the Company values the financial assets as described below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Financial assets at fair value through profit and loss</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Accounts receivable</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 adjustment when there is objective evidence of payment risk by the client.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-18</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250920.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The estimated losses from bad debts are determined by applying differentiated percentages, taking into account maturity factors, until reaching a 100% of the balance 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Debts and financial liabilities that accrue interests</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 Comprehensive Income during the term of the loan, using the effective interest rate method.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Derivative Instruments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 Comprehensive Income as income or losses due to fair value of financial instruments, unless the derivative instrument qualifies, be designated and be effective as a hedging instrument.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In order to classify a derivative as a hedging instrument for accounting purposes, the Company documents (i) as of the transaction date or at designation time, the relationship or correlation between the hedging 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 hedging instrument with effectiveness between 80% to 125%.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Derivative instruments classified as hedges are accounted for as cash flow hedges.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total fair value hedging derivatives are classified as assets or financial liabilities Other non-current if the maturity of the hedged item is more than 12 months and as other assets or current liabilities if the remaining maturity of the hedged item is less than 12 months. The effect on results of these instruments can be viewed in Other gains (losses) of the Consolidated Statements of Comprehensive Income.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The effective portion of the change in the fair value of derivative instruments that are designated and qualified 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 immediately recognized in the Statement of Income.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-19</FONT></P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250921.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.7</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>&nbsp;Financial asset impairment</FONT></I></B></FONT></DIV></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=windowtext face=Arial,sans-serif><B><FONT lang=EN-GB>At each financial statement date the Company assesses if a financial asset or financial group of assets is impaired.</FONT></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company assesses impairment of accounts receivable collectively, grouping the financial assets according to similar risk characteristics, which indicate the debtors&#8217; capacity to comply with their obligations under the conditions agreed upon. 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 Comprehensive Income, under the Administration Expense item.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In the event that during subsequent periods 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Any subsequent impairment reversal 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.8</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Inventories</FONT></I></B></FONT></H3>

<H3 style="PAGE-BREAK-AFTER: auto; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=windowtext face=Arial,sans-serif><B><FONT lang=EN-GB>Inventories are valued at the lower at cost (acquisition or production cost) and 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></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s deterioration is registered for the difference in value. This allowance for asset&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Cost associated with agricultural activities (winery) are deferred up to the harvest date, at which such time they become part of inventory cost for subsequent processes. </FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.9</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Other non-financial assets</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>They 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.10</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Property, plant and equipment</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 related to certain qualified assets, which are capitalized during the construction or acquisition period, as long as these assets qualify for these purposes considering the period necessary to complete and prepare the assets to be operative. 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. Subsequent disbursements correspond to repairs and maintenance and they are recorded as expense when incurred.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 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 at each financial statement closing date, if necessary.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-20</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250922.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Property, plant and equipment estimated useful lives are as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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   <TD bgColor=#003300 vAlign=center rowSpan=2 width="87%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Type of Assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number of</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Years</B></FONT>&nbsp;</TD></TR>

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   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefined</FONT>&nbsp;</TD></TR>

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   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings and Construction</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20 to 60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinery and equipment</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10 to 25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Furniture and accesories</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5 to 10</FONT>&nbsp;</TD></TR>

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   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales assets (coolers and majolica)</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5 to 8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="87%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bottles and container</FONT>&nbsp;</TD>

   <TD width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3 to 12</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="87%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="13%" align=middle>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Income and losses resulting from the sale of properties, plants and equipment, are calculated comparing their book values against the related sales proceeds and are included in the Consolidated Statement of Income.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (See Note 2.16).</FONT></I></B></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.11</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Leases</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 &#8220;Leases&#8221;. 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Lease agreements that do not qualify as financial leases are classified as operating leases. Lease payments of operating leases are charged to income on a straight line basis over the life of the lease.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.12</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>&nbsp;Investment property</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.13</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>&nbsp;Biological assets </FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Biological assets held by Vi&#241;a San Pedro Tarapac&#225; S.A. (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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Depreciation of under production vines is recorded on a straight-line 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. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Costs incurred in acquiring and planting new vines are capitalized.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company uses the amortized historical cost to value its biological assets, for which management consider that it represents the best approximation to fair value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-21</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250923.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.14</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Intangible assets other than goodwill</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Commercial Trademarks</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 2.16).</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Software Programs</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Research and development</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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, 2010, 2009 and 2008, were not significant.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Water Rights</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Water Rights acquired by the Company correspond to the existing exploitation rights of water from natural sources, and they were recorded at their attributed cost 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.15</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Goodwill &nbsp;</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Goodwill and Impairment of Goodwill</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Goodwill represents the excess of cost of a business combination over the Company&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 - </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>See Note 20)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> represents the lowest level inside the Company at which goodwill is monitored for internal administration purposes, 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 could experience impairment, or some of the significant market conditions have changed.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 to sell and its value in use.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.16</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Impairment of non-current assets other different than goodwill</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-22</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250924.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The recoverable amount is defined as the highest between the fair value, less costs to sell 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 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 impairment losses. The increase in the value of the previously impaired asset is recognized only when it is originated by &nbsp;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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.17</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Non-current assets held for sale</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Property, plant and equipment expected to be recovered primarily through sale rather than through continuing use, for which active sale negotiations have begun and it is estimated that they will be sold within twelve months following the closing date are classified as non-current assets held for sale. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>These assets are measured at the lower of their book value and the estimated fair value, less cost to sell. From the moment in which the assets are classified as non-current assets held for sale they are no longer depreciated.</FONT></FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.18</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Income tax and deferred taxes </FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Income tax is composed by the legal obligations and the deferred taxes recognized according to International Accounting Standard N&#186; 12 &#8211; Income Taxes. 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Income Tax Obligation</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Deferred Tax</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 (carrying amount for financial reporting purposes) and the corresponding tax basis of such assets and liabilities used to determine the profits subject to taxes. Deferred tax 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Deferred tax is 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Deferred tax 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-23</FONT></P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250925.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.19</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Employees benefits</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Employees Vacation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company accrues the expense associated with staff vacation when the employee earns the benefit.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Employees Bonuses</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company recognizes a liability and an expense for bonuses when it&#8217;s contractually obligated, it is estimated that, depending on the income requirement at a given date, bonus will be paid out at the end of the year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Severance Indemnity</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company recognizes a liability for the payment of irrevocable severance indemnities, originated by the collective and individual agreements entered into with employees. Such obligation is determined based on the actuarial value of the accrued cost of 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 shown at its present 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 7.7% for the years ended as of December 31, 2010 and 2009 and 7.6% for the year ended December, 31, 2008, 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.20</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Provisions&nbsp;</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 as of financial statements closing date, are Management&#180;s best estimates, and consider the necessary disbursements to liquidate the obligation.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 28).</FONT></I></B></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.21</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Deposits on bottles and containers</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 a payable on sight and it does not have adjustability clauses of any kind in its origin.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.22</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Revenue recognition</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-24</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_147"></A></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250926.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Sale of products in the domestic market</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Exports</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In general, &nbsp;the Company&#180;s delivery conditions for sale are basis for revenue recognition related to exports.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The structure of income recognition is based on the grouping of Incoterms, mainly in the following groups:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In the event of discrepancies between the commercial agreements and delivery conditions those established in the agreements shall prevail.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.23</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Commercial agreements with distributors and supermarket chains</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s participation in advertising campaigns, promotion magazines and opening of new sales locations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.24</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Cost of sales of products</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 mainly include 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>2.25</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>&nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Other expenses by function<BR></FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Other expenses by function include, mainly advertising and promotion expenses, depreciation of assets sold, selling expenses, marketing costs (sets, signs, neon signs at clients&#180; facilities) and marketing and sales staff remuneration and compensations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-25</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250927.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.26</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>&nbsp;Distribution expenses </FONT></I></B></FONT></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Distribution costs include all the necessary costs to deliver products to clients.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.27</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Administration expenses</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Administration expenses include 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>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>2.28</FONT></I></B></FONT><FONT style="FONT-SIZE: 7pt" color=#003300 face="Times New Roman"><B><I><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B></FONT><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Environment</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In case there are of environmental liabilities it recorded based on the current interpretation of environmental laws and regulations, or when an obligation is likely to occur and the amount of such liability can be calculated reliably.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Disbursements related to environmental protection are charged to the Consolidated Statements of Comprehensive Income as incurred, except, investments in infrastructure designed to comply environmental requirements, which are activated following the accounting policies for property, plant and equipment .</FONT></FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 3 </FONT></B></FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300><B><FONT lang=EN-GB>Estimates and application of professional judgment</FONT></B></FONT></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Significant estimates and accounting policies are defined as those that are important to correctly reflect the Company&#8217;s financial position and income, and/or those that require a high judgment level by Management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The main estimates and professional judgments are related to the following concepts:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset valuation and goodwill acquired (goodwill or trade funds) to determine the existence of losses due to their impairment </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>&nbsp;(Note 2.15 and Note 20)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (Note 2.14 &nbsp;and Note 19)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 2.19 and Note 30)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (Note 2.10 and Note 21)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>, biological assets</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (Note 2.13 and Note 24)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> and intangibles (software programs)</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (Note 2.14 and Note 20)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The assumptions used for the calculation of financial instrument fair value </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 2.6 and Note 6)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&#8226;&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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 2.20, Note 2.21, and Note 28)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Such estimates are based on the best available information on the events analyzed to date of these consolidated financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 4 </FONT></B></FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300><B><FONT lang=EN-GB>Accounting changes</FONT></B></FONT></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>During the year ended on December 31, 2010, there have been no changes in the use of accounting principles or relevant changes in any accounting estimates with regard to the previous years that may significantly affect the interpretation of these consolidated financial statements.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-26</FONT></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250928.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 5&nbsp;</FONT></B></FONT><B> </B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;<FONT style="FONT-FAMILY: Arial">Risk Administration </FONT></FONT></B></FONT></H1>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Risk administration</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In those companies without a significant non-controlling interest, the Company&#8217;s Administration and Finance Officer provides a centralized service for the group&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In those companies with a significant non-controlling interest (VSPT, CPCH, Aguas CCU-Nestl&#233; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>For each of the following, where applicable, the sensitivity analysis developed are for illustrative purposes, since in practice the sensitized variables rarely change without affecting each other and without affecting other factors that were considered as constants and also affect the financial position and results of the Company.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Exchange rate risk</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company maintained in Chile foreign currency obligations amounting to ThCh$&nbsp; 52,560,458 (ThCh$ 54,314,629 in 2009), mostly denominated in US dollars. Foreign currency obligations accruing variable interest (ThCh$ 32,785,328 and ThCh$ 40,152,566 in 2009) represent 15% (18% in 2009) of the total of such obligations. The remaining 85% (82% in 2009) is denominated in inflation-indexed Chilean pesos (see inflation risk section). The <BR>ThCh$ 46,377,735 foreign currency obligations include loans for US$ 70 million (ThCh$ 32,785,328 in 2010 and <BR>ThCh$ 35,525,570 in 2009) 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 ThCh$ 23,412,881 (ThCh$ 40,559,612 in 2009) that mainly correspond to exports accounts receivable.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Regarding the Argentine subsidiaries operations, the liability net exposure in US dollars and other currencies amounts to ThCh$ 5,245,182 (ThCh$ 4,175,188 in 2009).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company&#8217;s assets (liabilities) net exposure in foreign currencies, after the use of derivative instruments, is a liability amounted to ThCh$ 1,532,631 (ThCh$ 1,149,625 in 2009).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Of the Company&#8217;s total sales, both in Chile and Argentina, 11% (12% in 2009) corresponds to export sales made in foreign currencies, mainly US dollars, euro, pound sterling, and of the total costs 60% (63% in 2009) corresponds to raw material and products purchased 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-27</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the net investment in Argentine subsidiaries amounted to ThCh$ 86,527,472 (ThCh$ 86,089,431 in 2009).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Exchange rate sensitivity analysis</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The exchange rate differences effect recognized in the Consolidated Statement of Income for the&nbsp; year ended as of December 31, 2010, related to the foreign currency denominated assets and liabilities, was a loss of <BR>ThCh$ 1,400,700 (ThCh$ 1,390,069 in 2009). Considering the exposure as of December 31, 2010, 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&#8217;s income would be income (loss) after taxes of ThCh$ 127,208 (income (loss) of ThCh$ 48,101 in 2009).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Considering that approximately 11% of the Company&#8217; sales relates to export sales carried out in Chile, in currencies different from the Chilean peso, and that in Chile approximately 57% (60% in 2009) 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&#8217;s income would be income (loss) after taxes of ThCh$ 5,623,470 (income (loss) from ThCh$ 4,977,427 in 2009).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The net investment maintained in subsidiaries that operate in Argentina amounts to ThCh$ 86,527,472 as of December 31, 2010 (ThCh$ 86,089,431 in 2009). 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 ThCh$ 8,652,747 (income (loss) ThCh$ 8,608,943 in December 31, 2009) recorded as a credit (charge) against net equity. </FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Interest rates risk</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The interest rate risk is mainly originated by the Company&#8217;s financing sources. The main exposure is related to LIBOR variable interest rate indexed obligations. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company had a total ThCh$ 32,785,328 in debt indexed to LIBOR (ThCh$ 40,308,980 as of December 31, 2009). Consequently, as of December 31, 2010, the company&#8217;s financing structure is made up (without considering the effects of cross currency swaps effect) of approximately 15% (18% in 2009) debt with variable interest rates, and 85% (82% in 2009) debt with fixed interest rates.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, after considering the effect of interest rates and currency swaps, approximately 100% (98% in 2009) of the Company&#8217;s long-term debt has fixed interest rates.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The terms and conditions of the Company&#8217;s obligations as of December 31, 2010, including exchange rates, interest rates, maturities and effective interest rates are detailed in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 26</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Interest rates sensitivity analysis</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total financial expense recognized in the Consolidated Statement of Income for the twelve month ended period as of December 31, 2010, related to short-term and long-term debts amounted to ThCh$ 10,668,587 (ThCh$ 12,442,847 in December 31, 2009). Since then the Cross Currency Swap we are 100% covered against changes in interest rates, our result is not exposed to this risk.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-28</FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Inflation risk</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s policy is to maintain its unit income in UF constant, according to the conditions allowed by the market.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB>* 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Inflation sensitivity analysis</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The income for total adjustment unit recognized in the consolidated statement of comprehensive income for the twelve month ended as of December 31, 2010, related to UF indexed short-term and long-term debt, and resulted in a loss <BR>ThCh$ 5,079,737 (profit of ThCh$ 4,190,023 in December 31, 2009). 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 ThCh$ 6,288,142 <BR>(ThCh$ 6,661,378 in December 31, 2009) in the Consolidated Statement of Income.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Raw material price risk</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 containers used in the production of soft drinks, bulk wine and grapes for the manufacturing of wine.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Barley and malt</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 2010 the Company purchased 27,000 tons (36,767 tons in 2009) of barley and 30,052 tons (33,678 tons in 2009) of malt. On the other hand, CCU Argentina acquires the whole demand of malt from local producers. Such raw material represents approximately 29% (30% in 2009) of the beer direct cost.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Concentrates, Sugar and plastic containers</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 price fluctuation risks of these raw material, which jointly represent 52% (61% in 2009) of the direct cost of non-alcoholic beverages. The Company does not carry out hedging activities over these raw material purchases.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Grapes and wine</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The main raw materials used by the subsidiary VSPT for wine production are its own production grapes and third-party grapes and wine. Approximately 48% (50% in 2009) of the export wine supply comes from its own vineyards, thus reducing the effect of price volatility and ensuring the products quality consistence. Approximately 92% (95% in 2009) of the wine or grape supply for the wine for local market is acquired from third parties. During 2010, the Company acquired 57% (60% in 2009) 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.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Raw material price sensitivity Analysis</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total direct cost in the consolidated statement of income for 2010 amounts to ThCh$ 275,058,113 (ThCh$ 261,973,067 in 2009). 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 into a loss (income) of ThCh$ 6,175,942 (ThCh$ 6,181,816 in 2009) for Beer Chile, ThCh$ 3,510,028 (ThCh$ 3,221,765 in </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>2009) for Beer Argentina, ThCh$ 6,581,027 (ThCh$ 6,104,023 in 2009) for non-alcoholic beverages, ThCh$ 5,607,456 (ThCh$ 5,100,349 in 2009) for Wines and ThCh$ 1,368,445 (ThCh$ 1,283,360 in 2009) for Spirits.</FONT></FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Credit risk</FONT></I></B></FONT></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Domestic market</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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% (90% in 2009) of the individually significant accounts receivable balances, a coverage that as of December 31, 2010, amounts to 83% (79% as of December 31, 2009) of the total accounts receivable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Overdue but not impaired commercial accounts receivable correspond to clients that show delays of less than 18.3 days (17.4 days in 2009).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company had approximately 694 clients (693 clients as of December 31, 2009) indebted in over Ch$ 10 million each, that together represent approximately 84% (86% in 2009) of the total commercial accounts receivable. There were 171 clients (182 clients as of December 31, 2009) with balances over $ 50 million each, representing approximately 73% (72% in 2009) of the total accounts receivable. The 92% (85% in 2009) of such accounts receivable are covered by the aforesaid loan insurance, or by mortgage guarantees.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Exports market</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 96% (90% in 2009) of the individually significant accounts receivable, a coverage that as of December 31, 2010, amounts to 80% (66% in 2009) of the total accounts receivable. Pending payment of commercial accounts receivable are regularly monitored. Overdue but not impaired commercial accounts receivable correspond to clients that show delays of less than 44 days (64 days in 2009). 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, there were 62 clients (65 clients in 2009) indebted for over Ch$ 65 million each, which represent 84% (85% in 2009) of the total accounts receivable.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company estimates that no loan risk provisions are necessary in addition to the individual and collective provisions determined as of December 31, 2010. See analysis of accounts receivable maturities and losses due to impairment of accounts receivable (</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 14</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>).&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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, 2010 an 2009.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Liquidity risk</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 &#8211;term and long-term obligations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company bases its estimated cash flows for a 12-month following to administer short-term liquidity. As of December 31, 2010, the Company had unused loan credit lines totalling ThCh$ 249,703,857 (ThCh$ 238,132,075 in 2009) and cash and cash equivalents of ThCh$ 151,614,300 (ThCh$ 137,353,669 in 2009) to administer short-term liquidity needs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-30</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250932.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>A summary of the Company&#8217;s financial liabilities and financial liabilities originated by derivatives with their maturities as of December 31, 2010 and 2009, based on the non discounted contractual cash flows appears below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="35%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="35%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book value</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="52%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Contractual flows maturities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Less than 1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Between 1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>More than</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>and 5 years</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5 years</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial Liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,535,438</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,994,210</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,529,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,489,737</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,994,944</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,066,247</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,550,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,494,201</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,152,353</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,329,197</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,975,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>225,307,755</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,519,376</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>147,141,507</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>129,395,444</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>294,056,327</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Derivative financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liability coverage</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>751,978</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,335,018</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,086,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,135,920</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,335,018</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,470,938</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="35%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>19,655,296</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>154,476,525</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>129,395,444</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>303,527,265</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>View current and non current book value in </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note 6.</B></FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="35%" align=middle>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="13%" align=middle>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="52%" colSpan=4 align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="35%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="52%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Contractual flows maturities</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Less than 1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Between 1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>More than</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>and 5 years</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5 years</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,172,707</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,331,040</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,370,903</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,701,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,479,362</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,405,065</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,092,637</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104,498,962</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>211,996,664</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,875,725</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,458,498</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,352,486</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,763,641</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,574,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>229,527,794</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>26,194,603</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>144,816,026</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134,262,603</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>305,273,232</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Derivative financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liability coverage</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,175,691</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348,024</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,398,046</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,746,070</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,756</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,155,915</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,841</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="35%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,362,447</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,503,939</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,428,887</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,932,826</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="35%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,890,241</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>27,698,542</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>148,244,913</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134,262,603</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>310,206,058</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>View current and non current book value in </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note 6.</B></FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-31</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_154"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806250933.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 6 </FONT></B></FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300><B><FONT lang=ES-CL>Financial Instruments</FONT></B></FONT></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Financial instruments categories</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following are the book values of each financial instrument category at the closing of each period: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non current</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151.614.300</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137.353.669</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.328.952</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.813</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.078.192</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable &#8211; trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153.013.546</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134.377.777</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.833.634</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>444.685</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.214.838</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273.475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>313.790.432</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>460.498</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>281.024.476</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>287.487</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.829.482</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42.721.814</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.252.782</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38.919.925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.086.821</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>155.813.024</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.129.697</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>155.349.665</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431.007</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.425.607</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>397.998</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.477.727</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.383.942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.186.756</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90.603</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.184.722</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83.907</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.091.784</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Other non-financial liabilities (*)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12.821.855</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>220.145.167</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21.051.140</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>211.839.101</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.428.103</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>620.868</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.263.311</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>610.093</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Account payable - trade and other payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>155.641.581</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>220.766.035</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>151.529.466</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>212.449.194</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) See </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note 26 </B></FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others financial liabilities.</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Financial instruments fair value</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Composition of financial assets and liabilities:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair Value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151.614.300</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151.614.300</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137.353.669</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137.353.669</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.344.765</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.344.765</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.092.204</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.092.204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable &#8211; trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153.013.546</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153.013.546</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134.377.777</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134.377.777</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.278.319</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.278.319</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.488.313</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.488.313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>314.250.930</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>314.250.930</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>281.311.963</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>281.311.963</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.551.296</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49.574.990</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53.172.707</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53.232.790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.899.845</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>166.550.557</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.479.362</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>147.142.795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.856.614</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.906.919</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.875.725</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.534.761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.383.942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.383.942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.186.756</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.186.756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.275.325</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.275.325</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.175.691</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.175.691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total others financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232.967.022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>243.691.733</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232.890.241</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>217.272.793</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable to related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.048.971</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.048.971</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.873.404</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.873.404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable - trade and others payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>376.407.616</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>387.132.327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>363.978.660</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>348.361.212</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD bgColor=#003300 width="48%" align=left>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#003300 width="13%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-32</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_155"></A></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251000.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Financial instruments as per category:</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value with</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>changes in income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>equivaletns and</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and accounts</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivables</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hedge derivatives</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>968.785</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>968.785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.375.980</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.375.980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Others financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.344.765</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.344.765</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalent</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151.614.300</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>151.614.300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receiveble - trade and other receivebles</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153.013.546</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153.013.546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from to related companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.278.319</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.278.319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.344.765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>311.906.165</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>314.250.930</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value with</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>changes in income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hedge derivatives</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial liabilities</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>measured at</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>amortized cost</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.551.296</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.551.296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.899.845</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.899.845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.856.614</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.856.614</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.383.942</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.275.325</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.659.267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total Others financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.383.942</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.275.325</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>225.307.755</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232.967.022</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable - trade and other payable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.048.971</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.048.971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.383.942</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.275.325</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>368.748.349</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>376.407.616</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-33</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_156"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251001.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value with</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>changes in income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>equivaletns and</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Loans and accounts</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>receivables</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hedge derivatives</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.311.988</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.311.988</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780.216</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780.216</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total others financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.092.204</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.092.204</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalent</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137.353.669</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>137.353.669</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable - trade and other receivable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134.377.777</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134.377.777</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.488.313</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.488.313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.092.204</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>279.219.759</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>281.311.963</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value with</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>changes in income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hedge derivatives</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Financial liabilities</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>measured at</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>amortized cost</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53.172.707</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53.172.707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.479.362</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160.479.362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.875.725</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.875.725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.186.756</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.175.691</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.362.447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total others financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.186.756</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.175.691</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>229.527.794</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232.890.241</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable - trade and other payable</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.873.404</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.873.404</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="48%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.186.756</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.175.691</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>360.616.213</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>363.978.660</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-34</FONT></FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_157"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251002.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Derivative Instruments</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 period is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="36%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="36%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nominal</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nominal</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Asset</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Liability</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Agreements</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Agreements</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>thousand</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cross currency interest rate </B></FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>swaps USD</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,053</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,275,325</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,056</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>0</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,175,691</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,603</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,184,722</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,000</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,091,784</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Forwards USD</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55,776</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>556,773</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,237,761</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>49,508</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>790,820</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,125,279</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,776</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>556,773</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,237,761</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,758</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>790,820</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,094,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,750</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,841</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Forwards Euro</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(4,425)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>347,900</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>145,922</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(6,730)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>348,994</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,819</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,425)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,900</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,922</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,730)</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348,994</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Forwards CAD</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,230)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,979</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,400)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,761</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25,248</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,230)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,979</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,400)</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,761</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Forwards GBP</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1,145)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>51,133</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>259</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(2,490)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>155,413</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,410</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,145)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,133</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,490)</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>155,413</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="28%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total investment derivative</B></FONT><B> instrument</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>968,785</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,311,988</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="9%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,362,447</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="28%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="9%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 hedging instruments, consequently their effects are recorded in Income, in Other gain (loss), separately from the hedged item.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 26</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="30%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="100%" colSpan=8 align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Entity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="30%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nature of risks covered</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Rights</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Obligations</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value of net asset</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(liabilities)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Maturity</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Currency </B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Currency </B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco BBVA</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate flow and exchange rate in loans</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,197,990</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,473,315</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>05.23.2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="100%" colSpan=8 align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Entity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="30%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Nature of risks covered</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Rights</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Obligations</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value of net asset</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(liabilities)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Maturity</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Currency </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Currency </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco BBVA</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate flow and exchange rate in loans</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,129,646</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,305,337</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,175,691</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>05.23.2012</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="10%" align=right>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="30%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" width="10%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-35</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_158"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251003.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Consolidated Statement of Other Comprehensive Income includes under the caption cash flow hedge, for the years ended December 31, 2010, 2009 and 2008, a debit after income taxes of ThCh$ 429,445 and ThCh$ 6,507,854 and a credit of ThCh$ 5,156,120, respectively, relating to the fair value of the Cross Currency Swap derivative instruments.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Fair value hierarchies</FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Level 2&nbsp;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="48%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Recorded Fair</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Value</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair Value Hierarchy</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 1</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 2</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 3</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market securities and investments in other companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,344,765</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,375,980</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>968,785</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="48%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Recorded Fair</B></FONT>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Value</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="39%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair Value Hierarchy</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 1</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 2</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Level 3</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,311,988</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,311,988</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market securities and investments in other companies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780,216</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780,216</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,092,204</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>780,216</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,311,988</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,175,691</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,175,691</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,756</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,756</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="48%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fair value financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,362,447</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,362,447</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#9acc00 width="13%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="48%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #003300" bgColor=#9acc00 width="13%" align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>During year ended as of December 31, 2010, the Company has not made any significant instrument transfer between hierarchies 1 and 2.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-36</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_159"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251004.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 11pt" color=#003300 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Credit Quality of financial assets</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 7 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Financial Information as per operating segments</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 2.3</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="21%">&nbsp;</TD>

   <TD width="79%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="21%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Segment</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="79%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Operations included in segments</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cervecera CCU Chile Ltda. and Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCU Argentina S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Embotelladoras Chilenas UnidasS.A., Aguas CCU Nestl&#233; Chile S.A. and Vending y Servicios CCU Ltda.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="21%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (*)</FONT>&nbsp;</TD>

   <TD width="79%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>UES and UAC</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(*) UES: Strategic Service Units:: Transportes CCU Limitada, Comercial CCU S.A. and F&#225;brica de Envases Pl&#225;sticos S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="100%" colSpan=2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;UAC: Corporate Support Units located in the Parent Company.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company does not have clients representing more than 10% of consolidated revenues.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The segments&#8217; 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-37</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_160"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251005.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Information as per operating segments for the years ended as of December 31, 2010, 2009 and 2008:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="16%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD width="4%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Beer Chile</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Beer Argentina</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Non alcoholic</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Wines</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Spirits</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Others</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="12%" colSpan=3 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 2px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2010</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2009</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>2008</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#003300 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid; TEXT-INDENT: 1px" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Sales revenue external customers&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">283,448,500&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">272,681,157&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">264,943,965&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">151,951,892&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">134,771,072&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">112,037,091&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">218,841,014&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">197,432,198&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">181,387,886&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">125,789,685&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">115,725,508&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">88,001,948&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">40,596,038&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">37,624,654&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">37,949,438&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>820,627,129</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">758,234,589&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>684,320,328</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Other income&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,924,908&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,189,008&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,094,690&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,227,059&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,452,704&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,231,088&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,152,031&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">945,367&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,142,878&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">6,483,603&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">8,977,697&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">4,668,355&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,183,682&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">661,456&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">530,146&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,659,915&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,083,374&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">13,201,785&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>17,631,198</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">18,309,606&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>25,868,942</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Sales revenue between segments&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,607,870&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,299,537&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,019,775&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">2,184,291&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">71,989&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(80,744)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,482,580&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">3,134,026&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">4,540,641&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">19,228&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">22,674&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">561&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,437,904&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">543,508&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">319,742&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(8,731,873)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(6,071,734)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(6,799,975)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>-</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Net sales</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>287,981,278</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>278,169,702</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>270,058,430</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>156,363,242</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>137,295,765</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>115,187,435</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>223,475,625</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>201,511,591</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>187,071,405</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>132,292,516</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>124,725,879</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>92,670,864</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>43,217,624</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>38,829,618</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>38,799,326</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(5,071,958)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(3,988,360)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,401,810</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>838,258,327</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>776,544,195</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>710,189,270</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Cost of Sales&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(113,816,292)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(114,107,969)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(111,191,030)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(66,542,994)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(61,153,726)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(55,622,993)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(108,665,906)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(101,075,448)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(93,993,459)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(83,875,956)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(77,855,019)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(53,891,350)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(22,621,716)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(20,602,427)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(20,501,708)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">11,709,998&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">9,696,218&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(378,283)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(383,812,866)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(365,098,371)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(335,578,823)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Gross Margin</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>174,164,986</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>164,061,733</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>158,867,400</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>89,820,248</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>76,142,039</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>59,564,442</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>114,809,719</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>100,436,143</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>93,077,946</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>48,416,560</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>46,870,860</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>38,779,514</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>20,595,908</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>18,227,191</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>18,297,618</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,638,040</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,707,858</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,023,527</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>454,445,461</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>411,445,824</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>374,610,447</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Distribution costs, administrative and other&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">expenses by function&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(89,203,343)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(86,071,964)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(83,434,098)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(68,006,318)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(58,814,012)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(49,297,035)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(82,744,870)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(75,502,932)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(71,465,825)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(38,371,656)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(35,054,774)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(28,939,067)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(14,368,401)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(11,802,296)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(12,053,411)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(7,964,195)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(6,344,883)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(5,902,540)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(300,658,783)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(273,590,861)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(251,091,976)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Other operating income (expenses)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">332,914&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(798,416)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(537,437)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">214,423&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">97&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">359,104&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">299,155&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(246,916)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">21,115&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">210,669&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">403,512&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">463,240&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">181,860&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(4,288)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(228,234)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">232,786&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">173,049&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">394,025&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>1,471,807</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(472,962)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">471,813&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Operating result before non recurring items</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>85,294,557</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>77,191,353</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>74,895,865</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>22,028,353</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>17,328,124</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,626,511</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>32,364,004</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>24,686,295</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>21,633,236</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,255,573</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>12,219,598</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,303,687</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,409,367</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,420,607</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,015,973</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(1,093,369)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(463,976)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>515,012</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>155,258,485</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>137,382,001</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>123,990,284</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Non recurring items (2)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">6,790,933&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,790,933</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Operating Result</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>85,294,557</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>77,191,353</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>74,895,865</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>22,028,353</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>17,328,124</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,626,511</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>32,364,004</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>24,686,295</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>21,633,236</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,255,573</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>12,219,598</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>10,303,687</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,409,367</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,420,607</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,015,973</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,697,564</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(463,976)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>515,012</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>162,049,418</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>137,382,001</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>123,990,284</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Net financial expense&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(8,287,701)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(10,366,890)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(4,797,440)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Results as per adjustment units&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(5,079,737)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">4,190,023&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(15,626,490)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Foreign currency exchange differences&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(1,400,700)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(1,390,069)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(865,556)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Equity and income of joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>966,122</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,349,144&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,563,872&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Other income (loss)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(654,683)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">21,924,632&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">1,562,817&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Income before taxes</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>147,592,719</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>153,088,841</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>105,827,487</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Income taxes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>(27,656,049)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(11,723,673)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(10,524,247)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="16%" noWrap align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Income of year</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>119,936,670</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>141,365,168</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>95,303,240</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">Minority interests&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#ccffcc width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>9,237,155</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">13,327,695&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">4,889,598&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="16%" noWrap align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Net income attributable to equity holders of</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="16%" noWrap align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>the controlling company</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>110,699,515</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>128,037,473</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="4%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>90,413,642</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>Depreciation and amortization</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>15,746,565</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>14,946,151</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>14,973,847</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>4,850,511</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>4,615,108</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>4,144,171</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>9,617,800</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>9,688,911</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>9,028,324</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,471,661</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,880,886</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,270,309</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>1,671,960</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>1,800,489</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>1,757,534</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,842,322</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>6,199,604</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>4,747,720</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>45,200,819</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>44,131,149</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>39,921,905</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>EBITDA before INR</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>101,041,122</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>92,137,504</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>89,869,711</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>26,878,864</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>21,943,232</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>14,770,671</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>41,981,804</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>34,375,206</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>30,661,561</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>16,727,234</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>19,100,484</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>15,573,995</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>8,081,327</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>8,221,096</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>7,773,507</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,748,953</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,735,628</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,262,734</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>200,459,304</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>181,513,150</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>163,912,189</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="16%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>EBITDA (1)</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>101,041,122</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>92,137,504</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>89,869,711</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>26,878,864</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>21,943,232</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>14,770,671</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>41,981,804</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>34,375,206</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>30,661,561</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>16,727,234</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>19,100,484</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>15,573,995</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>8,081,327</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>8,221,096</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>7,773,507</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>12,539,886</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,735,628</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>5,262,734</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>207,250,237</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>181,513,150</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="4%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt"><B>163,912,189</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="100%" colSpan=22 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(1) EBITDA ("Earnings Before Interests, Taxes, Depreciation and Amortization&#8221;). It is used for the calculation of EBITDA, operating income or EBIT plus depreciation and amortization. EBIT ("Earnings Before Interest and Taxes") for management purposes we have defined as Earnings before income taxes and before concepts such as financial expenses and income, result as per adjustment units, foreign currency&nbsp;exchange differences, equity and income of joint ventures, result of derivative contracts and marketable securities, and results from sale of stakes in subsidiaries.&nbsp;&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="100%" colSpan=22 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 4pt">(2) The Company has considered this result as a Non recurring item (NRI) related to the sale of land (See Note 12).&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-38</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;</FONT></FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_161"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251006.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Sales information by geographic location</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Net sales as per geographical location</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 7px" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>671.601.022</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>627.135.185</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>587.170.614</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>166.657.305</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>149.409.010</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>123.018.656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>838.258.327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>776.544.195</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>710.189.270</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">See distribution as per domestic and exports revenues in Note 9.</FONT> </P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Depreciation and amortization as per segment</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Property, plant and equipment depreciation and amortization of software</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.746.565</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.946.151</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.973.847</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.850.511</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.615.108</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.144.171</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.617.800</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.688.911</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.028.324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.471.661</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.880.886</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.270.309</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.671.960</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.800.489</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.757.534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.842.322</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.199.604</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.747.720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>45.200.819</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>44.131.149</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>39.921.905</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Capital expenditures as per segment</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Capital expenditures (property, plant and equipment and software additions)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28.929.985</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.554.263</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.571.949</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.483.055</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.566.565</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.174.805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.347.030</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.466.838</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.049.648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.115.074</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.703.568</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.887.182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>828.196</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.294.402</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.277.772</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.692.824</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.306.840</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.723.266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>64.396.164</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>57.892.476</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60.684.622</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><BR><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) Other includes the capital investments corresponding to the Corporate Support Units and Service Units Strategic.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Assets as per segment</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="70%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Assets as per segment</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283.666.385</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254.652.482</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>123.738.441</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118.363.310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167.448.887</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183.526.011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>258.176.118</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>262.370.573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.361.326</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.239.782</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270.297.854</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>234.563.722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="70%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.151.689.011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.103.715.880</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES-CL>&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(2) Other include goodwill and the assets corresponding to the Corporate Support Units and Service Units Strategic.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>F-39</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_162"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251007.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Assets as per geographic location</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=4 width="70%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Assets as per geographical location</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #003300; TEXT-INDENT: 0px" vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #003300; TEXT-INDENT: 0px" vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #003300; TEXT-INDENT: 0px" vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,008,847,847</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>967,863,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>142,841,164</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135,852,146</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="70%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,103,715,880</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Segments&#8217; additional information</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Consolidated Statement of Income &nbsp;classified according to the Company&#8217;s operations management is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="47%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="47%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CONSOLIDATED STATEMENT OF INCOME</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="8%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Note</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>838.258.327</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>776.544.195</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>710.189.270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(383.812.866)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(365.098.371)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(335.578.823)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>454.445.461</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>411.445.824</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>374.610.447</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operational income</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.432.003</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.362.077</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.485.542</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Distribution expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(129.079.325)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(110.020.778)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109.086.265)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Administrative expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63.995.182)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67.833.191)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51.580.276)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operational expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108.544.472)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(98.571.931)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92.439.164)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Operating result before non recurring items</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>155.258.485</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137.382.001</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>123.990.284</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non recurring items (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.790.933</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Operating result</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>162.049.418</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137.382.001</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.380.886</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.075.957</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.094.361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial costs</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10.668.587)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12.442.847)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8.891.801)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>966.122</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.349.144</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.563.872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.400.700)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.390.069)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(865.556)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5.079.737)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.190.023</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15.626.490)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other gains (losses) net</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(654.683)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.924.632</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.562.817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>147.592.719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>153.088.841</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>105.827.487</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27.656.049)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11.723.673)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10.524.247)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>119.936.670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>141.365.168</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>95.303.240</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="47%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income attributable to:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="47%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity holders of the controlling company</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>110.699.515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>128.037.473</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>90.413.642</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.237.155</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.327.695</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.889.598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>119.936.670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>141.365.168</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>95.303.240</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income (loss) per share basic from:</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Continuing operations (pesos)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,56</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,00</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discontinued operations (pesos)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income (loss) per share basic from:</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Continuing operations (pesos)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,56</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,00</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,87</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discontinued operations (pesos)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="47%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Depreciation and Amortization</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45.200.819</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44.131.149</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="47%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>EBITDA before NRI</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>200.459.304</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>181.513.150</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>163.912.189</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="47%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>EBITDA (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>207.250.237</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>181.513.150</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>163.912.189</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) See definition of EBITDA in Information as per operating segment. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(2) The Company has considered this result as a Non Recurring Items (NRI) related to the sale of land </FONT></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><I><FONT lang=EN-GB>(</FONT></I></FONT><FONT style="FONT-SIZE: 8pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>See Note 12</FONT></I></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><I><FONT lang=EN-GB>).&nbsp;</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM>&nbsp;</EM>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM>&nbsp;</EM>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-40</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_163"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251008.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Information as per segments of joint ventures</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;s Management reviews the financial position and the operating results of all its joint ventures described in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 18</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>. 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 Compa&#241;&#237;a de Alimentos CCU S.A. (foods segment) and Promarca S.A. (other segment), represents the figures that have not been consolidated in the Company&#8217;s financial statements, since joint ventures are accounted for under the equity method, as explained in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 2.2</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Information as per Joint Venture segments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The figures for each entity are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="19%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 rowSpan=2 width="19%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="27%" colSpan=3 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31, 2010</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="27%" colSpan=3 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31, 2009</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="27%" colSpan=3 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31, 2008</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Valles de Chile</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Cervecer&#237;a</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Austral S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Foods S.A.and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Promarca S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Valles de Chile</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Cervecer&#237;a</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Austral S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Foods S.A.and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Promarca S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Valles de Chile</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Cervecer&#237;a</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Austral S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Foods S.A.and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>Promarca S.A.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>ThCh$</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Net sales</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,102,297</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,178,320</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>21,729,663</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,604,576</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,206,879</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20,596,495</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,014,665</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,126,582</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>15,010,587</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Operating results</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(931,429)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>348,364</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,809,759</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(191,416)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>248,974</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,052,972</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(233,226)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>428,326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,960,512</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Income of year</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(970,088)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>304,816</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,380,465</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(124,803)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>200,320</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,620,599</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(35,691)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>492,708</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,072,825</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Capital expenditures</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,013,222</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>668,497</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,200,822</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>716,758</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>295,362</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>977,520</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,574,209</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>496,142</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,794,337</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(540,138)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(233,909)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(555,992)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(426,263)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(251,325)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(531,004)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(251,611)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(168,201)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(469,683)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,119,442</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,482,610</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8,409,881</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,865,166</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,346,631</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,090,226</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,541,335</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,194,569</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7,179,069</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>13,533,153</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,368,334</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>43,133,320</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>13,000,582</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,774,576</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>42,583,581</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>12,001,487</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,738,950</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>40,016,217</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4,642,625</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,217,929</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,063,611</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,830,014</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>865,205</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8,114,932</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,498,278</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>858,965</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6,166,233</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>481,547</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>202,739</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>263,752</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>537,223</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>130,540</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>423,955</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>421,228</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>149,572</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>33,504</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=10 align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 8 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Business Combinations </FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><FONT lang=ES-CL>Year 2010 and 2009 Acquisitions</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company has not entered into significant business combinations.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><FONT lang=ES-CL>Year 2008 Acquisitions</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face="Times New Roman,serif"><B><FONT lang=ES>Vi&#241;a Tarapac&#225; Ex-Zavala</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As a consequence, VSPT&#8217;s capital is expressed in the amount of 39,969,696,632 shares.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The merger was based on the plan to comply with the Company&#8217; 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Also, a by-laws amendment was approved regarding the change of the company&#8217;s name, replacing it by Vi&#241;a San Pedro Tarapac&#225; S.A. (VSPT).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-41</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251009.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=white face="Times New Roman,serif"><B><FONT lang=ES>Book Value</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=white face="Times New Roman,serif"><B><FONT lang=ES>Fair Value</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=white face="Times New Roman,serif"><B><FONT lang=ES>ThCh$</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 7.5pt" color=white face="Times New Roman,serif"><B><FONT lang=ES>ThCh$</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Cash and cash equivalent&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,375,664&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,375,664&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Accounts receivable, trade and other&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>13,147,893&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>12,320,893&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Inventories&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>16,735,170&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>13,986,637&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Property, plant and equipment&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>29,271,205&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>37,348,559&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Biological assets&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>4,919,082&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>5,979,279&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Intangible assets - Trademarks&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,821,814&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>12,625,824&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Intangible assets &#8211; water rights&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>324,575&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>324,575&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Other assets&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>655,639&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>655,639&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total Assets</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>68,251,042</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>84,617,070</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Debts and financial liabilities that accrue interest&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>14,520,968&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>14,520,968&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Accounts payable, trade and other&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>4,565,875&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>4,565,875&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Provisions&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>2,590,336&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>2,992,736&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Employees benefits obligations&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>294,539&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,027,978&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Other liabilities&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>2,118,167&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,397,563&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total Liabilities</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>24,089,885</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>24,505,120</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total acquired net assets</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>60,111,950</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Goodwill (*)&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>23,556,206&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=EN-GB>Total net assets and goodwill</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>83,668,156</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(*) 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 </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 20</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face="Times New Roman,serif"><B><FONT lang=ES>Inversora Cervecera S.A. (ICSA)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 &#8220;special beer&#8221; by the Argentines. Palermo and Bieckert are domestic brands that make CCU Argentina the leader of the price segment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>It is expected that ICSA&#8217;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&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-42</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_165"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251010.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following is a detail of the fair value and book value of ICSA&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>Book Value</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>Fair Value</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: 1.2pt; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>ThCh$</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>ThCh$</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Cash and cash equivalent&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>115,322&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>115,322&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Accounts receivable, trade and other&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>6,824,843&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>6,824,843&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Inventories&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,095,561&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,082,291&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Property, plant and equipment&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>14,547,628&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>13,856,905&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Intangible assets&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>4,595,305&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>10,670,582&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Other assets&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>2,115,761&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>1,913,100&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total Assets</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>29,294,420</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>34,463,043</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Debts and financial liabilities that accrue interest&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>22,832,471&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>22,832,471&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Accounts payable, trade and other&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>3,203,840&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>3,203,840&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Provisions&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>969,242&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>969,242&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Otros liabilities&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>3,486,172&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>5,370,766&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: white 2.25pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total Liabilities</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 2.25pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>30,491,725</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: white 2.25pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>32,376,319</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total acquired net assets</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>2,086,724</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Goodwill&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>19,156,299&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>Amount paid in cash</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>-</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>21,243,023</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 20</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of the acquisition date, the net cash movement resulting from the acquisition was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1.5pt solid; BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>ThCh$</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Acquisition cost:</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Paid-up cash&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>21.085.670&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Costs associated with the acquisition&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>157.353&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>Total</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #99cc00; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><B><FONT lang=ES>21.243.023</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>Other costs paid in cash&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>28.920.352&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>Paid-up cash&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>21.085.670&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>Net cash disbursement</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: white 1.5pt solid; PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #003300; PADDING-TOP: 0.75pt" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=white face=Arial,sans-serif><B><FONT lang=ES>50.006.022</FONT></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=ES>&nbsp;&nbsp;</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 Tarapac&#225;, subsequent to these mergers becoming effective.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-43</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_166"></A></DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></FONT></P>

<P></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251011.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 9 Net Sales</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Net sales distributed between domestic and export, are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales to domestic clients</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>749,160,413</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>687,040,509</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>646,544,174</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exports sales</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,097,914</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,503,686</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,645,096</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>838,258,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>776,544,195</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>710,189,270</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 10 Nature of the costs and expenses</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Operational costs and expenses grouped by natural classification:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw material cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>275.058.113</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>261.973.067</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>231.143.588</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Materials and maintenance expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.901.442</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.545.492</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.476.520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salaries (staff expenses)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.874.443</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93.524.543</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85.642.246</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation and distribution</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103.311.030</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90.667.340</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81.072.176</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advertising and promotion expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63.734.869</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57.815.013</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57.080.593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lease expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.825.701</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.002.388</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.910.320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Energy expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.796.334</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.375.333</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.693.630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and amortizations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45.200.819</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44.131.149</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39.921.906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.729.094</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45.489.946</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46.743.549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>685.431.845</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>641.524.271</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>588.684.528</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 11 Financial Results</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The financial income composition for the years ended as of December 31, 2010, 2009 and 2008, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Financial Results</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial costs</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,668,587)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,442,847)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,891,801)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,380,886</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,075,957</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,094,361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(865,556)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,626,490)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(14,768,138)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(7,566,936)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(21,289,486)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-44</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_167"></A></DIV>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P></P></FONT></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251012.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 12 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Other Gain and Loss </FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of other gain (loss) items is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Income (loss)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result from sale of interest in subsidiary (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.439.025</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result on sale of land (Per&#250;) (**)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.790.933</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Results derivative contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.048.194)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2.845.237)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2.352.432)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marketable securities to market value</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>392.018</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>321.629</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(233.260)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inmediately recognized negative goodwill</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.215</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.148.509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.493</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.136.250</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21.924.632</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.562.817</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(*)&nbsp;&nbsp;&nbsp; As mentioned in</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> Note 1, number 1</FONT></I></B></FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal" color=windowtext face=Arial,sans-serif><FONT lang=EN-GB>, a profit was recognized for the sale of 29.9% of the shares of Aguas CCU &#8211;Nestl&#233; Chile S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(**)&nbsp;&nbsp; For purposes of financial information as per operating segment (</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 7</FONT></I></B></FONT><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>), the Company has considered this result as a Non recurring item (NRI).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 13 </FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;Cash and cash equivalent</FONT></B></FONT><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>s</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Cash and cash equivalent balances were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.839.227</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.310.763</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.262.357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Overnight deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>399.249</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367.965</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.119.941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26.083.147</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.470.651</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.144.050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45.788.575</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.891.688</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.900.130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.301.316</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.950.635</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.529.215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securities purchased under resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74.202.786</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73.361.967</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.344.292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>151.614.300</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137.353.669</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55.299.985</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 35.45pt; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total accumulated cash flow accrued by business combinations as of December 31, 2010, 2009 and 2008, amounts to:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid" bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total business combinations according to IFRS 3</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total paid for business acquisitions:</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>business acquisitions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10.646.456)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.036.500)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(72.405.402)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents in entities acquired</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.490.986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of additional shares of Vi&#241;a San Pedro</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7.607.633)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(10.646.456)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1.036.500)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(78.522.049)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The composition of cash and cash equivalents at December 31, 2010, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="40%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Chilean peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>US Dollar</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Euro</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Argentine peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Others</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,838,888</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,839,227</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dep&#243;sitos overnight</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>399,249</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>399,249</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,586,208</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>375,541</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,361,211</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,736,375</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,812</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,083,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,788,575</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,788,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,301,316</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,301,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securities purchased under resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,202,786</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,202,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>143,117,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>375,880</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,361,211</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,736,375</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,812</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>151,614,300</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The composition of cash and cash equivalents at December 31, 2009, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-45</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_168"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P></P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251013.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="40%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Chilean peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>US Dollar</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Euro</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Argentine peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Others</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,310,332</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,310,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dep&#243;sitos overnight</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,965</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,895,727</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>272,742</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313,236</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,912,042</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,904</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,470,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,891,688</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,891,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,950,635</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,950,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securities purchased under resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,361,967</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,361,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134,778,314</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>273,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>313,236</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,912,042</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>76,904</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137,353,669</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The composition of cash and cash equivalents at December 31, 2008, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="40%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2008</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Chilean peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>US Dollar</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Euro</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Argentine peso</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Others</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,261,645</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>712</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,262,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dep&#243;sitos overnight</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,119,941</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,119,941</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,689,820</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259,248</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,118,870</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,068,468</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,644</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,144,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,900,130</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,900,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,529,215</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,529,215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securities purchased under resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,344,292</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,344,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>52,845,043</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>259,960</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,118,870</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,068,468</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,644</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>55,299,985</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, ThCh$ 21,722,141 related to partial compensation received from insurance companies as a consequence of the earthquake are included within Operating Activities, under the headging &#8220;Other income (cash outflows)&#8221;. (</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>See Note 34</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>).&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Under the heading "Proceeds from long term loans" in the Consolidated Statement of Cash Flows at December 31, 2009 is presented as part of the balance the following items:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 (equivalents to ThCh$ 41,624,936 and ThCh$ 62,437,405), respectively, which were placed on April 2, 2009. These amounts are presented within the Cash Flow Statement under &#8220;Proceeds from the bank borrowings and issuance of bonds&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On May 14, 2009, the subsidiaries of VSPT, Vi&#241;a Misiones de Rengo, Vi&#241;a del Mar Vi&#241;a of Casablanca and Vi&#241;a Santa Helena, signed credits totaling US$ 3 million, equivalent to ThCh $ 9,874,584 with Banco BICE, with maturity date of May 15, 2013.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Under the heading "Cash flows from losing control of subsidiaries or other businesses" in the Consolidated Statement of Cash Flows at December 31, 2009 are included the following items:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Symbol><FONT lang=EN-GB>&#183;</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On 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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>See Note 1, number 1</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>).&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 for ThCh$ 7,607,633.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-46</FONT></P>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P></P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251014.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 14 Accounts receivables &#8211; Trade and other receivables</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The accounts receivable trade and other balances were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 rowSpan=3 width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 6px" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31.588.865</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.731.135</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.205.072</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.206.733</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.368.168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.985.848</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.684.126</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32.583.463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.985.926</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.903.018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.937.831</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.656.762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts receivable (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.152.609</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.222.375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment loss estimate</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.909.051)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.911.557)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>153.013.546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134.377.777</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(*) &nbsp;Under this item is registered the account receivable by insured related to damages by the earthquake (</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>See Note 34</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>).&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;s accounts receivable are denominated in the following currencies:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-47</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_170"></A></DIV>

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<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV>

<DIV align=right><FONT size=2></FONT>&nbsp;</DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251015.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the accounts receivable maturities as of December 31, 2010, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="34%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="34%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Balance</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="44%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Overdue Balances</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>0 to 3 months</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3 to 6 month</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6 to 12 month</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>More than 12</B></FONT><B><BR>months</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31.588.865</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28.945.990</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.358.970</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348.002</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>387.029</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>548.874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.205.072</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.738.479</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>950.187</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>513.231</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>610.436</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>392.739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.368.168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.322.465</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.571.943</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>381.107</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283.906</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>808.747</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.684.126</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25.316.859</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.068.585</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>566.918</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>315.246</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>416.518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.985.926</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.151.340</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>541.473</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117.940</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.142</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>158.031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="34%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others (1)</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30.937.831</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.634.401</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.327.578</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108.292</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190.915</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>676.644</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts receivable (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.152.609</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.152.609</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="34%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Subtotal</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>156.922.597</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>139.262.143</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10.818.736</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2.035.490</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.804.674</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="11%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.001.553</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment loss estimate</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3.909.051)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(116.756)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(344.907)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(936.916)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="11%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2.510.471)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="34%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>153.013.546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>139.262.143</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10.701.980</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.690.583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>867.758</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="11%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>491.082</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=2 width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) Mainly include Comercial CCU which makes sales multiclass on behalf of Cervecera CCU Chile, ECCUSA, CPCH, VSPT and FOODS.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2) Under this item is registered the net account receivable related to the earthquake </FONT><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(See Note 34).</B></FONT></TD></TR>

<TR vAlign=bottom></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company markets its products through retail, wholesale clients, chains and supermarkets.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the accounts receivable from the three most important supermarket chains in Chile and Argentina represent 37.5% (35.5% in 2009) of the total accounts receivable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As indicated in the Risk management note</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB> (Note 5)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>, 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The movement of the impairment losses provision for accounts receivable is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 rowSpan=3 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balance at the beginning</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,911,557</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,499,515</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,599,414</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment estimate for accounts receivable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>884,890</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>722,546</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,155</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Uncollectible accounts</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(777,617)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(771,784)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(490,076)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimates resulting from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(225,355)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of translation into presentation currency</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,779)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313,365)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163,022</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,909,051</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,911,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,499,515</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-48</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_171"></A></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

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   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251016.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 15 Accounts and transactions with related companies</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Transactions between the Company and its subsidiaries relates 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The amounts indicated as transactions in the following table related to trade operations with related companies, which are effected at arm&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Conditions of the balances and transactions with related companies:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(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 <BR>UF 1,124 each. Maturities correspond to February 28 of each year, as from 2007 and a UF 9,995 bullet with maturity on February 28, 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Accounts receivable and payable &nbsp;from related companies</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the accounts receivable and payable from related companies as of December 31, 2010 and 2009, is as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-49</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_172"></A></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt"></FONT>&nbsp;</P></FONT></DIV>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251017.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Accounts receivable from related parties</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Current:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt">&nbsp;</P>

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<TR>

   <TD width="11%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="24%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#003300 vAlign=center rowSpan=3 width="11%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>RUT</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="24%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Company</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Country of origin </B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Ref.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Relationship</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Transaction</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Currency</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31,</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2010</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2009</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>96.919.980-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>150,555</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>242,440</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>77.755.610-K </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary of joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>240,605</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>136,917</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>77.755.610-K </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary of joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Lease crane</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>494</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>679</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>181,007</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>154,086</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Servicio de transporte</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>409,510</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>307,683</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Remittance received</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,249,263</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,584,978</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Interests</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>68,118</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20,205</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales services</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>81,327</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>139,290</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Anheuser Busch International, Inc</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>United States</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>876,183</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,646,535</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ahheuser Busch Latin America Development Corporation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>United States</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Marketing services</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Arg</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,643</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>76.736.010-K </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Promarca S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Marketing services</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>31,299</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>25,698</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase advance</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>764,956</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>37,752</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>77.051.330-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Kunstmann Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>85,430</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>129,454</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>250,275</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>258,181</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Italia Spa.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Italy</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>21,907</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera del Tr&#243;pico</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>201,045</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>115,166</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a de Panam&#225; S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Panam&#225;</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,287</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>96.427.000-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Inversiones y Renta S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,287</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>102,661</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>142,482</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>91.705.000-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Qui&#241;enco S.a.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,596</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,222</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Banco de Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>24,435</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,392</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>79.903.790-4 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Soc. Agr&#237;cola y Ganadera Rio Negro Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>12,697</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>12,686</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>91.021.000-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Madeco S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>575</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>575</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>90.081.000-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Chilena de F&#243;sforos S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71,314</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>66,390</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>81.981.500-3 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Terc. y Elaboraci&#243;n de Maderas S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>452</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>452</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Supply Chain</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>98,541</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken International</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>580</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Nederland Supply Chain</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Sales of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>78,167</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="11%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>TOTAL</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="24%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="9%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>6,833,634</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>7,214,838</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Non Current:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="11%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="24%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="11%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>RUT</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="24%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Company</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Country of origin</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Ref.</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Relationship</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Transaction</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT style="FONT-SIZE: 7pt"><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Currency</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31,</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2010</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2009</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5px" vAlign=center width="11%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" vAlign=center width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=middle><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase advance</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>444,685</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" vAlign=center width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>273,475</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="11%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>TOTAL</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="24%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="9%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>444,685</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>273,475</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-50</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_173"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251018.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV>

<DIV align=left><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Accounts payable to related parties</FONT></I></B></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Current:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="11%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="24%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="11%" align=middle><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial><B>RUT</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="24%" align=middle><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial><B>Company</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="9%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Country of origin </B></FONT></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial><B>Ref.</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Relationship</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Transaction</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Currency</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31,</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT color=#ffffff face=Arial><B>2010</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT color=#ffffff face=Arial><B>2009</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>96.919.980-7 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>632,185</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>271,906</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>77.755.610-K </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary of joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Marketing services</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>35,981</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>26,109</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>99.542.980-2</FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>403,555</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>530,630</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>99.542.980-2 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Rebate</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>62,002</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71,576</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>99.542.980-2 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Consignation sales</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>445,504</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>459,508</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>99.542.980-2 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Remittance received</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8,982</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Nederland Supply Chain</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,139,884</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>583,034</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>81.805.700-8 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>149,306</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>60,985</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>77.051.330-8 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Kunstmann Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9,456</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10,235</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>76.736.010-K </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Promarca S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>License</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,335,435</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>848,860</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Ahheuser Busch Latin America Development Corporation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>United States</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>License and technical assistance</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Arg</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>971,839</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>781,328</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Anheuser Busch International, Inc</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>United States</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5,906</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>69,349</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Holland</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>License and technical assistance</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Euro</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,034,116</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>449,508</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Modelo S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>42,081</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>41,826</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>0-E </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 0px" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>C&#237;a. Cervecera del Tr&#243;pico</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Mexico</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>D&#243;lar</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>84,186</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>43,680</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>99.531.920-9 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>72,830</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,723</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>96.908.430-9 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Telef&#243;nica del Sur Servicios Intermedios S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Telephone services</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3,786</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,861</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>90.081.000-8 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Chilena de F&#243;sforos S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidiary shareholdes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>51</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>263</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT face=Arial>97.004.000-5 </FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Banco de Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Parent company related</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of products</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>948</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="11%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>TOTAL</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="24%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="9%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>7,428,103</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>4,263,311</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Non Current:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="11%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="24%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="11%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>RUT</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="24%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Company</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Country of origin</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Ref.</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Relationship</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Transaction</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="5%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Currency</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" colSpan=2 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31,</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2010</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2009</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0px" width="11%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(5)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Joint venture</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Purchase of land</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>610,093</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>610,093</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0px" width="11%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="24%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Chile</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Subsidary shareholder</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Interest on advances</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Clp</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10,775</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="11%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>TOTAL</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="24%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="9%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="13%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>620,868</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>610,093</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>F-51</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251019.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Most significant transactions and effects on results:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following are the most significant transactions with related entities that are not subsidiaries of the Company and their effect on the Statement of Income:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="18%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=4 width="10%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="BACKGROUND-COLOR: #003300; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="18%" align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt" color=#ffffff><B>Company</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Country of origin</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Relationship</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=4 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Transaction</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>For the years ended December 31,</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2010</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2009</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>Amounts</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(Charges)/Credits</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B><BR>(Effect on Income)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>Amounts</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>(Charges)/Credits</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="BACKGROUND-COLOR: #003300" color=#000000>&nbsp;<BR></FONT><B>(Effect on Income)</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Anheuser Busch International, Inc (*)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">United States&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">631,897&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">156,210&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Anheuser Busch International, Inc (*)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">United States&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,882,262&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,389,186&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,234,646&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,706,825&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Ahheuser Busch Latin America Development Corporation&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">United States&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">License and technical assistance&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,193,553&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(3,193,553)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,598,574&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(2,598,574)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Modelo S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">M&#233;xico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">License and technical assistance&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">178,699&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(178,699)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">165,501&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(165,501)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Modelo S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">M&#233;xico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">166,645&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">C&#237;a. Cervecera del Tr&#243;pico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">M&#233;xico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Advertising contribution&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">624,076&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">624,076&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">115,166&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">115,166&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">C&#237;a. Cervecera del Tr&#243;pico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">M&#233;xico&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,129,564&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,291,434&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Brouwerijen B.V.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Holland&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Venta de envases&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">176,616&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">30,750&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">144,600&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">144,600&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Brouwerijen B.V.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Holland&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">192,095&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Brouwerijen B.V.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Holland&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">944,793&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">359,021&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">677,341&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">265,946&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Brouwerijen B.V.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Holland&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">License and technical assistance&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,008,841&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(2,008,841)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,710,108&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(1,710,108)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Italia Spa.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Italy&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Advertising contribution&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,043&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,043&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Heineken Italia Spa.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Italy&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">33,196&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">76.736.010-k </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Promarca S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Royalty pagado&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,268,106&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(2,268,106)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,195,439&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(1,195,439)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">77.051.330-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Kunstmann Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">193,959&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">89,221&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">978,597&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">450,154&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">77.755.610-k </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Comercial Patagona Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiaria negocio conjunto&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Marketing services&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96,714&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(96,714)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">76,418&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(76,418)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">77.755.610-k </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Comercial Patagona Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiaria negocio conjunto&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,149,652&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">528,840&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">702,648&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">289,851&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Loan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,519&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,643&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,514&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,495&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Dividends pay&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">533,449&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">367,229&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">81.805.700-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Grape acquisition&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,296,838&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,660,216&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90.081.000-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Compa&#241;&#237;a Chilena de F&#243;sforos S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Subsidiary shareholdes&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Dividends pay&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,573,852&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">177,590&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.427.000-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Inversiones y Renta S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Dividends pay&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">39,480,557&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">30,575,169&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.570.160-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cotelsa&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">30,965&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,169&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.919.980-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Austral S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">381,857&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">362,286&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">397,714&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">265,021&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.919.980-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Austral S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Royalty&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">75,374&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">75,374&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">135,837&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(135,837)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.919.980-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Austral S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Royalty&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">267,303&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(267,303)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">489,737&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(489,737)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.919.980-7 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cervecer&#237;a Austral S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,933,687&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">757,572&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Services&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">181,178&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(181,178)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">128,927&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(128,927)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">44,191&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,048&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">30,126&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">18,075&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Derivatives&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,125,909&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(102,486)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,586,430&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">81,863&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Investments&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">127,401,011&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">246,018&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">80,031,416&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">250,000&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97.004.000-5 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Leasing pagado&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">335,218&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">61,266&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">329,712&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">73,152&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Vi&#241;a Valles de Chile S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Billing Services&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">22,957&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">22,957&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">32,310&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">32,310&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Vi&#241;a Valles de Chile S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,639&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">871&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">6,581&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,955&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Vi&#241;a Valles de Chile S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">235,885&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">285,107&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Vi&#241;a Valles de Chile S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Remittance paid&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,341,762&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,409,800&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.531.920-9 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Vi&#241;a Valles de Chile S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Remittance received&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,397,762&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,372,762&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interests&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">164,004&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">164,004&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">93,199&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">93,199&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Remittance paid&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,903,476&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">41,033,604&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Remittance received&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">21,239,191&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">43,403,619&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Services&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,574,378&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,574,378&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,705,216&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,705,216&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Services&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">103,177&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(103,177)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">159,811&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">(159,811)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Consignment sales&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,956,650&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,262,382&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.542.980-2 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Foods Compa&#241;&#237;a de Alimentos CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Joint venture&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sales of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">672,683&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">309,434&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">921,784&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">424,021&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.571.220-8 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banchile Corredores de Bolsa S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Investments&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">60,840,500&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">30,042&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">128,667,350&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">44,516&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">79.903.790-4 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Soc. Agr&#237;cola y Ganadera Rio Negro Ltda.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Parent company related&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Purchase of products&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">85,868&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-52</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_175"></A></DIV>

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<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251020.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>&nbsp;Remuneration of the Management key employees</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 and maintained at December 31, 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As agreed at the General Shareholders Meeting held on April 20, 2010, the directors&#8217; remuneration consists in a per diem for their attendance at each meeting of UF100 per Director, and twice that amount for the Chairman. Additionally, 3% of the total distributable dividend will be distributed proportionally to each Director. In case the distributed dividends exceed 50% the net profits, the Board of Directors&#8217; 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 UF 34 and <BR>UF 17, respectively, for each session they attend. The Directors that are members of the Audit Committee receive a monthly per diem of UF 25.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>According to the above, as of December 31, 2010, the Directors received ThCh$ 2,416,295 (ThCh$ 1,696,845 in 2009) in per diems and shares. In addition, ThCh$ 110,355 (ThCh$ 103,008 in 2009) were paid in compensation for gains sharing to the main executives of the Parent Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following is the total remuneration received by the top officers of the parent company during the years ended as of December 31, 2010 and 2009:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR height=20>

   <TD bgColor=#003300 rowSpan=2 width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010 </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salaries</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.541.653</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.266.267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employees&#8217; short-term benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.107.174</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.360.013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employments termination benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>237.740</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101.586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.886.567</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6.727.866</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 16 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Inventories</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The inventory balances were as follows:</FONT></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 rowSpan=3 width="64%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27.181.274</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26.979.418</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In process products</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>823.273</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.518.463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Agricultural exploitation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.609.586</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.829.242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw material</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71.305.263</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66.729.071</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>In transit raw material</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.082.695</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.652.383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Materials and products</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.525.501</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.798.975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Realizable net value estimate and obsolescence (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.174.334)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.437.917)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>108.353.258</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>108.069.635</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company wrote down a total of ThCh$ 337,866 and ThCh$ 366,867 relating to inventory shrinkage and obsolescence for the years ended December 31, 2010 and 2009, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-53</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_176"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251021.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Additionally, an estimation for impairment of inventories include amounts of obsolescence related to low turnover, technical obsolescence and / or product recalls from the market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(*) Movement above estimate is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1.437.917)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(889.810)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories write-down estimation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(873.093)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(733.629)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories recognised as an expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.136.676</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185.522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1.174.334)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(1.437.917)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As explained in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 34</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>, as of December 31, 2010 all inventories destroyed by the earthquake, have been written off for an amount of ThCh$ 9,513,755.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company does not have any inventory pledged to guarantee financial obligations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 17 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Other non-financial assets</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company maintained the following other non-financial assets:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR height=20>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010 </B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Insurance paid</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.852.346</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.042.546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advertising</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.673.793</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.034.542</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances to suppliers</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.210.643</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.546.020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantees paid</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236.733</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169.500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consumables</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>396.592</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>384.068</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends receivable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.349.773</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>806.872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.062.954</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.035.207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of subsidiary acquired (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6.134.509</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>399.314</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>864.527</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18.316.657</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12.883.282</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.489.913</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.239.643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.826.744</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.643.639</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18.316.657</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12.883.282</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) On December 27, 2010, through the subsidiary Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA), was completed the cost of subsidiary acquired of: (a) 71.46% of the shares and voting rights of Do&#241;a Aida S.A., (b) 71.44% of the shares and voting rights of Don Enrique Pedro S.A., and (c) 0.4377% of the shares and voting rights of Saenz Briones and Company, Industrial and Commercial Company S.A.; the aforementioned gives the Company a controlling position over Sidra Saenz Briones and Victoria. The amount of the consideration paid was ThCh$ 6,134,509.&nbsp; At the date of issuance of these consolidated financial statements the Company is in the process of assessing the fair values, and it is estimated that the effects are not significant for the Company&#180;s consolidated financial statements as of December 31, 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-54</FONT></FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_177"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251022.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 18 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=EN-GB>Investments in Joint ventures </FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company has a direct interest of 50% in 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.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The share value of the investments in joint ventures is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,608,402</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,457,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,040,648</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,394,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,264,212</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,749,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,682,781</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,683,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>43,284,760</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The above mentioned 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.894.770</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.894.770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.519.364</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.519.364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.414.134</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3.414.134</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The results accrued in joint ventures are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>155.732</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103.311</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>238.091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(354.338)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51.364</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>282.827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(485.044)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(62.403)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17.845)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.649.772</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.256.872</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.060.799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>966.122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.349.144</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.563.872</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The changes of the investment in joint ventures during such periods were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beginning balance</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,284,760</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,341,048</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,813,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments in joint ventures</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,036,500</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,963,674</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Participation in the joint ventures profit/loss</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,563,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,649,773)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,444,566)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(832,009)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other changes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,066)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,634</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(168,123)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>43,284,760</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,341,048</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-55</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_178"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251023.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Following are the significant matters regarding the investments in related companies:</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=ES>Vi&#241;a Valles de Chile S.A. </FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Regarding contingent liabilities, Vi&#241;a San Pedro Tarapac&#225; S.A. granted a &#8220;Comfort Letter&#8221; 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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt">
<A href="#_INDICE"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><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" color=#003300 face=Arial,sans-serif><B><I><FONT lang=ES-CL>. </FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Closed stock company devoted to the production and marketing of food products, like cookies and other baked goods, caramels, candy and cereal, among others.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On December 23, 2008, the Sixth Extraordinary Shareholders Meeting agreed to increase the company&#8217;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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On October 26, 2007, an Extraordinary Shareholders Meeting was held, where it was agreed to amend the company&#8217;s by-laws and to increase the company&#8217;s capital. As a consequence of the above, it was agreed to increase the company&#8217;s capital to the amount of ThCh$ 27,763,946. For such purpose, it was suggested to increase the capital by <BR>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 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="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt">
<A href="#_INDICE"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>Promarca S.A.</FONT></I></B></FONT></A></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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. Having been verified the above condition, at December 31, 2009 payment was made in January 2010 for an amount to <BR>ThCh$ 1,513,922.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>At December 31, 2010, Promarca S.A. recorded a profit of ThCh$ 3,299,547, which in accordance with the Company&#180;s policies is 100% distributable.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><I><FONT lang=EN-GB>Cervecer&#237;a Austral S.A. </FONT></I></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-56</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_179"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251100.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The summarized financial information of the main items in the financial statements of the aforesaid companies as of December 31, 2010 and 2009, appears in detail in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 7</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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, 2010, except Valles de Chile S.A., as explained in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 34</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 19 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;Intangible Assets</FONT></B></FONT></A><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL> (net)</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The intangible assets movement during the years ended as of December 31, 2008, 2009 and 2010, was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="44%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="44%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Trademarks</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Software</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>programs</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Water rights</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="44%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="14%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2008</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,401,874</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,901,753</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,559</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,582,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,949,076)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,949,076)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,401,874</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>952,677</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>278,559</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,633,110</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2008</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>454,572</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,874,219</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,328,791</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions for business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,296,406</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>324,575</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,620,981</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Divestitures</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,223)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,223)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(788,408)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(788,408)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,651,673</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(298,109)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,353,564</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,804,525</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,740,379</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>514,911</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,059,815</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,804,525</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,477,863</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>514,911</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,797,299</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,737,484)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,737,484)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,804,525</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,740,379</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>514,911</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>37,059,815</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2009</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,496,071</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,255</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,584,326</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,028,021)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,028,021)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,090,983)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(219,686)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,310,669)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30,713,542</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,988,743</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>603,166</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,305,451</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,713,542</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,754,248</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>603,166</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,070,956</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,765,505)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,765,505)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30,713,542</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,988,743</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>603,166</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,305,451</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,768</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,729,733</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,809</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,977,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,000,282)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,000,282)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,266,728)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,530)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,300,258)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,684,664</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>656,975</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=5 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,640,582</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,450,451</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>656,975</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,748,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,765,787)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,765,787)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="44%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,684,664</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>656,975</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="14%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company does not maintain any pledge or restriction on intangible assets. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-57</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_180"></A></DIV>

<DIV align=left>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251101.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the Trademarks appears below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Trademarks</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Commercial brands Argentinean beers</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,459,217</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,723,991</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,812,014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Commercial brands Chilean beers</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286,518</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286,518</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Marcas comerciales spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,233,638</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,039,870</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,039,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Commercial brands wines</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,661,209</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,663,163</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,666,123</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>30,713,542</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,804,525</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Management has not seen any evidence of impairment of Intangible assets in 2010 and 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 20 Goodwill</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The goodwill movements during the years ended as of December 31, 2008, 2009 and 2010, was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="80%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="80%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2008</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,131,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,131,160</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2008</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adittions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions for business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,088,319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,789,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,019,085</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,019,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,019,085</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adittions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,916,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,765,215)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,170,118</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,170,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,170,118</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Year ended as of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,408,712)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company does not maintain any pledge or restriction on goodwill.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Pursuant to IFRS N&#176;3, during years 2009 and 2008 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-58</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_181"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251102.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="44%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Segment</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="44%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash Generating Unit<BR><BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(CGU)</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCU Argentina S.A. y filiales</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,988,189</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,396,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Embotelladora Chilenas Unidas S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,563,763</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,563,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Wines</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,400,266</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,400,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="44%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,808,549</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,808,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="44%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>639</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>639</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="20%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="44%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,170,118</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Goodwill 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company has not seen any evidence of impairment of goodwill.</FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial>F-59</FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 0pt"><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_182"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251103.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 21 Property, plant and equipment</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The movement of Property, plant and equipment as of December 31, 2009 and 2010, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="37%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="37%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Land, buildings and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>contruction</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Machinery and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>equipment</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Bottles and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>containers</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Promotional assets</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Assets under</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>contruction</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Furniture,</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>accesories and</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B><BR>vehicles</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT color=#ffffff face=Arial><B>Total</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 vAlign=center width="37%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=8 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of January 1, 2009</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>333.780.742</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>263.030.063</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>169.758.729</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>65.768.841</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>74.581.145</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20.864.806</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>927.784.326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(80.762.826)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(166.299.966)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(118.276.791)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(54.419.306)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(16.046.884)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(435.805.773)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="37%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Book Value</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>253.017.916</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>96.730.097</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>51.481.938</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>11.349.535</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>74.581.145</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>4.817.922</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>491.978.553</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=8 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Year ended as of December 31, 2009</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>61.300.274</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>61.300.274</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect historic cost</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(8.068.308)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(11.898.925)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(5.118.378)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3.048.588)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(626.483)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(500.851)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(29.261.533)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfers</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>22.671.454</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20.156.145</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17.828.728</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5.248.581</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(75.440.262)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.535.354</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Divestitures</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(768.228)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(90.088)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(917)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(70.270)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(75.877)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1.005.380)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(8.269.723)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(13.990.137)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(11.821.688)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4.933.609)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4.087.716)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(43.102.873)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>758.103</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.592.408</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2.215.413</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2.357.696</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>418.649</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.342.269</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="37%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Book Value</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>259.341.214</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>95.499.500</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>54.585.096</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>10.903.345</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>59.814.674</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>10.107.481</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>490.251.310</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=8 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Year ended as of December 31, 2009</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>347.615.660</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>271.197.195</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>182.468.162</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>67.898.564</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>59.814.674</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>29.823.432</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>958.817.687</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(88.274.446)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(175.697.695)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(127.883.066)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(56.995.219)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(19.715.951)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(468.566.377)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="37%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Book Value</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>259.341.214</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>95.499.500</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>54.585.096</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>10.903.345</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>59.814.674</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>10.107.481</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>490.251.310</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=8 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Year ended as of December 31, 2010</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>70.066.196</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>70.066.196</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect historic cost</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2.523.957)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4.084.318)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2.142.520)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1.022.320)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(23.888)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(162.783)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(9.959.786)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Transfers</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>15.442.636</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>16.933.869</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17.497.263</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8.603.937</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(65.152.398)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>6.674.693</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Divestitures</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(215.284)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(647.930)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(95.896)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(479.286)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(208.408)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1.646.804)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(8.198.928)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(15.865.324)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(13.203.508)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2.551.754)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4.376.894)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(44.196.408)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>226.855</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.616.938</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>865.818</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>809.715</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>128.385</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3.647.711</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="37%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Book Value</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>264.072.536</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>93.452.735</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>57.506.253</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>16.263.637</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>64.704.584</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>12.162.474</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>508.162.219</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=8 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Year ended as of December 31, 2010</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>360.319.055</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>283.398.816</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>197.727.009</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>75.000.895</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>64.704.584</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>36.126.934</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.017.277.293</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(96.246.519)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(189.946.081)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(140.220.756)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(58.737.258)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(23.964.460)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="9%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(509.115.074)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="37%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Book Value</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>264.072.536</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>93.452.735</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>57.506.253</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>16.263.637</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>64.704.584</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>12.162.474</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="9%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>508.162.219</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-60</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_183"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251104.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The balance of the land at the end of each year is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152.001.990</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150.551.855</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>152.001.990</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>150.551.855</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The cost for capitalized interest as of December 31, 2010, amount to ThCh$ 810,725 (ThCh$ 1,306,075 in 2009).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Due to the nature of the Company&#8217;s businesses, the asset values do not consider an estimate for the cost of dismantling, withdrawal or rehabilitation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company does not maintain pledges or restrictions over property, plant and equipment items, except for the land and building under finance lease.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Management has not seen any evidence of impairment of Property, plant and equipment in 2010 and 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The damaged caused by the earthquake of February 27, 2010 than affected property, plant and equipment are detailed in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 34</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Assets under finance lease:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The book value of land and buildings relates to finance 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>723.222</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>723.222</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.830.502</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.948.783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinery and equipment</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.065.189</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.136.945</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12.618.913</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12.808.950</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 26</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>, </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>letter b)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-61</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_184"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251105.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 22 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>&nbsp;Investment Property </FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Changes in the movement of the investment property during the years ended of December 31, 2009 and 2010, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 rowSpan=2 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Land</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Building</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,503,060</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,503,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,503,060</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,503,060</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,121</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,271,618)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,271,618)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,231,442</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>59,866</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,291,308</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,231,442</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,121</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,291,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciaci&#243;n</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,231,442</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>59,866</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,291,308</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,018</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497,101</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>502,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,992,603)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,992,603)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,129)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,129)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(393,420)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(393,420)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value as of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,850,437</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>552,838</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,850,437</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>557,222</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,407,659</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,384)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,384)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,850,437</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>552,838</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Investment property include twenty one lands properties situated in Chile, which are maintained for appreciation purposes, with three of them being leased and generating ThCh$ 3,815 revenue during year 2010 (ThCh$ 3,778 in 2009). Besides, there are two lands in Argentina, which are leased and generated a income for <BR>ThCh$ 45,690 for year 2010 (ThCh$ 45,574 in 2009). In addition, the expenses associated with such investment properties amount to ThCh$ 92,080 for the year ended as of December 31, 2010 (ThCh$ 145,741 in 2009).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The values associated to the investment properties maintained by the Company as of December 31, 2010 are valued within the market value for properties with the same characteristics.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Management has not seen any evidence of impairment of Investment property in 2010 and 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company does not maintain any pledge or restriction over investment property items.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) On July 2, 2010, the Company disposed of property located in Per&#250;, which cost value amounted to ThCh$ 7,992,603. This sale generated a net profit of ThCh$ 6,790,933.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 23 Non-current assets held for sale</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>During the last quarter of 2009, the Board of Tamar&#237; S.A. authorized the sale of fixed assets which includes the winery with facilities for processing and storage of wines as well as of acres that surround it and the guest house. This decision is based primarily on the advantage of consolidating the operations of processing and packaging of wines from the Wine Group subsidiaries VSPT facilities in Finca La Celia, generating significant synergies for the Group.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company hired a specialist broker for such assets and is expected to close the sale in 2011 at market value, according to the valuations obtained.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-62</FONT></P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251106.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As described in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 2.17</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>, non-current assets held for sale have been recorded at the lower of book value and estimated sale value December 31, 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The values associated to the investment properties maintained by the Company as of December 31, 2010 are valued within the market value for properties with the same characteristics.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>At December 31, 2010, the items of assets held for sale are the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Assets held for sale</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lands</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,646</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contructions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,678</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinerys</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>149,000</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 24 Biological Assets</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company maintained approximately 4,426, of which 4,298 hectares are for vines in production stage. Of the total hectares mentioned above, 3,939 correspond to own land and 487 to leased land.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>During 2009 the production plant vines allowed to harvest a total of approximately 50,9 million kilos of grapes, while in 2010 production was 41.9 million kilos.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The costs incurred for acquiring and planting new vines are capitalized.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company uses the amortized historical cost to value its biological assets, for which management consider that it represents the best approximation to fair value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>There is no evidence of impairment on the biological assets held by the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-63</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251107.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The movement of biological assets during the years ended December 31, 2009 and 2010, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial><B>BIOLOGICAL ASSETS</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Under Production</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>Vines</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Training vines</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,753,117</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>286,236</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,039,353</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,467,125)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,467,125)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,285,992</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>286,236</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>17,572,228</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>584,012</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>584,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(896,916)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(896,916)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(358,689)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(358,689)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,030,387</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>870,248</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,900,635</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,394,428</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>870,248</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,264,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,364,041)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,364,041)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,030,387</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>870,248</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,900,635</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,137</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>758,254</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>808,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(935,795)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(935,795)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(104,601)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(104,601)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,040,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,628,502</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,339,964</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,628,502</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,968,466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,299,836)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,299,836)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,040,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,628,502</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 25 Income taxes and deferred taxes</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><B><FONT lang=EN-GB>Tax accounts receivable</FONT></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the taxes receivables is the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Refundable tax previous year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,543,992</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>718,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes under claim</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,767,365</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,295,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentinean tax credits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,224,330</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,698,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monthly provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,371,633</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,243,020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payment of absorbed profit provision</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,065,412</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other credits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,243,667</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,031,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,150,987</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,053,034</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-64</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251108.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Taxes accounts payable</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of taxes payable taxes is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>First category tax</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,699,684</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,321,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monthly provisional payments - payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,776,423</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,353,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Article N&#186;21 unique tax</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87,917</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimated minimum gain Argentine subsidiaries tax</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>332,846</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,562</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>393,843</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>393,844</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,290,713</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,401,517</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Tax expense</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The detail of the income tax and deferred tax expense for the years ended as of December 31, 2010 and 2009, is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expense (income) as per deferred tax related to the origin and reversal of temporary differences</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,702,465)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,007,001)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,253,665)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of exchange rates (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(513,863)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefit originated by tax losses</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(239,683)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,605,661</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,150,543</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total income (loss) from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(4,456,011)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,598,660</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,896,878</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current tax expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,508,353)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,019,939)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,629,567)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments as regards prior period</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(182,300)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(302,394)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(791,558)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax payment in other countries</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,509,385)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(Loss) Income from income tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(27,656,049)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(11,723,673)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(10,524,247)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>(1) The amount recorded for ThCh$ 513,863 is related to an exchange rate, based on a modified tax in Chile. This exchange rate is temporary, and raises the rate of 17% to 20% for year 2011 and 18.5% for year 2012, returning to 17% in year&nbsp; 2013.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The deferred taxes related to items charged or credited directly to Consolidated Statements of Comprehensive Income are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income from cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(876,541)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Charge (credit) to equity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>79,447</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,106,335</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(876,541)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-65</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251109.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Effective Rate</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;s income tax expense as of December 31, 2010, 2009 and 2008, represents 18.7%, 7.7% and 9.9%, respectively of income before taxes. The following is reconciliation between such effective tax rate and the statutory tax rate valid in Chile.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="43%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="7%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="43%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="57%" colSpan=6 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>For the years ended December 31,</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="43%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="19%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2010</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="19%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2009</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="19%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>2008</B></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="43%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="12%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Rate</B></FONT></FONT><FONT style="FONT-SIZE: 7pt"><B>&nbsp;<BR></B></FONT><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>%</B></FONT></FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="12%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Rate</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;<BR></FONT><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt">%</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="12%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="7%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Rate</B></FONT><BR></FONT><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt">%</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Income before taxes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>147.592.719</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>153.088.841</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>105.827.487</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Income tax using the statutory rate</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(25.090.762)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(26.025.103)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(17.990.673)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="43%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Adjustments to reach the effective rate</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="12%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="12%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="12%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Tax effects of reorganizations</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>562.285</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(0,4)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.123.491</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(6,6)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.070.926</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(8,6)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Income Tax paid abroad</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2.509.385)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,7</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Income not taxable (untaxed expenses) (net)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3.555.504</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2,4)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7.309.642</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(4,8)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>774.030</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(0,7)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Effect of exchange rates</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(513.863)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,3</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Valuation over tax loss provision</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>67.654</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(0,0)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(67.090)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,0</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(178.873)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,2</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Effect of tax rates in Argentina</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(3.545.182)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>2,4</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(2.762.219)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,8</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(1.408.099)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1,3</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>Adjustments as regards prior term</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(182.300)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,1</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(302.394)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,2</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="12%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>(791.558)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>0,7</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="43%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Income tax, as reported</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="12%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(27.656.049)</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>18,7</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="12%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(11.723.673)</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>7,7</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="12%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>(10.524.247)</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="7%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>9,9</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Deferred taxes</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Deferred tax assets and liabilities included in the Balance Sheet were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred tax assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable impairment provision</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>776,207</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>576,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,377,736</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,443,346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventory impairment provision</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>325,217</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>237,977</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Severance indemnity</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,604,771</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,192,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventory valuation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>649,737</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>479,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives agreement</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,143,979</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>365,397</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization of intangible</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>530,797</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>681,982</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,370,143</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,328,679</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax loss carryforwards</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,538,015</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,838,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Valuation allowances</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(770,541)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(950,269)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total assets from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18,546,061</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,194,384</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred taxes liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed assets depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,366,135</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,048,289</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deposit for Bottles and containers</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,479,816</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,336,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized software expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>600,232</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>328,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Agricultural operation expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,584,797</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,999,451</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,386</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Manufacturing indirect activation costs</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,465,751</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,784,439</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Intangible</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,654,733</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,897,098</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lands</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,535,997</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,861,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,694,168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,594,377</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total liabilities from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>53,454,015</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>49,867,537</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(34,907,954)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(26,673,153)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-66</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_189"></A>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<DIV align=right><FONT size=2></FONT>&nbsp;</DIV></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251110.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="80%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #003300; TEXT-INDENT: 0px" vAlign=center rowSpan=2 width="80%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Analisys of the deferred tax movement during the periods</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred Taxes</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="80%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(30,090,010)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,456,803)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Convertion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,958</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,598,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect in equity from deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other movements of deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fiscal year movement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,416,857</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(26,673,153)</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="80%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred taxes from tax loss carryforwards absortion</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,445,375)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Charge to income tax deferred</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,456,011)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Convertion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>512,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Abono a patrimonio por impuestos diferidos</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other movements of deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid" bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Fiscal year movement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 4px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="20%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(8,234,801)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(34,907,954)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 26 Other financial liabilities </FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bank borrowings (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,172,707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds payable (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,479,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial leases obligations (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,875,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives (**)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liability coverage (**)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,175,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,890,241</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,821,855</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,051,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>220,145,167</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>211,839,101</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>232,890,241</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(*)&nbsp; See </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 5</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(**) See </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 6</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-67</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_190"></A><FONT style="FONT-SIZE: 10pt">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<DIV align=right>&nbsp;</DIV></FONT></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251111.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The maturities and interest rates of such obligations were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>As of December 31, 2010:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0>



<TR>

   <TD width="10%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Rut acreedor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor name</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Bank borrowings</B></FONT><FONT style="FONT-SIZE: 6pt"> &nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">187,760&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">187,760 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco San Juan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">352,904&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">352,904 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">164,290&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">164,290 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">196,982&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">196,982 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">2.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco San Juan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">71,440&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">71,440 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco San Juan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">46,940&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">46,940 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Supervielle&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">238,885&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">238,885 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.75&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">118,836&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">118,836 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.25&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Santander Rio&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">165,985&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">165,985 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Santander Rio&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">165,715&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">165,715 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Fondo para la&nbsp;Transformaci&#243;n y Crec.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">$ARG&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">27,587&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">27,587 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Semiannual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">6.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A INDUSTRIAL CERVECERA S A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BANCO CITIBANK&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">$ARG&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3,780,240&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3,780,240 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">14.60&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">97006000-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Cr&#233;dito e Inversiones </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">37,603&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">25,354&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">62,957 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">4.29&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CCU CAYMAN BRANCH (1)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">ISLAS CAIMAN&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BBVA S.A. New York Branch </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">E.E U.U.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">24,628&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">32,760,700&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">32,785,328 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">0.72&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">99.586.280-8&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CIA PISQUERA DE CHILE S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">96563620-K&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Raboinvestments Chile S.A</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CLP&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">224,333&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">9,961,114&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">10,185,447 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">5.75&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="52%" colSpan=7 align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Subtotal</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>1,417,426</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>4,412,056</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>42,721,814</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>-</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>-</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>48,551,296</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="6%" align=left><FONT style="FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=15><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="15%" colSpan=2 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Registration or ID No. Instrument</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Bonds payable</B></FONT><FONT style="FONT-SIZE: 6pt"> &nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">91.041.000-8&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">VI&#209;A SAN PEDRO TARAPACA S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">415 13/06/2005&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BONO SERIE A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">1,210,894&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">784,654&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3,169,358&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3,175,689&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">15,509,550&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">23,850,145 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.80&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">388 18/10/2004&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BONO SERIE E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">2,127,657&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">4,070,733&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">4,099,285&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">19,055,408&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">29,353,083 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">4.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">573 23/03/2009&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BONO SERIE H&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">518,606&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">42,654,142&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">43,172,748 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">4.25&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">572 23/03/2009&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">BONO SERIE I&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">445,010&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">64,078,859&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">64,523,869 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">3.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Sub-total</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>2,174,510</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>2,912,311</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>7,240,091</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>71,353,833</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>77,219,100</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>160,899,845</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=15><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="15%" colSpan=2 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Registration or ID No. Instrument</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Financial leases obligations</B></FONT><FONT style="FONT-SIZE: 6pt"> &nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">97004000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">74,755&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">213,657&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">410,580&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">237,517&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">65,971&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">1,002,480 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">5.80&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">97015000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Banco Santander Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">19,519&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">60,705&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">178,828&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">16,100&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">275,152 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">7.20&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">99012000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 6pt">Consorcio Nacional de&nbsp;</FONT><FONT style="FONT-SIZE: 6pt">Seguros S.A.&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">15,195&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">47,176&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">138,290&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">130,320&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">14,248,001&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">14,578,982 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">7.07&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Subtotal</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>109,469</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>321,538</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>727,698</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>383,937</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>14,313,972</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>15,856,614</B></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="10%" align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3,701,405</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>7,645,905</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>50,689,603</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>71,737,770</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>91,533,072</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>225,307,755</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">((1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement <FONT color=#339a65><B><I>(Note 6</I></B></FONT><FONT color=#339a65>)</FONT>.&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial>F-68</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_191"></A>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251112.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>As of December 31, 2009:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="10%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="5%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="6%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Rut acreedor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor name</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 vAlign=center width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Bank borrowings</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">$ARG&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">212,749&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">212,749 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">18.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Patagonia&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">778,578&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">778,578 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">7.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco San Juan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">$ARG&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">205,509&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">205,509 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">17.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco San Juan&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">772,501&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">772,501 &nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity</FONT> </TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5.75&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco BBVA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">92,588&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">92,588 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5.40&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97030000-7&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Estado de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">EUR&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">156,413&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">156,413 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">6.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">FINCA LA CELIA S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Regional de Cuyo&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">102,576&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">102,576 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">6.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BODEGAS TAMARI S.A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Santander Rio&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ARGENTINA </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">66,710&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">22,237&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">88,947 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5.80&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">79.713.460-0&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">VI&#209;A SANTA HELENA S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97080000-K&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco BICE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">401,403&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">760,650&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">380,325&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,542,378 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.43&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.931.780-K&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">VI&#209;A MISIONES DE RENGO S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97080000-K&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco BICE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">401,403&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">760,650&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">380,325&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,542,378 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.43&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.993.110-9&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">VI&#209;A DEL MAR DE CASABLANCA S A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97080000-K&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco BICE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">401,265&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">760,650&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">380,325&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,542,240 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.43&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97006000-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Cr&#233;dito e Inversiones </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">35,849&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">169,089&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">204,938 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.29&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97032001-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco BBVA&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CLP&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">222,369&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">222,650&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">445,019 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.50&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCU CAYMAN BRANCH (1)&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">ISLAS CAIMAN&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">O-E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BBVA S.A. New York Branch </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">E.E U.U.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">USD&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">28,570&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">35,497,000&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">35,525,570 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">0.76&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.586.280-8&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CIA PISQUERA DE CHILE S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97006000-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Cr&#233;dito e Inversiones </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">138,488&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,821,835&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,960,323 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.60&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="52%" colSpan=7 align=middle><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Subtotal</B></FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2,784,330</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>11,468,452</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>37,778,950</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>1,140,975</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt" color=#ffffff>-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>53,172,707</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="10%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="15%" colSpan=2 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Registration or ID No. Instrument</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Bonds payable</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">91.041.000-8&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">VI&#209;A SAN PEDRO TARAPACA S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">415 13/06/2005&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BONO SERIE A&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,207,444&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">771,635&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,114,363&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,114,363&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">16,648,309&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">24,856,114 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.80&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">388 18/10/2004&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BONO SERIE E&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">545,719&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,531,189&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,965,461&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,965,462&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">19,827,307&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">29,835,138 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">573 23/03/2009&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BONO SERIE H&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">520,701&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">41,885,760&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">42,406,461 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Semi-annual&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.25&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">572 23/03/2009&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">BONO SERIE I&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">553,009&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">62,828,640&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">63,381,649 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">At maturity&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.00&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Sub-total</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2,826,873</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>2,302,824</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>7,079,824</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>69,908,465</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>78,361,376</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>160,479,362</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=15><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>RUT</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Company</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Debtor country</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="15%" colSpan=2 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Registration or ID No. Instrument</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Creditor</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>country</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="5%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Currency</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=6 align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Undiscounting amounts according to maturity</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Amortization rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=2 width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Interest Rate</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>%</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>0 to 3 months</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>3 months to 1</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>year</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 1 year to 3</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 3 years to 5</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<FONT color=#ffffff><B>years</B></FONT>&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Over 5 years</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="6%" align=middle><FONT color=#ffffff><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 6pt">&nbsp;<BR><FONT color=#ffffff><B>ThCh$</B></FONT>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=15 align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Financial leases obligations</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97004000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco de Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">69,720&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">198,544&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">577,020&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">217,475&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">184,032&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,246,791 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">5.80&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">96.981.310-6&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">97015000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Banco Santander Chile&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,731&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">55,145&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">162,448&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">106,128&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">-&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">341,452 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 2px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">7.20&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">90.413.000-1&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCU S.A.&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">99012000-5&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Consorcio Nacional de&nbsp;<FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Seguros S.A.&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">CHILE&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">UF&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">13,852&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">43,006&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">126,068&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">144,536&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">13,960,020&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">14,287,482 </FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">Monthly&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">7.07&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Subtotal</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#9acc00 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>101,303</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>296,695</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>865,536</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>468,139</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>14,144,052</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#9acc00 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>15,875,725</B></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#9acc00 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#9acc00 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="10%" align=left><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>Total</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>5,712,506</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>14,067,971</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>45,724,310</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>71,517,579</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>92,505,428</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=right><FONT color=#ffffff><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><B>229,527,794</B></FONT></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="6%" align=left>&nbsp;</TD>

   <TD bgColor=#003300 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp; (1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>(Note 6</FONT></I></B></FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>)</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=Arial>F-69</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_192"></A>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251113.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>See detail of bank borrowings, financial leases obligations and bonds payable fair value in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-US>Note 6</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The effective rates of bond obligations as of December 31, 2010 and 2009, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0>



<TR>

   <TD width="50%">&nbsp;</TD>

   <TD width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds Serie A</FONT>&nbsp;</TD>

   <TD width="50%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.96%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds Serie E</FONT>&nbsp;</TD>

   <TD width="50%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.52%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds Serie H</FONT>&nbsp;</TD>

   <TD width="50%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.26%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonds Serie I</FONT>&nbsp;</TD>

   <TD width="50%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.18%</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="40%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="40%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Fixed Interest Rate</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Variable Interest</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>Rate</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Fixed Interest Rate</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Variable Interest</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>Rate</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="40%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 6px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 6px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>United States dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,709,737</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,785,328</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,835,189</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,152,567</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Chilean pesos</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,185,447</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>445,019</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentine pesos</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,807,827</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>418,258</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unidades de fomento</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,819,416</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>186,520,348</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,413</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>192,522,427</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>32,785,328</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>189,218,814</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>40,308,980</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The terms and conditions of the interest accruing obligations as of December 31, 2010, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>a)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman"><B><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Bank Borrowings</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>BBVA New York &#8211; Bank Loans</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>This loan accrues interest at a compound floating rate 3-year dollar Libor plus 189 days and 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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&#8217;s hedge strategies </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-US>(see&nbsp;</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-US>Note 5 and Note 6)</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><B><I><FONT lang=EN-GB>.&nbsp;</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>This credit obliges the Company to comply with specific requirements and financial ratios in relation to its consolidated financial statements, which by agreement of the parties, after adapting them in order to update certain references and accommodating them the new accounting rules for IFRS, are the followings:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Financial Expense Coverage, measured at the end of each quarter and retroactively for periods of 12 months, not less than 3, and calculated as the ratio between EBITDA and Financial Costs account. EBITDA is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus Depreciation and Amortization recorded in the Note Nature of the costs and expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Debt Ratio less than or equal to 3, calculated as financial debts plus short and long term debt&nbsp; obligations with related parties divided by EBITDA. Financial Debt is regarded as the sum of Bank Loans, Bonds payable and Finance lease obligations included in Note Other financial liabilities of the Consolidated Financial Statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-70</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_193"></A>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251114.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(c)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter a minimum consolidated Equity of UF 15 million, meaning Net Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Net Equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company was in compliance with the financial covenants and specific requirements for this bank loan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Raboinvestment Chile S.A. (Raboinvestment) &#8211; Bank Loans</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On August 12, 2010, the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. renegotiated a syndicated loan with banks BCI, BBVA and Raboinvestment &nbsp;Chile S.A. (Raboinvestment) where BCI and BBVA ceded and transferred their respective shares of the credit to Raboinvestment. On the same date CPCh and Raboinvestment signed an agreement acknowledging the debt and rescheduling of the total outstanding debt, for the capital of that syndicated loan for an amount of <BR>ThCh$ 9,961,114, which will be paid to Raboinvestment in a single quota, maturity on August 12, 2012.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>This loan accrues interest at an annual fixed rate of 5.75%. The Company amortizes interests semi-annually and to be paid on August 12 and February 12, of each year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>CPCh product of this obligation must meet certain reporting obligations in addition to complying with the following financial ratios, as measured by the balance sheet and audited annual financial statements as of June 30 during the last 12 months:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As a consequence of this obligation, the subsidiary must comply with certain information obligations in addition to complying with the following financial covenants, which are measured by the balance sheet and audited annual financial statements as of June 30 considering the last 12 months:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Financial Expense Coverage not less than 3, calculated as the relationship between Gross Margin less Marketing costs, Distribution and Administration expenses, plus Other income by function, less Other expenses by function, plus Depreciation and Amortization, divided by Financial costs. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a debt ratio of no more than 2, measured as Total liabilities divided by Net Equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(c)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Net Equity higher than UF 770,000.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>In addition, this loan obliges Compa&#241;&#237;a Pisquera de Chile S.A. 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 UF 10,000, except under the terms established by the agreement, among other.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company was in compliance with the financial covenants and specific requirements of this loan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>b)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman"><B><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Financial Lease Obligations</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The most significant financial lease agreements are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>CCU S.A.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-71</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

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<DIV align=left>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251115.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Compa&#241;&#237;a Cervecera Kunstmann S.A</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The lease agreements are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="37%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #003300" vAlign=center width="37%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Type</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 7px" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Institution</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Contract Date</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount (UF)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Number of</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>quotas</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Anual Interest</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="9%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Purchase option<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(UF)</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production plant</FONT>&nbsp;</TD>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19-04-2005</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,489</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>168</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.30%</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26-06-2007</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,716</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.80%</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Grain cooker</FONT>&nbsp;</TD>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31-08-2008</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,969</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.13%</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inspector level of filling, capping, pasteurization</FONT> and packaging line</FONT>&nbsp;</TD>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Santander - Chile</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12-01-2009</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,077</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.16%</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rinser-Filler-Capping Machine</FONT>&nbsp;</TD>

   <TD width="18%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Santander - Chile</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>03-02-2009</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,203</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.34%</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following is a detail of future payments and the current value of the financial lease obligations as of December 31, 2010:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Lease Minimum Future Payments</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Amount</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Interest</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current Value</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than one year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,494,201</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,063,195</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431,006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between one and five year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,152,353</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,040,717</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,111,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Over five years</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,329,197</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,015,225</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,313,972</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>35,975,751</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>20,119,137</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,856,614</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>c)</FONT></B></FONT><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman"><B><FONT lang=ES-CL>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Bonds Payable</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Series A Bonds &#8211; Subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. </FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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. This obligation accrues interest at a fixed annual rate of 3.8% and amortizes interest and capital semi-annually.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On December 17, 2010, took place the Board of Bondholders Serie A, which decided to modify the issued Contract of such bonds in order to update certain references and adapt it to the new IFRS accounting standards. The amendment of the issued Contract is dated December 21, 2010 and has the repertory No. 35739-2010 in the Notary of Ricardo San Mart&#237;n Urrejola. Because of these changes, the commitment of this subsidiary is to comply with certain financial ratios that will be calculated only on the Consolidated Financial Statements. These financial ratios and other conditions are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Control over subsidiaries representing at least 30% of the consolidated EBITDA of the issuer. EBITDA is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus Depreciation and Amortization recorded in the Note Nature of the costs and expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-72</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_195"></A>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

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   <IMG src="x11060806251116.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Not to enter into investments in instruments issued by related parties different from its subsidiaries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(c)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Neither sell nor transfer essential assets that jeopardize the continuance of its current purpose. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(d)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter an indebtedness ratio measured over the consolidated financial statements not higher than 1.2, defined as the ratio of Total Adjusted Liabilities and Total Adjusted Net Equity. The Total Adjusted Liabilities is defined as Total Liabilities less Dividends provisioned, according to policy contained in the Statement of Changes in Net Equity, plus the amount of all guarantees, debts or obligations of third parties not within the liabilities and outside the Issuer or its subsidiaries that are cautioned by real guarantees granted by the Issuer or its subsidiaries. Total Adjusted Net Equity is defined as Total Net Equity plus Dividends provisioned, according to policy contained in the Statement of Changes in Net Equity. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(e)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Financial Expense Coverage measured at the end of each quarter and retroactively for periods of 12 months, not less than 3, calculated as the ratio of EBITDA (as defined in paragraph (a)) and Financial Costs account. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(f)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter a minimum equity of UF 4 million, meaning Net Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Net Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Series E Bonds</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On October 18, 2004, the Company recorded in the Securities Record the issue of 20-year term public bonds for a total <BR>UF 2,000,000 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. This obligation accrues interests at a fixed annual rate of 4.0%, and it amortizes interest and capital semi-annually.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On December 17, 2010, took place the Board of Bondholders Serie A, which decided to modify the issued Contract of those bonds in order to update certain references and adapt it to the new IFRS accounting standards. The amendment of the issued Contract is dated December 21, 2010 and has the repertory No. 35738-2010 in the Notary of Ricardo San Mart&#237;n Urrejola. Because of these changes, the commitment of the Company is to comply with certain financial ratios that will be calculated only on the Consolidated Financial Statements. These financial ratios and other conditions are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter an indebtedness ratio measured over the consolidated financial statements not higher than 1.5, defined as the ratio of Total Adjusted Liabilities and Total Adjusted Net Equity. Total Adjusted Liabilities is defined as Total Liabilities less Dividends provisioned, according to policy included in the Statement of Changes in Net Equity, plus the amount of all guarantees granted by the Issuer or its subsidiaries that are cautioned by real guarantees, except as noted in the contract.&nbsp;&nbsp;Total Adjusted Net Equity is defined as Total Net Equity plus Dividends provisioned, according to policy included in the Statement of Changes in Net Equity. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Financial Expense Coverage measured at the end of each quarter and retroactively for periods of 12 months, not less than 3, calculated as the ratio of EBITDA and Financial Costs account. EBITDA is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus Depreciation and Amortization recorded on the Note Nature of the costs and expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(c)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter, assets free of liens for an amount equal to at least 1.2, defined as the ratio of Total Assets free of lien and Total Adjusted Liabilities free of lien. Is defined as Total Assets free of lien are defined as Total Assets less assets pledged as collateral for cautioned obligations of third parties. Total Adjusted Liabilities free of lien are defined as Total Liabilities less Dividends provisioned according to policy contained in the Statement of Changes in Net Equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-73</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251117.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(d)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter a minimum equity of UF 15 million, meaning Net Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy contained in the Statement of Changes in Net Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(e)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(f)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(g)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(h)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Neither sell nor transfer assets from the issuer and its subsidiaries representing over 25% of the assets total of the consolidated financial statements.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Series H and I Bonds</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>On March 23, 2009, the Company recorded in the Securities Record the issue of bonds Series H and I for a combined total of UF 5 million, 10 and 30 year terms, respectively. Emissions of both series were placed in the local market on April 2, 2009.&nbsp; The issuance of the Bond I was UF 3 million &nbsp;with maturity on March 15, 2014, with a discount amounting to <BR>ThCh$ 413,181, accrues interest at an annual fixed rate of 3.0%, with amortize interest semi-annually and excluding the capital (bullet).&nbsp; The issuance of the Bond H was UF 2 million&nbsp; with maturity on March 15, 2030, with a discount amounting to ThCh$ 156,952, accrues interest at an annual fixed rate of 4.25%, with amortizes interest and capital semi-annually.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>By deed dated December 27, 2010 issued in the Notary of Ricardo San Mart&#237;n Urrejola, under repertoires No. 36446-2010 and 36447-2010, were amended Issue Contract Series H and I, respectively, in order to update certain references and to adapt to the new IFRS accounting rules.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 on its consolidated financial statements and other specific requirements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(a)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter an indebtedness ratio measured over the consolidated financial statements not higher than 1.5, defined as the ratio of Total Adjusted Liabilities and Total Adjusted Net Equity. The Total Adjusted Liabilities are defined as Total Liabilities less Dividends provisioned, according to policy included in the Statement of Changes in Net Equity, plus the amount of all guarantees, debts or obligations of third parties not within the liability and outside the Issuer or its subsidiaries that are cautioned by real guarantees granted by the Issuer or its subsidiaries. Total Adjusted Net Equity are defined as Total Net Equity plus Dividends provisioned account, according to policy included in the Statement of Changes in Net Equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(b)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a Financial Expense Coverage measured at the end of each quarter and retroactively for periods of 12 months, not less than 3, calculated as the ratio of EBITDA and Financial Costs account. EBITDA is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus Depreciation and Amortization recorded on the Note Nature of the cost and expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(c)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter, assets free of liens for an amount equal to, at least, 1.2, defined as the ratio of Total Assets free of lien and Financial Debt free of lien. Total Assets free of lien are defined as Total Assets less assets pledged as collateral for cautioned obligations of third parties. </FONT></FONT></P>

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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT face=Arial><FONT style="FONT-SIZE: 9pt">F-74</FONT> </FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Financial Debt free of lien is defined as the sum of lines Bank Loans, Bonds payable and Finance lease obligations contained in Note Other financial liabilities of the Consolidated Financial Statements.</FONT></FONT></P></DIV>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251118.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(d)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain at the end of each quarter a minimum equity of UF 15 million, meaning Net Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Net Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(e)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 and Embotelladoras Chilenas Unidas S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(f)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Maintain a nominal installed capacity for the production 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 of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(g)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>(h)</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009 the Company was in compliance with the financial covenants required for this public issue.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 27 Accounts payable &#8211; trade and other payables</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the total Accounts payable-trade and other payables were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;</FONT><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;</FONT><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112.196.621</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102.186.346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notes payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>722.748</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106.110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Withholding payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.472.254</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.922.559</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>135.391.623</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>126.215.015</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135.391.623</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>126.215.015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>135.391.623</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>126.215.015</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 28 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Provisions </FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the total provisions recorded in the consolidated statement of financial position were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-75</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_198"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV>

<DIV align=right><FONT size=2></FONT>&nbsp;</DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251119.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Litigation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,220,844</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>981,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deposit for bottles</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,911,858</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,704,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,686,488</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,139,891</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,656,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,686,488</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>F-76</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always"><A name="page_199"></A></DIV>

<DIV align=left>

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt">&nbsp;</P></FONT></DIV>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=1 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251120.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The following was the change in provisions during the year ended December 31, 2010 and 2009:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=1 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Litigation</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deposit for Bottles</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="55%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,061,110</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,537,644</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,598,754</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=4 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Incorporated</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>228,709</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,015,851</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,244,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Used</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(192,524)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,848,669)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,041,193)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(115,633)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(115,633)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>981,662</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,704,826</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,686,488</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="100%" colSpan=4 align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Incorporated</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,584,701</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,811,622</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,396,323</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Used</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,931,487)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,604,590)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,536,077)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liberadas</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(248,827)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(248,827)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(165,205)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(165,205)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,220,844</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,911,858</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US>The maturities of provisions at December 31, 2010, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Litigation</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deposit for Bottles (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Less than one year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between one and five years</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,478</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Over five years</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,555</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,911,858</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,014,413</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,220,844</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,911,858</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif><FONT lang=EN-GB>(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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Litigation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 34.</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-77</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B></B>&nbsp;</H1></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_200"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251121.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 29 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Other non-financial liabilities</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the total Other non-financial liablities were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="64%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Parent dividend provisioned by the board</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.473.167</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.110.172</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Parent dividend provisioned according to policy</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36.876.591</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44.908.565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Outstanding parent dividends agreed</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>483.065</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>722.519</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Subsidiaries dividends according to policy</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.115.776</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.731.981</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.324</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.949</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60.963.923</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73.492.186</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.963.923</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73.492.186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60.963.923</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73.492.186</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 30 Employee Benefits</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company grants short term, and employment termination benefits as part of its compensation policies. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The parent company and its subsidiaries maintain collective agreements with their employees, which establish the compensation and/or short&#8211;term and long-term benefits for their staff, the main features of which are described below:</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><B><FONT lang=EN-GB>Short-term and Long-term Benefits</FONT></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>i. Short-term benefits are, in general, based on combined plans or agreements, such as covering disablement and death risks of the staff retained. 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="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The cost of such benefits is charged against income, in the &#8220;Staff Expense&#8221; item.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the total staff benefits recorded in the consolidated statement of financial position is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Employees&#8217; Benefits</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short term benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.599.390</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.993.793</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employment termination benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.767.065</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.089.182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25.366.455</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23.082.975</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ccffcc" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.069.052</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.682.173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ccffcc" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.297.403</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.400.802</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>25.366.455</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23.082.975</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=ES-CL>F-78</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_201"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251122.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>The following is a detail of the Short-term and Severance Indemnity.</FONT></I></B></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><B><FONT lang=EN-GB>Employees&#8217; Bonuses </FONT></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the provisions recorded as a result of services granted and unpaid are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Short-Term Employees&#8217; Benefits</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vacation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.894.374</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.749.363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Bonus and compensation</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.705.016</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.244.430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 4px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10.599.390</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9.993.793</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company records the staff vacation cost on an accrual basis.</FONT></FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><B><FONT lang=EN-GB>Severance Indemnity</FONT></B></FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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 equivalent to AA or higher. The discount rate in Chile was 7.7% and in Argentina 13.9%, for each year ended as of December 31, 2010 and 2009, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the benefits recorded for severance indemnity are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Severance Indemnity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>469.662</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.688.380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14.297.403</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.400.802</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14.767.065</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13.089.182</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-79</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_202"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251123.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The change in the severance indemnity during the year ended as of December 31, 2009 and 2010, was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="80%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="80%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Severance Indemnity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Severance Indemnity</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Initial Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,040,383</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Balance as of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,040,383</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>522,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,073,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,679,152)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Paid-up benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,010,298)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,344</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,089,182</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="80%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#9acc00 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>533,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>973,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Paid-up benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(888,833)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>482,816</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>474,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 2px solid" bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,767,065</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The figures recorded in the consolidated statement of income as of December 31, 2010, 2009 and 2008, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Expense recognized for severance indemnity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>533,870</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>522,041</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>508,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>973,827</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,073,826</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>872,521</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>482,816</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,038</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,405</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,357</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,679,152)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,037,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-provided paid benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,140,911</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,277,025</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,117,746</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,814</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>660,940</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(183,650)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total expense recognized in consolidated statement of income</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,670,595</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>3,932,718</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,437,893</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-80</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_203"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251124.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Actuarial Assumptions </FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As mentioned in </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 2.19</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> &#8211; Employees&#8217; 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, 2010 and 2009, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="48%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Hip&#243;tesis Actuariales</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CHILE</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ARGENTINA</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="26%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mortality table</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>RV-2004</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>RV-2004</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>RV-2004</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Annual interest rate</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,7%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,7%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,9%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Voluntary retirement rotation rate</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,0%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,0%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Company&#8217;s needs rotation rate</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0,5%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0,5%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0,5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="48%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salary increase</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,7%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,7%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,0%</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="13%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estimated retirement age for</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif>Officers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif>Male</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 7px" bgColor=#003300 width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="10%" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif>Female</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="13%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Sensitivity Analysis</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Following is a sensitivity analysis based on increased (decreased) in 1 percent in the discount rate:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #003300" vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Sensitivity Analysis</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1% increase in the Discount Rate (Gain)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,280,121)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,229,575)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1% decrease in the Discount Rate (Loss)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,497,811</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,446,067</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=3 align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Staff Expense</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The amounts recorded in the consolidated statement of income for the years ended as of December 31, 2010, 2009 and 2008, were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Staff Expense</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salaries</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72,614,896</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,576,822</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,051,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employees&#8217; short-term benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,447,030</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,439,549</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,946,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Employments termination benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,670,595</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,932,718</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,437,893</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other staff expense</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,141,922</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,575,454</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,206,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>99,874,443</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>93,524,543</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>85,642,246</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">F-81</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<P></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_204"></A>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251125.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 31 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Non-controlling Interests</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the detail of Non-controlling Interests is the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Equity</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 5px" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,126,378</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,812,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,205,225</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,443,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,269,100</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,862,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,504,707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,489,111</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="64%" align=left>

   <P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Otros</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>329,254</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>252,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>109,419,068</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>110,976,972</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Result</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,828,056</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,245,563</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,203,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,233,336</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,091,256</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,264,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>918,065</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>961,369</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>649,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>420,387</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,695</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>227,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>769,924</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>555,671</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>448,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,387</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,141</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,237,155</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>13,327,695</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,889,598</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 32 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Common Shareholders&#8217; Equity</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Subscribed and paid-up Capital</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company&#8217;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 (&#8220;American Depositary Shares&#8221;), with an equivalence of five shares per ADS.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company has not issued any shares or convertible instruments during the period, thus changing the number of outstanding shares as of December 31, 2010 and 2009.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Capital Management</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The main purpose, when managing shareholders&#8217; 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&#8217; return.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-82</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_205"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251126.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Consolidated Statement of Comprehensive Income</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2008, 2009 and 2010, the detail of the comprehensive income and expense of the term is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Income and expense charged or credited against net equity</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5.156.120</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-876.541</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4.279.579</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">16.866.352</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">16.866.352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2008</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>22.022.472</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(876.541)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>21.145.931</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="15%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 width="15%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Income and expense charged or credited against net equity</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(6.507.854)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.106.335</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(5.401.519)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(34.738.644)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(34.738.644)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(41.246.498)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1.106.335</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(40.140.163)</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="55%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; BACKGROUND-COLOR: #ffffff" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other Income and expense charged or credited against net equity</B></FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 1px" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(429.445)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79.447</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(349.998)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(11.900.089)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">(11.900.089)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(12.329.534)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>79.447</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>(12.250.087)</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Income per share</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, 2009 and 2008, the information used for the calculation of the income as per each basic and diluted share is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="55%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Income per share</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="45%" colSpan=3 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2008</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity holders of the controlling company (ThCh$)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,699,515</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,037,473</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,413,642</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Basic and diluted income per share (in Chilean peso)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>347.56</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>402.00</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>283.87</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity holders of the controlling company (ThCh$)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,699,515</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,037,473</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,413,642</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="55%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Basic and diluted income per share (in Chilean peso)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>347.56</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>402.00</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>283.87</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company has not issued any convertible or other kind of instruments creating diluting effects.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Distributable net Income</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Regarding Circular No 1945 from the SVS on November 4, 2009, the Board of Directors agreed that the net distributable profit for the year 2010 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> &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>without adjusting it. The above agreement remains in effect for the year ended December 31, 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Dividends </FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company&#8217;s dividend policy consists in annually distributing at least 50% of the net distributable profit of the year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-83</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_206"></A>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251127.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010 and 2009, the Company has distributed the following dividends, either interim or final:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Dividend N&#186;</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Payment Date</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Type of Dividend</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Dividends per Share</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Related to FY</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>234</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01-11-2008</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>235</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>04-28-2008</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01-09-2009</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>237</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>04-28-2009</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>238</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01-08-2010</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>04-28-2010</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141</FONT>&nbsp;</TD>

   <TD width="20%" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=5 align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Other Reserves</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The reserves that are a part of the Company&#8217;s equity are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB>Currency Translation Reserves</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>: This reserve is mainly originated by the translation of foreign subsidiaries&#8217; financial statements which functional currency is different from the consolidated financial statements presentation currency. As of December 31, 2010, it amounts to a negative reserve of ThCh$ 27,171,910 (ThCh$ 16,172,158 in 2009).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB>Hedge reserve</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>: 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&#8217;s extraction, or when the operation ceases qualifying as hedge accounting, whichever is first. The reserve effects are transferred to income. As of December 31, 2010, it amounts to a positive reserve of ThCh$ 612,146 (ThCh$ 962,144 in 2009), net of deferred taxes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB>Other reserves</FONT></U></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>: As of December 31, 2010 and 2009, the amount is a negative reserve of ThCh$ 10,559,464 and <BR>ThCh$ 9,984,436, respectively. Such reserves relate mainly to the following concepts:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>-&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.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>-&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.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference in purchase of shares of CCU Argentina SA (</FONT></FONT><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Note 1</FONT></I></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>).&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-84</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





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<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_207"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251128.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=EN-GB>Note 33 Effects of changes in exchange rate currency</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Current assets are openings in the following currencies:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>CURRENT ASSETS</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>2010</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>2009</B></FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Cash and cash equivalent</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>151,614,300</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>137,353,669</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>375,880</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,173</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,736,375</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,912,042</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,361,211</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,812</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,904</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>143,117,022</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,778,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,328,952</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,078,192</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>556,771</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>790,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,900</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,113</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>172,174</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,360,168</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>766,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other non-financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,489,913</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,239,643</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,628,652</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,285,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,861,261</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,954,273</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accounts receivable - trade and other receivable</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>153,013,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134,377,777</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,176,007</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,433,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,717,707</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,977,301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,770,656</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,248,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,696,333</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,025,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114,652,843</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,692,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accounts receivable from related companies</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,833,634</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,214,838</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,082,515</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,761,701</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,643</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>274,825</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>435,469</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,473,651</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,017,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Inventories</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>108,353,258</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>108,069,635</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>670,307</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,784,926</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,674,539</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,386,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,551</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,295</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,995,861</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,895,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax receivables</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,150,987</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,053,034</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368,272</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,737,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,782,715</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,315,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current assets held for sale</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497,324</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>408,386,788</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,861,480</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,044,606</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,128,188</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,299,156</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,767,143</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,348,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,784,258</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,274,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>379,740,845</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,420,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current assets by currency</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>408,386,788</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-8<FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_208"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251129.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Non-Current assets are openings in the following currencies:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003300 vAlign=center rowSpan=3 width="64%" align=middle><FONT color=#ffffff size=1 face=Arial><B>NON-CURRENT ASSETS</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="36%" colSpan=2 align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>As of December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>2010</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>2009</B></FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle><FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="18%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Non-current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,813</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,012</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,813</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other non-financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,826,744</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>2,643,639</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,358,245</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>825,964</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,468,499</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,817,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accounts receivable from related companies</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>444,685</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>273,475</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>273,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Investments accounted for using the equity method</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>43,284,760</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,351</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,507,692</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,201,369</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Intangible assets different than goodwill</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>33,305,451</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,956,597</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,002,654</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,025,624</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,302,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Goodwill</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>70,170,118</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,014,714</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,423,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,746,692</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,746,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Property, plant and equipment (net)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>508,162,219</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>490,251,310</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,271,143</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,519,947</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>456,891,076</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>436,731,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Biological assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>16,900,635</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>734,711</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>886,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,933,919</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,013,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Investment property</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>15,291,308</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,441,572</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,335,799</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,961,703</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,955,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Deferred tax assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>18,546,061</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>23,194,384</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,561,954</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,432,348</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,984,107</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,762,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#9acc00 width="64%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="18%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>695,329,092</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>1,103,715,880</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,427,287</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,510,444</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>612,979,810</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>603,818,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total non-current assets by currency</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>695,329,092</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-8<FONT style="FONT-SIZE: 9pt" face=Arial>6</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_209"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251130.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Current liabilities are openings in the following currencies:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0>



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="40%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>CURRENT LIABILITIES</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=2 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Until 90 days</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>More the 91 days until 1<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year</FONT></B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Until 90 days</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>More the 91 days</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>until 1 year</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>5,175,949</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,645,906</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>6,918,509</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>14,132,631</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,393,251</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>578,875</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,907,391</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,285,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,807,827</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>418,258</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,922</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,413</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,658</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>224,333</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,369</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,412,184</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,259,204</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,186,420</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,590,443</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Account payable - trade and other payable</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>134,435,972</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>955,651</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>125,513,294</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>701,721</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,982,099</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>896,627</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,851,991</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>352,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,184,153</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,517,420</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,646,568</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,591,549</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>104,623,152</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,024</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,552,334</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>348,954</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Accounts payable to related companies</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>7,428,103</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>4,263,311</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132,173</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>154,855</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>971,839</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>781,328</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,839,262</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,032,542</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,484,829</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,294,586</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other short-term provisons</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>992,811</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>29,850</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>470,898</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,913</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,850</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Tax liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>8,290,713</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>9,401,517</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,604,633</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,844,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,686,080</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,556,895</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Employee benefits provisions</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11,069,052</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>11,682,173</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,290,488</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,239,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,778,564</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,442,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Other non-financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>60,963,923</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>73,492,186</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,699</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,269</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,928,224</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,486,917</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="40%" align=left><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>208,996,758</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>27,961,322</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>210,217,150</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="15%" align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>35,918,042</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,507,523</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,475,502</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,914,237</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,638,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,662,589</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,702,948</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,722,275</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,083,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,631,752</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,780,504</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,658</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170,782,451</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,523,668</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>175,586,056</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,571,409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,412,184</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,259,204</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,186,420</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,590,443</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total current liabilities by currency</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>208,996,758</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>27,961,322</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>210,217,150</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="15%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>35,918,042</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>F-8<FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_210"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251200.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Non-Current liabilities are openings in the following currencies:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="10%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="40%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>NON-CURRENT LIABILITIES</B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=3 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31, 2010</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="30%" colSpan=3 align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>As of December 31, 2009</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>More than 1 year<BR></B></FONT><FONT style="FONT-SIZE: 7pt"><B>until 3 years</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>More than 3 year</B></FONT><FONT style="FONT-SIZE: 7pt"><FONT style="BACKGROUND-COLOR: #003300" color=#000000 face="Times New Roman">&nbsp;<BR></FONT><B>untl 5 years</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT style="FONT-SIZE: 7pt">&nbsp;<FONT color=#ffffff face=Arial><B>More than 5 years</B></FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>More than 1 year</B></FONT><FONT style="FONT-SIZE: 7pt"><FONT style="BACKGROUND-COLOR: #003300" color=#000000 face="Times New Roman">&nbsp;<BR></FONT><B>until 3 years</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>More than 3 year</B></FONT><FONT style="FONT-SIZE: 7pt"><FONT style="BACKGROUND-COLOR: #003300" color=#000000 face="Times New Roman">&nbsp;<BR></FONT><B>untl 5 years</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial><B>More than 5 years</B></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid; TEXT-INDENT: 3px" bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>ThCh$</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Other financial liabilities</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>56.874.325</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>71.737.770</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>91.533.072</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>47.816.094</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>71.517.579</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>92.505.428</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>38.945.422</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>37.778.950</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.140.975</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.961.114</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>U.F.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7.967.789</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71.737.770</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>91.533.072</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.037.144</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>70.376.604</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>92.505.428</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Accounts payable to related companies</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>620.868</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>610.093</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>620.868</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>610.093</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Other long term provisions</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>992.811</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>125.478</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>10.021.602</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>951.812</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>9.704.826</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>125.478</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>335.644</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>992.811</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.021.602</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>951.812</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>9.369.182</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Deferred tax liabilities</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>15.563.890</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>4.484.989</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>33.405.136</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>17.456.635</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>7.780.701</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>24.630.201</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>910.331</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>412.564</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.370.977</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>703.477</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>468.985</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>3.938.460</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>14.653.559</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.072.425</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>29.034.159</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>16.753.158</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7.311.716</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>20.691.741</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Employee benefits provisons</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>14.297.403</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>11.400.802</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>852.584</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>640.814</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>13.444.819</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.759.988</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#9acc00 width="40%" align=left><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Total non-current liabilities</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>74.051.894</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>76.348.237</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>149.257.213</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>65.882.822</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>80.250.092</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#9acc00 width="10%" align=right><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>138.241.257</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=7><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=7><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>USD</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>38.945.422</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>37.778.950</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>1.140.975</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>$ARG</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>910.331</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>538.042</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>5.223.561</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>703.477</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>468.985</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.914.918</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>CLP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>26.228.352</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>4.072.425</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>52.500.580</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>17.363.251</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>8.263.528</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>40.820.911</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>U.F.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>7.967.789</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>71.737.770</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#ccffcc width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>91.533.072</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>10.037.144</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>70.376.604</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="10%" align=right><FONT style="FONT-SIZE: 7pt" face=ArialMT,Arial,Helvetica,sans-serif>92.505.428</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="40%" align=left><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>Total non-current liabilities by currency</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>74.051.894</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>76.348.237</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>149.257.213</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>65.882.822</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>80.250.092</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#003300 width="10%" align=right><FONT color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT style="FONT-SIZE: 7pt"><B>138.241.257</B></FONT></FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 34 Contingencies and Commitments </FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=ES-CL>Operating lease agreements</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total amount of the Company&#8217;s obligations to third parties relating to lease agreements that may not be terminated was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="80%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="80%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Lease Agreements not to be terminated</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Within 1 year</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,918,759</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,320,612</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="80%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Over 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,203,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="80%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 width="20%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>121,442,944</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Purchase and supply agreements</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The total amount of the Company&#8217;s obligations to third parties relating to purchase and supply agreements as of December 31, 2010 was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Purchase and supply agreements</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Purchase and supply agreements</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman"><BR></FONT><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Purchase and contract related to wine</B></FONT><B> and grape</B></FONT><B><BR>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Within 1 year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,969,609</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,159,657</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,876,820</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,525,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Over 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,117,836</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,366,269</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 width="64%" align=left><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>177,964,265</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>10,051,328</B></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">F-8<FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=right><FONT style="FONT-SIZE: 10pt">

<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_211"></A>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 3.5pt 0cm 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251201.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Capital investment commitments</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company had capital investment commitments related to Property, plant and equipment and software for an approximate amount of ThCh$ 82,395,572 (ThCh$ 47,992,519 in 2009).&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Litigation</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Proceedings and claim</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Company</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Court</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Number</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Field</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="20%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Step Procedure</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="15%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Committed</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=Arial><B>amount</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top rowSpan=4 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(CCU)</FONT></TD>

   <TD vAlign=top rowSpan=4 width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14&#186; Juzgado</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil de</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Santiago</FONT></TD>

   <TD vAlign=top rowSpan=4 width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1293-2005</FONT></TD>

   <TD vAlign=top rowSpan=4 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Annulment claim of damage</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>indemnification for share</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>transfer.</FONT></TD>

   <TD vAlign=top rowSpan=4 width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The failure of first and second</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>instance were contrary to the</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>interests of CCU. Pending</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>appeal.</FONT>&nbsp;</TD>

   <TD vAlign=top rowSpan=4 width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>ThCh$ 501.113</FONT></TD></TR>

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   <TD vAlign=top width="100%" colSpan=6 align=left>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera S.A.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>First instance in</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192.968/36</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Claim for alleged sudden</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>dsitribution agreement</FONT>&nbsp;<BR><FONT size=1 face=Arial>termination.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Camera Case appealed by the</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>actor.</FONT>&nbsp;</TD>

   <TD vAlign=top width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$ 53.000</FONT>&nbsp;</TD></TR>

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   <TD vAlign=top width="100%" colSpan=6 align=left>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera S.A.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(CICSA)</FONT></TD>

   <TD vAlign=top width="10%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Second</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>instance in</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>661.306/36</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Claim for non-compliance of</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>plant sale agreement.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pendiente liquidaci&#243;n y ejecuci&#243;n</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>de la sentencia parcialmente</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>desfavorable a CICSA.</FONT>&nbsp;</TD>

   <TD vAlign=top width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$ 198.000</FONT></TD></TR>

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   <TD vAlign=top width="100%" colSpan=6 align=left>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera S.A.</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(CICSA)</FONT></TD>

   <TD vAlign=top width="10%" align=left>&nbsp;</TD>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>City Council&#180;s Administrative</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Claim related to publicity and</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>merchandising.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The process is in administration</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>stage, depending on the results,</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>the Company intends to continue</FONT><BR><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>arguing in legal instances.</FONT>&nbsp;</TD>

   <TD vAlign=top width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$ 1.000.000</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company and its subsidiaries have established provisions to allow for such contingencies for a total ThCh$ 1,220,844 and ThCh$ 2,041,123 as of December 31, 2010 and 2009, respectively.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Guarantees</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the parent company has not granted direct guarantees as part of its common financing operations. Nevertheless, its subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. has entered into indirect guarantees as joint guarantors of financing operations by Finca la Celia subsidiary, in the Republic of Argentina.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-89</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251202.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>A summary of the main terms of the guarantees granted appears below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>&nbsp;Banco Patagonia, Banco San Juan</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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>

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   <TD bgColor=#003300 width="64%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Institution</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 3px solid" bgColor=#003300 width="18%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Due date</B></FONT>&nbsp;</TD></TR>

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   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD 750 mil</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>March 2011</FONT>&nbsp;</TD></TR>

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   <TD width="64%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>USD 750 mil</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="18%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>March 2011</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=3 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Moreover, VSPT delivered a &#8220;Comfort letter&#8221; In favour of creditors of Vi&#241;a Valles de Chile for an amount to UF 169,000 and ThCh$ 3,500,000.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><B><I><FONT lang=EN-GB>Effects of the earthquake of February 2010</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Damages caused by the earthquake of February 27, 2010, are adequately covered as CCU, its subsidiaries and investments accounted for using the equity method have insurance policies that cover All Risk in losses for physical assets destruction or damage to, such as inventories and fixed assets (&#8220;Physical Damage&#8221;), and business interruption (&#8220;BI&#8221;) damages. The maximum total indemnity is UF 15.4 million (equivalent to ThCh$ 330,415 million as of December 31, 2010). The insurance policies have a deductible for &#8220;Physical Damage&#8221; of 2% over the insured value by location, with a limit of <BR>UF 10,000, also by location (equivalent to ThCh$ 215 million) and 10 days for the "BI".</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>As of December 31, 2010, the Company has recorded in its financial statements under the item "Account receivable - trade and other receivables" an amount of ThCh$ 27,315,436, which includes the following: (i) inventory destroyed, valued at their book value, and additionally, (ii) disposal of assets valued at their book value, and (ii) costs and expenses incurred up to that date, arising from tasks such as asset repairing, asset order setting and cleaning as well as business interruption mitigation activities, all duly covered by the insurance policies described above. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Also, at the same date, the Company has received partial compensation advances from the Insurance Companies for an amount of ThCh$ 21,721,759, which have been recorded in the financial statements reducing the Item "Account receivable - trade and other receivables".</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The Company has not recorded the higher net values, in relation to book values, which are expected as part of the compensation, in respect of:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>1. "Physical Damage" of the final products inventories, which must be compensated at sales price.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>2. &nbsp;"Physical Damage" oh the fixed assets to write off, which will be compensated at replacement value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>3. &nbsp;Additionally, the Company has not registered the income related to the "BI&#8221; concept.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The three concepts mentioned above have been given the character of contingent assets and they will be recognized in the financial statements net of appropriate deductibles according to the liquidation process progress. Recoverable amounts over the book values are expected to properly cover the value of deductibles.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Finally, the Company has recorded expenses due to higher provisions for bad debts and write-offs of physical assets that are not covered by the insurance policies, which represent, as a whole, a lower profit before tax of ThCh$ 293,835. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>At December 31, 2010, the liquidation of the insurance is running its normal course and the Company is waiting for the Liquidator&#180;s final report, and its subsequent ratification by the parties. See Note 36, Subsequent Events, for a discussion of the finalization of the insurance claims process.</FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial>F-90</FONT></P>

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<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_213"></A>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251203.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 35 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Environment </FONT></B></FONT></A></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Major Environmental costs accrued as of December 31, 2010, in the Industrial Units of CCU S.A. are distributed as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- IRL Expenses: 45.7%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>These expenses are mainly related to the maintenance and control of the treatment plants of Industrial Liquid Residues (IRL).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- ISR Expenses: 29.7%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Theses expenses are related to the handling and disposal of Industrial Solid Residues (ISR), including dangerous and recyclable ones.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- Gas Emissions Expenses: 2.6%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>They are related to the calibration and verification of instruments for monitoring and operating the stationary sources of industrial gas emissions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- Other Environmental Expenses: 21.9%</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>They are related to the verification and compliance of ISO 22000 Food Safety, ISO 14000 Environmental Management and ISO 18000 OHSAS Security and Health Job, which are in different implementation and/or certification renewal stages in different industrial plants or deposits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The most relevant investments compromised for the next periods are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- Improvement of the IRL Treatments Plants in Santiago of CCU Chile, which should be operative in late 2011 <BR>(UF 400,000).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- Improvement of the treatment Plant Liquid Industrial Waste (ILW) of CPCH Ovalle, which should enter service in late 2011 (UF 12,280).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>- Improvement of the Warehouse of Dangerous Chemicals (spirits) of Distribution Beer Center Santiago, of Transportes CCU S.A. (UF 12,500).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>The main disbursements of the period, detailed by projects, are the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="15%">&nbsp;</TD>

   <TD width="35%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="15%" align=middle><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Company that made the<FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT>disbursement</B></FONT></FONT></TD>

   <TD bgColor=#003300 vAlign=center rowSpan=3 width="35%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Project</B></FONT></TD>

   <TD bgColor=#003300 vAlign=center width="40%" colSpan=4 align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Disbursment incurred during the year</B></FONT></TD>

   <TD bgColor=#003300 vAlign=center rowSpan=2 width="10%" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Expenditure&nbsp;</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial><B>Investment</B></FONT>&nbsp;&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Committed amount in</B></FONT><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><FONT color=#ffffff size=1 face=Arial><B>future periods</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>Estimated date</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>completion of</B><FONT style="BACKGROUND-COLOR: #003300" color=#000000 size=3 face="Times New Roman">&nbsp;<BR></FONT><B>disbursements</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle>&nbsp;</TD>

   <TD bgColor=#003300 vAlign=center width="10%" align=middle><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCU Chile</FONT>&nbsp;</TD>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid and other Residues</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>556,341</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,876,566</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,648,194</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12-2011</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,575</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia Industrial Cervecera S.A.</FONT>&nbsp;</TD>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid and other Residues</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>673,956</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,803</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,109</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>C&#237;a. Pisquera de Chile Ltda</FONT>&nbsp;</TD>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid and other Residues</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,275</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534,864</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>292,877</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12-2011</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>346,131</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportes CCU Ltda</FONT>&nbsp;</TD>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid and other Residues</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>140,960</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>268,610</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,345</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>VSPT</FONT>&nbsp;</TD>

   <TD width="35%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid and other Residues</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>290,381</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>168,285</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161,844</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12-2011</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,000</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #003300" width="100%" colSpan=7 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" color=#003300 face=Arial,sans-serif><B><FONT lang=ES-CL>Note 36 </FONT></B></FONT>
<A href="#_INDICE"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=#003300 face="Times New Roman,serif"><B><FONT lang=ES-CL>Subsequent Events</FONT></B></FONT></A></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>A.</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; The Consolidated Financial Statements of CCU S.A. has been approved on June 6, 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>B.&nbsp;&nbsp;&nbsp; Earthquake insurance compensation</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-FAMILY: arial; COLOR: #000000; FONT-SIZE: 9pt">F-9<FONT style="FONT-SIZE: 9pt" face=Arial>1</FONT></FONT></P></DIV>

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<P></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt">
<A href="ccuform20f2010a.htm#page_122">Table of contents</A></FONT></P></FONT></DIV></DIV><A name="page_214"></A>

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<TR style="HEIGHT: 35.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="HEIGHT: 35.95pt" vAlign=top width="61%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt 0pt"><FONT style="mso-bidi-font-size: 9.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: Arial; mso-fareast-language: ES-CL; mso-font-kerning: 0pt" color=#339966><FONT style="LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" color=#339966 face=Arial,sans-serif><FONT lang=EN-GB>Notes to the Consolidated Financial Statements</FONT></FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0pt" align=left><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966><FONT style="FONT-SIZE: 9pt" color=#339966 face=Arial,sans-serif><FONT lang=ES-CL>December 31, 2010</FONT></FONT></FONT><FONT style="mso-bidi-font-size: 9.0pt">&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 35.95pt" vAlign=top width="39%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right>
   <IMG src="x11060806251204.jpg" width=102 height=37><FONT style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: Arial" color=#339966>&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As reported in these financial statements under Note 34, as of December 31, 2010 the insurance claim process related to the damages caused by the earthquake of February 27, 2010, was still ongoing. The final liquidator&#180;s report and its subsequent ratification by the parties were pending.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2010, the recovery of ThCh$27,315,436 related to the recorded book value of assets damaged and expenses incurred was considered to be virtually certain under IAS37 by the Company.&nbsp; The recovery amount recorded equalled the carrying value of the damaged assets and expenses recorded and was comprised by the following items:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="FONT-SIZE: 9pt" face=Arial,sans-serif><U><FONT lang=EN-GB>ThCh$&nbsp;</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-GB>-</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Inventory:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,301,064</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-GB>-</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Other expenses:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,629,541</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman,serif"><FONT lang=EN-GB>-</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>PP&amp;E:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,384,831</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>Of this amount, ThCh$ 21,721,759 was received in cash from the insurance company at December 31, 2010 and reflected in cash flow from operating activities. Additionally, ThCh$ 5,593,677 was recorded as an account receivable based on a confirmation from the insurance company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2011, the aforementioned insurance claim process was completed and a total amount of <BR>ThCh$ 43,478,461 was recognized in the final settlement and all outstanding receivables have been collected to date.&nbsp; As a result of it, a net positive effect of ThCh$ 12,683,100 was recorded in the income statement during the three months ended March 31, 2011. This result, which is a non recurring one includes compensation for the following: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>1.</FONT></FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman"><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>ThCh$ 7,875,474 as compensation for a)&nbsp; the excess of net selling price over the cost basis for finished goods destroyed in the earthquake, and&nbsp; b) business interruption.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp; ThCh$ 4,807,626 as compensation for the excess of the replacement value over the cost basis for machinery and equipment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>C.</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; On April 6, 2011, the Company made an additional purchase of stock rights of 14.272% of Do&#241;a A&#237;da S.A. and 14.2667% of Don Enrique Pedro S.A., through its subsidiary Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA), for a total value of US$ 2,667,000 (equivalent to ThCh$ 1,278,000). As a consequence, CICSA became the owner of 85.728% and 85.734%, respectively, of the before mentioned subsidiaries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>D.</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; Dividends</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>D.1.&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> &nbsp;&nbsp;&nbsp; On April 15, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A., in the General Shareholders Meeting agreed to pay the final Dividend No. 15 for a total amount of ThCh$ 10,000,018 corresponding to $ 0.25019 per share. This dividend includes an eventual final dividend of ThCh$ 6,171,516 in addition to the dividends paid by policy.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -45pt; MARGIN: 0cm 0cm 0pt 45pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>D.2.&nbsp;</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB> &nbsp;&nbsp;&nbsp; On April 15, 2011, the General Shareholders Meeting agreed to pay the final Dividend No. 241, amounting <BR>ThCh$ 36,876,591 corresponding to $ 115.78103 per share.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" color=green face=Arial,sans-serif><B><FONT lang=EN-GB>E.</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-GB>&nbsp;&nbsp;&nbsp; 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif><FONT lang=EN-US>F-9<FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT></FONT></FONT></P>

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<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 14pt; FONT-SIZE: 14pt" face=Arial,sans-serif><B><FONT lang=EN-US>Signatures</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -42.5pt; MARGIN: 0cm 0cm 0pt 55.5pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>&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 20F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></FONT></P>

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<P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=ES>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

<P style="TEXT-INDENT: 0pt; MARGIN: 0cm 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>(United Breweries Company, Inc.)</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 90%; MARGIN: 0cm 0cm 0pt 552pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><U><FONT lang=EN-US>/s/ Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 90%; MARGIN: 0cm 0cm 0pt 552pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Chief Executive Officer</FONT></FONT></P>

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<P style="TEXT-INDENT: -42.5pt; MARGIN: 0cm 0cm 0pt 55.5pt"><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif><FONT lang=EN-US>Date: June 09, 2011</FONT></FONT></P>

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&nbsp; <A name="page_1"></A><p align="right"><a href="ccuform20f2010a.htm#page_122">Table of Contents</a></p>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exhibit 12.1</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Section 302 &#8211; Certification of the Chief Executive Officer</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>I, Patricio Jottar, certify that:</FONT></P>

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<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F, as amended by Amendment N&#176;1 on Form 20-F/A, of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the company&#8217;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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the company&#8217;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&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;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 the company's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Date: June 09, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 252pt"><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>/s/ Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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>

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&nbsp; <A name="page_1"></A><p align="right"><a href="ccuform20f2010a.htm#page_122">Table of Contents</a></p>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exhibit 12.2</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Section 302 &#8211; Certification of the Chief Financial Officer</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>I, Ricardo Reyes, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F, as amended by Amendment N&#176;1 on Form 20-F/A, of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.;</FONT></P>

<P style="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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="TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the company&#8217;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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the company&#8217;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&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;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 the company's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 72pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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&#8217;s internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Date: June 09, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 252pt"><U><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>/s/ Ricardo Reyes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 10pt" lang=EN-US 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>

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<A name="page_1"></A><p align="right"><a href="ccuform20f2010a.htm#page_122">Table of Contents</a></p>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Exhibit 1</FONT><FONT style="FONT-SIZE: 11pt" lang=ES face=Arial,sans-serif>3.1&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=ES face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>(18 U.S.C. Section 1350)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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 &#8220;Company&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2010, as amended by Amendment N&#176;1 on Form 20-F/A, accompanying this Certification, in the form filed with the Securities and Exchange Commission (the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;); and</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Dated: June 09, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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 style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT13.2
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<p align=right style="margin:0cm;margin-bottom:.0001pt;text-align:right;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Exhibit
13.2</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=ES style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=ES style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face=Arial,sans-serif lang=ES style="font-size:11.0pt;">Compa&#241;&#237;a Cervecer&#237;as
Unidas S.A.</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Certification
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>

<p align=center style="margin:0cm;margin-bottom:.0001pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">(18 U.S.C. Section
1350)</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">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:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I
am the Chief Financial Officer of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (the &#8220;Company&#8221;).</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2010, as
amended by Amendment N&#176;1 on Form 20-F/A, accompanying this
Certification, in the form filed with the Securities and Exchange Commission
(the &#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;); and</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;margin-left:36.0pt;text-align:justify;text-indent:-36.0pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Dated: June 09, 2011</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /s/
 </font><u><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Ricardo Reyes</font></u><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer</font></p>

<p style="margin:0cm;margin-bottom:.0001pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
